Membership Voting Interest means collectively, a Member’s right to vote as set forth in this Agreement or required by the Act. The Membership Voting Interest of a Member shall mean as to any matter to which the Member is entitled to vote hereunder or as may be required under the Act, the right to one (1) vote for each Unit registered in the name of such Member as shown in the Membership Register.
Membership Voting Interest means, with respect to the Members only, the right to vote on matters as to which this Operating Agreement requires or permits the Members to vote in accordance with the terms and provisions of Section 8.3 of this Operating Agreement. Only Members who have become such in accordance with the terms and provisions of this Operating Agreement, including holders of Membership Interests and New Membership Interests, shall have Membership Voting Interests. The voting power of any Membership Voting Interest shall be determined under the terms and provisions of Section 8.3 of this Operating Agreement.
Membership Voting Interest means collectively, a Member’s right to vote as set forth in this Agreement or required by the Act. The Membership Voting Interest of a Member shall mean as to any matter to which the Member is entitled to vote hereunder or as may be required under the Act, the right to one (1) vote for each Unit registered in the name of such Member as shown in the Membership Register; provided however that under no circumstances shall any Member, and/or any Related Party or Affiliate of a Member, ever be entitled to vote more than five percent (5%) of the outstanding Membership Interests (Units) of the Company even if such Member is the registered owner of more than five percent (5%) of the outstanding Membership Interests (Units) of the Company. In determining whether a Member has over five percent (5%) of the outstanding Membership Interests (Units) of the Company, Membership Interests (Units) held by an Affiliate and/or Related Party of a Member shall be deemed to be owned and held by such Member.
Examples of Membership Voting Interest in a sentence
The Members shall have voting rights as defined by the Membership Voting Interest of such Member and in accordance with the provisions of this Agreement.
In such case, such pledgee or secured party, and any transferee or purchaser of the Units held by such pledgee or secured party, shall not have any Membership Voting Interest attached to such Units unless and until the Directors have approved in writing and admitted as a Member hereunder, such pledgee, secured party, transferee or purchaser of such Units.
A Person who acquires Units but who is not admitted as a substituted Member pursuant to Section 9.8 hereof shall be entitled only to the Membership Economic Interests with respect to such Units in accordance with this Agreement, and shall not be entitled to the Membership Voting Interest with respect to such Units.
A Person who acquires Units but who is not admitted as a substituted Member pursuant to Section 9.7 hereof shall be entitled only to the Membership Economic Interests with respect to such Units in accordance with this Agreement, and shall not be entitled to the Membership Voting Interest with respect to such Units.
A Person who acquires Units but who is not admitted as a substituted Member pursuant to Section 9.6 hereof shall be entitled only to the Membership Economic Interests with respect to such Units in accordance with this Agreement, and shall not be entitled to the Membership Voting Interest with respect to such Units.
More Definitions of Membership Voting Interest
Membership Voting Interest means collectively, a Member’s right to vote as set forth in this Agreement or required by the Act. The Membership Voting Interest of a Member shall mean as to any matter to which the Member is entitled to vote hereunder or as may be required under the Act, the right to one (1) vote for each Unit registered in the name of such Member as shown in the Membership Register. (vv) “Net Cash Flow” means the gross cash proceeds of the Company less the portion thereof used to pay or establish reserves for all Company expenses, debt payments, capital improvements, replacements, and contingencies, all as reasonably determined by the Directors. “Net Cash Flow” shall not be reduced by depreciation, amortization, cost recovery deductions, or similar allowances, but shall be increased by any reductions of reserves previously established. (ww) “Nonrecourse Deductions” has the meaning set forth in Section 1.704-2(b)(1) of the Regulations. (xx) “Nonrecourse Liability” has the meaning set forth in Section 1.704-2(b)(3) of the Regulations. (yy) “Officer” or “Officers” has the meaning set forth in Section 5.18 hereof. (zz) “Partnership Representative” has the meaning set forth in Section 7.4 hereof. (aaa) “Permitted Transfer” has the meaning set forth in Section 9.2 hereof. (bbb) “Person” means any individual, partnership (whether general or limited), joint venture, limited liability company, corporation, trust, estate, association, nominee or other entity. (ccc) “Profits and Losses” mean, for each Fiscal Year, an amount equal to the Company’s taxable income or loss for such Fiscal Year, determined in accordance with Code Section 703(a) (for this purpose, all items of income, gain, loss, or deduction required to be stated separately pursuant to Code Section 703(a)(1) shall be included in taxable income or loss), with the following adjustments (without duplication): (i) Any income of the Company that is exempt from federal income tax and not otherwise taken into account in computing Profits or Losses pursuant to this definition of “Profits” and “Losses” shall be added to such taxable income or loss; (ii) Any expenditures of the Company described in Code Section 705(a)(2)(b) or treated as Code Section 705(a)(2)(b) expenditures pursuant to Regulations Section 1.704-1(b)(2)(iv)(i), and not otherwise taken into account in computing Profits or Losses pursuant to this definition of “Profits” and “Losses” shall be subtracted from such taxable income or loss; (iii) In the event the Gro...
Membership Voting Interest means collectively, a Member’s right to vote as set forth in this Agreement or required by the Act. The Membership Voting Interest of a Member shall mean as to any matter to which the Member is entitled to vote hereunder or as may be required under the Act, the right to one (1) vote for each Unit registered in the name of such Member as shown in the Membership Register. (ffvv) “Net Cash Flow” means the gross cash proceeds of the Company less the portion thereof used to pay or establish reserves for all Company expenses, debt payments, capital improvements, replacements, and contingencies, all as reasonably determined by the Directors. “Net Cash Flow” shall not be reduced by depreciation, amortization, cost recovery deductions, or similar allowances, but shall be increased by any reductions of reserves previously established. (ggww) “Nonrecourse Deductions” has the meaning set forth in Section 1.704- 2(b)(1) of the Regulations. (hh) ““xx) “Nonrecourse Liability” has the meaning set forth in Section 1.704-2(b)(3) of the Regulations. (iiyy) “Officer” or “Officers” has the meaning set forth in Section 5.18 hereof. (jj(zz) “Partnership Representative” has the meaning set forth in Section 7.4 hereof. (aaa) “Permitted Transfer” has the meaning set forth in Section 9.2 hereof. (kk) (bbb) “Person” means any individual, partnership (whether general or limited), joint venture, limited liability company, corporation, trust, estate, association, nominee or other entity.
Membership Voting Interest means collectively, a Member’s right to vote as set forth in this Agreement or required by the Act and as otherwise restricted by Section 6.5 of the Agreement regarding the voting rights of the Class A Members and Class B Members.
Membership Voting Interest means collectively, a Member’s right to vote as set forth in this Agreement or required by the Act. The Membership Voting Interest of a Member shall mean (a) as to any matter to which the Member is entitled to vote hereunder including specifically without limitation, a Member’s right to vote (i) to elect Directors under Sections 5.1(d) and 6.3(d), and (ii) to remove Directors under Sections 5.1(f) and 6.3(e) and (iii) to authorize a lawsuit on behalf of the Company pursuant to Section 6.8; or (b) as may be required under the Act, the right to one (1) vote for each Unit registered in the name of such Member as shown in the Membership Register.
Membership Voting Interest means collectively, a Patron Member’s right tovote as set forth in Article II of the Bylaws or required by the Act.
Membership Voting Interest means a Member’s right to vote as set forth in this Agreement. The Membership Voting Interest of a Member means, as to any matter to which the
Membership Voting Interest means collectively, a Member's right to vote as set forth in this Agreement or required by the Act. The Membership Voting Interest of a Member shall mean as to any matter to which the Member is entitled to vote hereunder or as may be required under the Act, the right to one (1) vote for each Unit registered in the name of such Member as shown in the Membership Register so long as such Member is the registered owner of at least five (5) Units, it being the intention of the Members and Company that only registered owners of at least five (5) or more Units shall have Membership Voting Interests in the Company; provided however that under no circumstances shall any Member ever be entitled to more than one thousand (1,000) votes even if such Member is the registered owner of more than 1,000 Units.