Common use of Default Preferred Equity Clause in Contracts

Default Preferred Equity. If a Non-Defaulting Member has made a Preferred Equity Contribution pursuant to Section 12.2(a)(vi), such Non-Defaulting Member shall have the option, at any time and from time to time, to Convert all or any portion of such Unreturned Preferred Equity contributed pursuant to Section 12.2(a)(vi).