Preferred Interest definition

Preferred Interest means the non-voting limited liability company membership interest represented by the Preferred Units owned by a Preferred Member in the Company at any particular time, including the right of such Preferred Member to any and all benefits to which such Preferred Member may be entitled as provided in the Act, this Agreement, or otherwise, together with the obligations of such Preferred Member to comply with all terms and provisions of this Agreement and the Act.

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Preferred Interest means the Interest of each owner of the Preferred Stock.

Preferred Interest means, with respect to any holder of either Class A Preferred Partnership Units or Class B Preferred Partnership Units, the holder’s Partnership Interest in connection with such Class A Preferred Partnership Units or Class B Preferred Partnership Units at any particular time.

Examples of Preferred Interest in a sentence

• Each $20,000 of the liquidation preference of a Preferred Interest shall entitle the Preferred Partner of record thereof to one vote and each fraction thereof shall entitle the Preferred Partner of record thereof to a vote equal to such fraction.

• The Company is authorized to issue two classes of Membership Interests consisting of the Common Interest and the Preferred Interest.

• The Board of Managers shall not take any tax position, make or change any tax election or otherwise take any action in connection with the Company’s tax matters that could reasonably be expected to be materially adverse to any Preferred Member (including, without limitation, any material reduction of such Preferred Member’s return on its Preferred Interest) without the consent of such Preferred Member which consent shall not be unreasonably withheld, delayed or conditioned.

• On the date of issuance of any Preferred Interests, the Person who is admitted as a Partner in respect of such Preferred Interest in accordance with the applicable Statement of Preferences shall, in connection therewith, contribute to the Company an amount in cash equal to the purchase price for such Preferred Interest.

• Unless otherwise specifically defined herein, each capitalized term used herein and not otherwise defined herein has the meaning assigned to such term in the Preferred Interest Purchase Agreement.

More Definitions of Preferred Interest

Preferred Interest has the meaning ascribed to such term in the LLC Agreement.

Preferred Interest means, with respect to any Person, Equity Interests issued by such Person that are entitled to a preference or priority over any other Equity Interests issued by such Person upon any distribution of such Person's assets, whether by dividend or upon liquidation or otherwise.

Preferred Interest shall represent an interest in the Partnership entitling a Preferred Limited Partner to a priority on cash flow or liquidation over the holders of Participating Partnership Interests and the Special Limited Partner Interest, and to the respective rights and Profit and Loss as provided for in this Agreement. A Preferred Interest may be expressed as a number of Preferred Partnership Units.

Preferred Interest means an Interest in the Company issued pursuant to Section 3.2 and having the terms set forth herein.

Preferred Interest means, with respect to any Member, the limited liability company interest in the Company to be received by such Member pursuant to Section 3.2(e), with respect to which such Member is entitled to the preferential and other rights specified in Section 3.3.

Preferred Interest means the preferred stock in the Debtor issued by the Debtor prior to the Effective Date (including prior to the Petition Date).

Preferred Interest means an interest (including Preferred Membership Points, distribution and allocation rights, and any capital accounts) in the LLC held by a Preferred Member.