Common use of Ownership Management Clause in Contracts

Ownership Management. The respective Borrowers and Guarantor have membership interests which have been duly and validly issued to their respective members. As of the Closing Date, (i) WB Propco is the sole member and managing member of WB Carolwood, (ii) Guarantor is the sole member and managing member of WB Propco, (iii) Liquidation Trust is the sole member of Guarantor, and (iv) Guarantor is managed by a board of managers as set forth in its Governing Documents.