Common use of Membership Units Clause in Contracts

Membership Units. The authorized capital of the Company shall consist solely of Units, having the rights, powers and preferences herein described: (a) The Company may issue Units in such amounts, at such times, to such Persons and on such other terms and conditions as the Board may determine. Ownership of one or more Units shall entitle a Member to the Membership Voting Interest, Membership Economic Interest and other rights and obligation expressly set forth in this Agreement. (b) Additional and different classes of Membership Interests represented by different Units may be created and issued to new or existing Members on such terms and conditions as the Directors may determine. Such additional and different classes may have different rights, powers and preferences (including, without limitation, voting rights and distribution preferences), which may be superior to those of existing Members. In the event of creation of additional Membership Interests, Exhibit A shall be updated as necessary by the Board to reflect such Membership Interests and the Board shall amend this Agreement, and the Members hereby consent to the amendment hereof, to reflect (a) the sale of additional Membership Interests with such terms as the Board shall deem appropriate, (b) the admission of additional Members. Except as expressly set forth in this Agreement, Members shall have no preemptive rights to acquire additional or newly created Units. (c) No Member together with its Affiliates shall own in excess of forty percent (40%) of the Units of the Company.

Membership Units. The authorized capital of the Company shall consist solely of Units, having the rights, powers and preferences herein described: (a) The Company may issue Units in such amounts, at such times, to such Persons and on such other terms and conditions as the Board may determine. Ownership of one or more Units shall entitle a Member to the Membership Voting Interest, Membership Economic Interest and other rights and obligation expressly set forth in this Agreement. (b) Additional and different classes of Membership Interests represented by different Units may be created and issued to new or existing Members on such terms and conditions as the Directors may determine. Such additional and different classes may have different rights, powers and preferences (including, without limitation, voting rights and distribution preferences), which may be superior to those of existing Members. In the event of creation of additional Membership Interests, Exhibit A shall be updated as necessary by the Board to reflect such Membership Interests and the Board shall amend this Agreement, and the Members hereby consent to the amendment hereof, to reflect (a) the sale of additional Membership Interests with such terms as the Board shall deem appropriate, (b) the admission of additional Members. Except as expressly set forth in this Agreement, Members shall have no preemptive rights to acquire additional or newly created Units. (c) No Member together with its Affiliates shall own in excess of forty percent (40%) of the Units of the Company. (d) As of the date of this Agreement, the Company shall have the following classes of Units: (i) Common Units, (ii) Class A Preferred Units, and (iii) the Class B Preferred

Membership Units. The authorized capital of the Company shall consist solely of Units, having the rights, powers and preferences herein described: (a) The Company may issue Units in such amounts, at such times, to such Persons and on such other terms and conditions as the Board may determine. Ownership of one or more Units shall entitle a Member to the Membership Voting Interest, Membership Economic Interest and other rights and obligation expressly set forth in this Agreement. (b) Additional and different classes of Membership Interests represented by different Units may be created and issued to new or existing Members on such terms and conditions as the Directors may determine. Such additional and different classes may have different rights, powers and preferences (including, without limitation, voting rights and distribution preferences), which may be superior to those of existing Members. In the event of creation of additional Membership Interests, Exhibit A shall be updated as necessary by the Board to reflect such Membership Interests and the Board shall amend this Agreement, and the Members hereby consent to the amendment hereof, to reflect (a) the sale of additional Membership Interests with such terms as the Board shall deem appropriate, (b) the admission of additional Members. Except as expressly set forth in this Agreement, Members shall have no preemptive rights to acquire additional or newly created Units. (c) No Member together with its Affiliates shall own in excess of forty percent (40%) of the Units of the Company. (d) As of the date of this Agreement, the Company shall have the following classes of Units: (i) Common Units and (ii) Class A Preferred Units. Except as set forth in this Agreement, the rights and preferences of Common Units and Class A Preferred Units are identical.

Membership Units. The authorized capital of the Company shall consist solely of the following classes of Units, having the rights, powers and preferences herein described: (a) The Company may issue Series A Units in such amounts, at such times, to such Persons and on such other terms and conditions as the Board Directors may determine. Ownership of one or more Series A Units shall entitle a Member to the Membership Voting Interest, Membership Economic Interest and other rights and obligation expressly set forth in this Agreement. (b) Additional and different classes of Membership Interests represented by different Units may be created and issued to new or existing Members on such terms and conditions as the Directors may determine. Such additional and different classes may have different rights, powers and preferences (including, without limitation, voting rights and distribution preferences), which may be superior to those of existing Members. In the event of creation of additional Membership Interests, Exhibit A shall be updated as necessary by the Board Directors to reflect such Membership Interests and the Board Directors shall amend this Agreement, and the Members hereby consent to the amendment hereof, to reflect (a) the sale of additional Membership Interests with such terms as the Board of Managers shall deem appropriate, (b) the admission of additional Members. Except as expressly set forth in this Agreement, Members shall have no preemptive rights to acquire additional or newly created Units. (c) No Member together with its Affiliates shall own in excess of forty percent (40%) of the Units of the Company.