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 has the meaning set forth in the recitals to this Agreement.

Examples of Preferred Membership Interest in a sentence

• 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.

• 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.

• Class C Preferred Membership Interest holders and Class D Membership Interest holders represent the same investors, which retain approximately equivalent percentage interests in both classes of membership interests, and together with the Voting Membership Interest holder, represent the Members.

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

• LB Preferred Assignee hereby accepts the LB Preferred Membership Interest as of the Effective Date and assumes all covenants, conditions and obligations required to be kept, performed and fulfilled by LB Preferred with respect to the LB Preferred Membership Interest under the Operating Agreement and the Act, including specifically, without limitation, the obligation of LB Preferred to cure any and all defaults or events of default of LB Preferred under the Operating Agreement or the Act.

More Definitions of Preferred Membership Interest

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

Preferred Membership Interest. [material omitted]

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

Preferred Membership Interest means, with respect to any Preferred Member, (a) that Member’s status as a Class A or Class B Preferred Member, (b) that Preferred Member’s share of the right to receive distributions from the Company with respect to Class A or Class B Preferred Units, (c) all other rights, benefits and privileges enjoyed by that Preferred Member (under the Act, this Agreement, or otherwise) in its capacity as a Preferred Member, including that Preferred Member’s rights to vote, consent and approve and otherwise to participate in the management of the Company, to the extent provided in this Agreement, and (d) all obligations, duties and liabilities imposed on that Preferred Member (under the Act, this Agreement or otherwise) in its capacity as a Preferred Member.

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 means a preferred membership interest in the LLC which qualifies as a Participating Security.

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