Units and Membership Interests Clause Samples

Units and Membership Interests. Notwithstanding anything to the contrary in this Agreement, the Managing Member may amend or restate this Agreement from time to time without the consent of any other Member to create or modify classes or series of Units or Membership Interests so long as the rights, obligations, designations and preferences of such newly created or newly modified Units or Membership Interests would, when issued, have the same economic (e.g. dilution or subordination), governance and other impact on all of the Class A Units so that, even if such newly created or modified Units and Membership Interests dilute, subordinate or otherwise impact the Class A Units, the relative economic, governance and other rights of the Class A Units remain, among themselves, the same as on the date hereof. For purposes of clarification, the creation or modification of Units and Membership Interests is governed by this Section 11(a), but other provisions of this Agreement (such as Section 4.2 and Section 4.3) govern (and in certain cases, restrict) the Managing Member’s authority to issue newly created or modified Units and Membership Interests.