Common use of Percentage Interests in Company Clause in Contracts

Percentage Interests in Company. The initial percentage interests of the respective Members in the Company shall be: CNL 60 % Woodfield 40 %. In connection with and simultaneously with the Construction Loan Closing, provided that the Company shall have obtained Final SDP Approval for the Project, the percentage interest of the respective Members in the Company shall be adjusted to be as follows: CNL: 95 % Woodfield: 5 % The percentage interest of each Member, which is subject to the preferred and priority rights provided for herein and adjustment as provided herein and pursuant to the terms of Sections 4.5(a) (d) is hereinafter called each such Member’s “Percentage Interest.”