Common use of Membership Interests Clause in Contracts

Membership Interests. The Company shall have two classes of limited liability company interests, which shall be designated “Managing Member Interest” and “Preferred Equity Member Interest” respectively. The Managing Member Interest shall have the rights and powers of the Managing Member specified herein and the rights to distributions set forth in Section 13 below and any distribution upon dissolution of the Company as described in Section 19. The Preferred Equity Member Interest shall have the rights to distributions set forth in Sections 13 and 14 below and, to the extent applicable, Section 19. The Preferred Equity Member Interest shall have no voting, consent, approval, management or control rights whatsoever under this Agreement or the Act, except to the extent expressly provided in Section 20.

Membership Interests. The Company shall have two classes of limited liability company interests, which shall be designated “"Managing Member Interest” " and “"Preferred Equity Member Interest” " respectively. The Managing Member Interest shall have the rights and powers of the Managing Member specified herein and the rights to distributions set forth in Section 13 below and any distribution upon dissolution of the Company as described in Section 19. The Preferred Equity Member Interest shall have the rights to distributions set forth in Sections Section 13 and 14 below and, to the extent applicable, Section 19below. The Preferred Equity Member Interest shall have no voting, consent, approval, management or control rights whatsoever under this Agreement or the Act, except to the extent expressly provided in Section 20.

Membership Interests. The Company shall have two classes of limited liability company interests, which shall be designated “Managing Member Interest” and “Preferred Equity Member Interest” respectively. The Managing Member Interest shall have the rights and powers of the Managing Member specified herein and the rights to distributions set forth in Section 13 below and any distribution upon dissolution of the Company as described in Section 19. The Preferred Equity Member Interest shall have the rights to distributions set forth in Sections Section 13 and 14 below and, to the extent applicable, Section 19below. The Preferred Equity Member Interest shall have no voting, consent, approval, management or control rights whatsoever under this Agreement or the Act, except to the extent expressly provided in Section 20.