Common use of Membership/Partnership Interests Clause in Contracts

Membership/Partnership Interests. (a) Designate or treat their limited liability company membership interests or partnership interests, as the case may be, as securities as contemplated by the definition of “security” in Section 8-102(15) and by Section 8-103 of Article 8 of the Uniform Commercial Code or in the PPSA, as applicable, or (b) certificate their limited liability membership interests or partnership interests, as applicable.