Other Preferred Units Clause Samples
Other Preferred Units. In the future, the company intends to raise working capital through sales of preferred units. The board of directors has authority, in accordance with the provisions of the Company’s operating agreement, and without action by the members, to designate and issue all or any portion of the remaining authorized but unissued preferred units, and to determine the voting rights, preferences, privileges and restrictions, including dividend rights, conversion rights, voting rights, terms of redemption, liquidation preferences and the number of units constituting any series in the designation of such series. Such preferred units, if and when issued, may carry rights superior to those of the common units. In addition, this Amended Operating Agreement may be amended to include other series of preferred member units.
Other Preferred Units. The Company hereby authorizes the issuance of other Preferred Units, none of which are outstanding as of the date hereof. With respect to such Preferred Units, the Board is authorized, subject to limitations prescribed by law, to provide for the issuance of such Preferred Units in series, and by adopting a "Certificate of Designation" (a "Certificate of Designation") (which Certificate of Designation shall thereafter be attached as Exhibit B hereto), to establish the number of Preferred Units to be included in each such series, and to fix the relative rights, obligations, preferences and limitations of the Preferred Units of each such series.
Other Preferred Units. The Managing Member has authority, in accordance with the provisions of the Company’s Operating Agreement, and without action by the members, to designate and issue all or any portion of the remaining authorized but unissued preferred units, and to determine the voting rights, preferences, privileges and restrictions, including dividend rights, conversion rights, voting rights, terms of redemption, liquidation preferences and the number of units constituting any series in the designation of such series. Such preferred units, if and when issued, may carry rights superior to those of the common units. In addition, this Operating Agreement may be amended to include other series of preferred member units.
Other Preferred Units. In addition to Series A Participating Preferred Units and Series B Participating Preferred Units, the Partnership is hereby authorized to issue other classes and series of Preferred Units. With respect to such other classes and series of Preferred Units, subject to the provisions of Section 5.3, the Board is authorized to provide for the issuance of such Preferred Units in any class or series by amending this Agreement to reflect such issuance and to establish the Preferred Units to be included in each such class or series, and to fix the relative rights, obligations, preferences and limitations of the Preferred Units of each such class or series.