Preferred Exchange. Upon the completion of the Preferred Exchange, the Preferred Units shall be cancelled, and any authorized but unpaid Preferred Distributions shall remain an obligation of the Company, and such obligation shall rank, with respect to distribution rights and rights upon liquidation, winding up or dissolution of the Company, senior to the Common Units.
Appears in 2 contracts
Sources: Limited Liability Company Agreement (Residential Capital, LLC), Limited Liability Company Agreement (Residential Capital, LLC)