Preferred Membership Interest definition

Preferred Membership Interest means the preferred membership interest issued by each SPE to its Related Originators.

Preferred Membership Interest means an interest in the Company evidenced by a designated series of Preferred Units, having a preference in payment of distributions or on liquidation as determined by the Manager for such series of Preferred Units and as set forth in an amendment to this Agreement, and includes a limited liability company interest and all other benefits to which the holder of such an interest in the Company may be entitled as provided in this Agreement or the Act, together with all obligations of such Person to comply with the terms and provisions of this Agreement and the Act.

Preferred Membership Interest means a Membership Interest having the rights and obligations specified with respect to Preferred Membership Interests in this Agreement.

Examples of Preferred Membership Interest in a sentence

• Preferred Member Dividends: Each Preferred Membership Interest is entitled to quarterly dividends at a rate equal to LIBOR plus 6.50% per annum (subject to a LIBOR floor of 1.5% per annum) of the Unreturned Contributions associated with their Preferred Membership Interest.

• Second, one-hundred percent (100%) to the payment of Fund expenses; and Thereafter, one-hundred percent (100%) to the Common Members, which amounts shall be distributed among the Common Members pro rata based on their respective Unreturned Contributions or, if the Unreturned Contributions of the Common Members equal zero, pro rata based on the respective Commitments of such Common Members in their capacities as Preferred Members with respect to Preferred Membership Interest.

• The investment is a 10% Preferred Membership Interest in ACS, a New Jersey limited liability company and is represented by ownership of ten Class A shares of ACS.

• The BDC and each Third-Party Member own a Preferred Membership Interest (collectively the “Preferred Members”) and a Common Membership Interest (collectively the “Common Members”) (together, the “Members”).

• Each GM Preferred Holder shall be entitled to one vote for each GM Preferred Membership Interest held by such GM Preferred Holder in connection with any matter where the separate vote of the GM Preferred Holders is expressly required hereunder (including in connection with any vote by the Members constituting the Majority GM Preferred Holders) and as otherwise required by Law.

More Definitions of Preferred Membership Interest

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

Preferred Membership Interest. {*MATERIAL OMITTED}.

Preferred Membership Interest shall have the meaning ascribed to such term in the Joint Venture Agreement.

Preferred Membership Interest has the meaning ascribed to such term in the Plan Term Sheet.

Preferred Membership Interest the preferred membership interest attributable to the contribution of preferred capital.

Preferred Membership Interest as defined herein (the “Option”). The Option Price shall be either (i) Eight Hundred and Fifty Thousand Dollars ($850,000), or (ii) One Million Eight Hundred Thousand Dollars ($1,800,000), as determined by Seller (the “Additional Investment Amount”). Seller shall notify Buyer of the Additional Investment Amount, in writing, at least forty-five (45) days before the lease payment pursuant to Section 6.01(e) of the Lease is due (the “Trigger Date”). Buyer shall have seven (7) days following the Trigger Date to exercise the Option by delivery of written notice of exercise to Seller. If Buyer does not exercise the Option, Buyer shall remain subject to fulfill its capital contribution obligations pursuant to the A&R Operating Agreement as a member of the Seller. If Buyer exercises the option to invest the Additional Investment Amount, then Seller shall issue Buyer a Preferred Member Interest, which shall provide Buyer with:

Preferred Membership Interest. [material omitted] "PREFERRED MEMBER'S UNRECOVERED CAPITAL ACCOUNT" *[material omitted] "PREFERRED RETURN RATE" *[material omitted]