Common use of Preferred Equity Interests Clause in Contracts

Preferred Equity Interests. To the Borrower's knowledge: (i) each issuer of Preferred Equity Interests which are included in the Collateral is a limited partnership or limited liability company duly organized and validly existing under the laws of the state of its organization and has all requisite power and authority to conduct its business as now conducted; (ii) each Preferred Equity Interest which is included in the Collateral has been issued pursuant to a written partnership agreement or limited liability company agreement, a true and correct copy of which has been made available to the Secured Parties, has been duly authorized, executed and delivered by all parties thereto, has not been amended or otherwise modified (except as disclosed to the Secured Parties), is in full force and effect and is binding upon and enforceable against all parties thereto in accordance with its terms. There exists no default under any such partnership agreement or limited liability company agreement by the Borrower or, to Borrower's knowledge, by any other Person, which default is material in the context of this Agreement.

Preferred Equity Interests. To the Borrower's knowledge: (i) each issuer of Preferred Equity Interests which are included in the Collateral is a limited partnership or limited liability company duly organized and validly existing under the laws of the state of its organization and has all requisite power and authority to conduct its business as now conducted; (ii) each Preferred Equity Interest which is included in the Collateral has been issued pursuant to a written partnership agreement or limited liability company agreement, a true and correct copy of which has been made available to the Secured PartiesParty, has been duly authorized, executed and delivered by all parties thereto, has not been amended or otherwise modified (except as disclosed to the Secured PartiesParty), is in full force and effect and is binding upon and enforceable against all parties thereto in accordance with its terms. There exists no default under any such partnership agreement or limited liability company agreement by the Borrower or, to Borrower's knowledge, by any other Person, which default is material in the context of this Agreement.