Common use of Certificates of Membership Interest Clause in Contracts

Certificates of Membership Interest. Units shall be evidenced by certificates of membership interest. At the effective time of the merger of MCP Colorado into the Company pursuant to the Transaction Agreement, the Company adopts the certificates of the Cooperative as the Certificates of Membership Interest of the Company. Upon any Transfer of Units in accordance with Article X, the Board of Directors will issue a new form of certificate under the Company's own name (a "LLC Certificate") representing the Units so transferred; provided, however, that the issuance of LLC Certificates shall not invalidate or otherwise affect the validity of certificates of the Cooperative representing outstanding Units owned by the Initial Members. Each LLC Certificate shall bear a legend referring to the restrictions set forth in Article X.