Preferred Membership Interest definition

Preferred Membership Interest means the preferred membership interest issued by each SPE to its Related Originators.

Preferred Membership Interest means an interest in the Company evidenced by a designated series of Preferred Units, having a preference in payment of distributions or on liquidation as determined by the Manager for such series of Preferred Units and as set forth in an amendment to this Agreement, and includes a limited liability company interest and all other benefits to which the holder of such an interest in the Company may be entitled as provided in this Agreement or the Act, together with all obligations of such Person to comply with the terms and provisions of this Agreement and the Act.

Preferred Membership Interest has the meaning set forth in the recitals to this Agreement.

Examples of Preferred Membership Interest in a sentence

• Preferred Member Dividends: Each Preferred Membership Interest is entitled to quarterly dividends at a rate equal to LIBOR plus 6.50% per annum (subject to a LIBOR floor of 1.5% per annum) of the Unreturned Contributions associated with their Preferred Membership Interest.

• Second, one-hundred percent (100%) to the payment of Fund expenses; and Thereafter, one-hundred percent (100%) to the Common Members, which amounts shall be distributed among the Common Members pro rata based on their respective Unreturned Contributions or, if the Unreturned Contributions of the Common Members equal zero, pro rata based on the respective Commitments of such Common Members in their capacities as Preferred Members with respect to Preferred Membership Interest.

• The BDC and each Third-Party Member own a Preferred Membership Interest (collectively the “Preferred Members”) and a Common Membership Interest (collectively the “Common Members”) (together, the “Members”).

• Each GM Preferred Holder shall be entitled to one vote for each GM Preferred Membership Interest held by such GM Preferred Holder in connection with any matter where the separate vote of the GM Preferred Holders is expressly required hereunder (including in connection with any vote by the Members constituting the Majority GM Preferred Holders) and as otherwise required by Law.

• The investment is a 10% Preferred Membership Interest in ACS, a New Jersey limited liability company and is represented by ownership of ten Class A shares of ACS.

More Definitions of Preferred Membership Interest

Preferred Membership Interest means a Membership Interest having the rights and obligations specified with respect to Preferred Membership Interests in this Agreement.

Preferred Membership Interest means a Membership Interest having the rights and obligations specified with respect to Preferred Membership Interests in this Agreement. Preferred Membership Interests shall be non-voting interests issued to capital investors in the Company in consideration of each such Member’s Preferred Capital Amount, and shall earn the Preferred Distribution Return.

Preferred Membership Interest. [material omitted]

Preferred Membership Interest means the Interest in the Company issued to Preferred Member in consideration of Preferred Member’s Preferred Equity Investment.

Preferred Membership Interest means a preferred membership interest in the LLC which qualifies as a Participating Security.

Preferred Membership Interest means, as to any Preferred Member, such Preferred Member's Interest.

Preferred Membership Interest means a Junior Preferred Membership Interest or a Senior Preferred Membership Interest.