Terms of Admission of New Member; Creation of Preferred or Special Interests. The Board of Managers shall have the right to admit new Members in exchange for property, cash or services on such terms as the Board of Managers may determine, and in connection therewith the Company may create series or classes or groups of Members (including the existing Member) having such relative rights, powers and duties as the Board of Managers may from time to time establish, including rights, powers and duties senior to the existing Member and may amend this Agreement and Exhibit A hereto to reflect changes in Membership Percentages in exchange for any such property, cash or services or resulting from the redemption of Membership Interests.
Appears in 4 contracts
Samples: Limited Liability Company Operating Agreement (HTS-Sunset Harbor Partner, L.L.C.), Limited Liability Company Operating Agreement (HTS-Sunset Harbor Partner, L.L.C.), Limited Liability Company Operating Agreement (HTS-Sunset Harbor Partner, L.L.C.)
