Examples of Preferred Equity Member in a sentence
The Managing Member and the Preferred Equity Member are the sole members of the Company.
The Preferred Equity Member Interest shall have no voting, consent, approval, management or control rights whatsoever under this Agreement or the Act, except to the extent expressly provided in Section 20.
Upon the making by the Company to the Preferred Equity Member of the distributions contemplated by Section 13(a) below, the Preferred Equity Member shall automatically cease to be a member of the Company and the Preferred Equity Member Interest shall automatically be cancelled, without any further act of any Person.
For the avoidance of doubt, any amendment to Section 2.8 of the Credit Agreement shall be deemed to be an amendment to this Agreement that would amend the rights of the Preferred Equity Member.
Any amendment to the Credit Agreement that has the effect of amending any term of this Agreement, including without limitation any amendment of the Credit Agreement that modifies any defined term incorporated into this Agreement and any amendment to the Credit Agreement that would have the effect of amending, modifying or supplementing any rights or obligations of the Preferred Equity Member under this Agreement, shall be deemed an amendment of this Agreement under the preceding sentence.
The Preferred Equity Member is not required to make any additional contribution to the capital of the Company.
The Preferred Equity Member Interest shall have the rights to distributions set forth in Section 13 below.
The Managing Member hereby continues as, and the Preferred Equity Member is hereby admitted as, a member of the Company upon its execution and delivery of this Agreement.
Notwithstanding any provision of the Act to the contrary, the distributions under Section 13(a) of this Agreement shall be the only consideration to which the Preferred Equity Member shall be entitled in exchange therefor.
In the event of an in-kind transfer of a Non-Cash Asset pursuant to clause (2), the Preferred Equity Member shall cooperate with the Managing Member to promptly effectuate such transfer.