Preferred Membership Interest Sample Clauses

Preferred Membership Interest. The term "Preferred Membership Interest" has the meaning set forth in the recitals to this Agreement.

Preferred Membership Interest. Unless otherwise defined in this Exhibit A, capitalized terms used herein have the meanings given them in the Member Control Agreement of the Company. The rights and preferences of the Preferred Membership Interest are as follows:

Preferred Membership Interest. Preferred Member shall have the rights and obligations set forth in this Agreement, and, except as expressly set forth herein, shall not have any obligation to contribute additional capital or property in excess of its Initial Preferred Equity Investment to, or in respect of debts, liabilities or other obligations of, the Company, or to make loans to the Company; provided, however, that Preferred Member shall have the right, but not the obligation, to make Protective Loans as provided in Section 11.5 herein. To the extent that the redemption of any Preferred Membership Interest shall be permitted under this Agreement, upon the receipt in full of the applicable Redemption Amount (with receipt thereof confirmed in writing by Preferred Member), Preferred Member shall immediately be deemed to have resigned and withdrawn from the Company, its entire Preferred Membership Interest in the Company shall immediately terminate and be cancelled and such Member shall have no further rights or obligations hereunder, except for any rights of indemnification or other claims accruing prior to such date or which by their terms survive such resignation and withdrawal. Notwithstanding the foregoing, if, at any time, any payment or portion thereof made by or for the account of the Common Member on account of the Redemption Amount is set aside by any court or trustee having jurisdiction as a voidable preference, fraudulent conveyance or otherwise as being subject to avoidance or recovery under the provisions of the Bankruptcy Code or under any other applicable federal or state bankruptcy, insolvency or similar law, to the fullest extent permitted by law, the Preferred Membership Interest (a) shall continue and remain in full force and effect, and (b) without further act or instrument shall be reinstated as a Preferred Membership Interest and shall thereafter remain in full force and effect, in either case with the same force and effect as though such payment or portion thereof had not been made and, if applicable, as if such previous termination had not occurred.

Preferred Membership Interest. GDREC shall be admitted as a Preferred Member upon the consummation of the transfer of assets contemplated by the Purchase Agreement on the Purchase Agreement Closing Date. Upon its admission as a Preferred Member, GDREC shall have the Preferred Member Percentage Interest listed on Schedule A hereto. If, following the Purchase Agreement Closing Date, any Person is admitted as a Preferred Member or the Preferred Member Percentage Interest of any Preferred Member changes, the Managing Member shall amend Schedule A to reflect such new information.