Common use of Establishment and Designation of Class or Series Clause in Contracts

Establishment and Designation of Class or Series. Notwithstanding any other limitations on the authority of the Manager set forth elsewhere in this Agreement, the manager, at any time and from time to time, may authorize the division of members and interests held hereunder into two or more series (hereinafter "Series") and the division of any existing or new Series into two or more classes (hereinafter "Classes"). Any such authorization shall (a) establish and designate, and fix and determine the relative rights, powers, privileges, preferences and duties of the Series or Class (including, without limitation, voting rights, if any, distribution rights, transfer restrictions, conversion rights and redemption rights) so authorized; (b) set forth the purposes, powers, policies, restrictions and limitations of the Series so authorized; (c) be effective as of the date specified therein; and (d) be incorporated herein by reference.