Nature of Interests. All Company property, whether real or personal, tangible or intangible, shall be deemed to be owned by the Company as an entity, and none of the Members shall have any direct ownership of such property.
Appears in 3 contracts
Samples: Limited Liability Company Agreement (Penske Automotive Group, Inc.), Limited Liability Company Agreement (Penske Automotive Group, Inc.), Limited Liability Company Agreement (Penske Automotive Group, Inc.)
Nature of Interests. All Company propertyproperty owned by the Company, whether real or personal, tangible tangible, or intangible, shall be deemed to be owned by the Company as an entity, and none of the Members . No Member shall have any direct ownership of such any Company property.
Appears in 2 contracts
Samples: Operating Agreement, Operating Agreement
