NATURE OF MEMBERSHIP INTEREST Sample Clauses

NATURE OF MEMBERSHIP INTEREST. A membership interest in the Company is personal property. A Member of the Company or an assignee of a membership interest in the Company does not have an interest in any specific property of the Company. A membership interest includes a Member’s or assignee’s share of profits and losses or similar items and the right to receive distributions as provided in this Agreement, but does not include a Member’s right to participate in management.
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NATURE OF MEMBERSHIP INTEREST. (a) A membership interest in a limited liability company is personal property.
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NATURE OF MEMBERSHIP INTEREST. Section 4.1
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NATURE OF MEMBERSHIP INTEREST. Section 4.1 Initial Capital Contributions. On July 17, 2013, in connection with the formation of the Company, the Sole Member made a contribution to the capital of the Company in the amount of $1,000 in exchange for all of the Membership Interests.
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NATURE OF MEMBERSHIP INTEREST. CHS understands that the Membership Interest is a “restricted security” and has not been registered under the Securities Act or any applicable state securities law. CHS is acquiring the Membership Interest as principal for its own account and not with a view to or for distributing or reselling such Membership Interest or any part thereof in violation of the Securities Act of 1933, as amended or any applicable state securities law.
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NATURE OF MEMBERSHIP INTEREST. A Membership Interest is personal property. A Member shall have no interest in specific property of the Company.
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NATURE OF MEMBERSHIP INTEREST. A Membership Interest in the Company constitutes the personal estate of the Member. No Member has any interest in any specific asset or property of the Company. No Member shall be required to perform services for the Company solely by virtue of being a Member, and unless approved by the Manager, no Member shall perform services for the Company in his or her capacity as such or be entitled to compensation for services performed for the Company. Subject to Section 3.5, in the event of the death or disability of any Member, the executor, trustee, administrator, guardian, conservator or other legal representative of such Member may exercise the rights and powers of that Member (in the capacity of an Interest holder only) for the purpose of settling the Member’s estate or administering the Member’s property, and shall be bound by all of the provisions of this Agreement. If a Member who is not a natural person is dissolved or wound up, the successor or legal representative of such Member may exercise the rights and powers of an Interest holder and shall be bound by all of the provisions of this Agreement.
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Related to NATURE OF MEMBERSHIP INTEREST

  • Ownership of Membership Interests The Member shall own all of the membership interests in the Company and the Member shall have a 100% distributive share of the Company’s profits, losses and cash flow.

  • Transfer of Membership Interest The Sole Member may Transfer any part or all of its rights and interest (including, but not limited to, its Capital Account) in the Company (each a “Membership Interest”) now owned or hereafter acquired to any Person, and the transferee of such Membership Interest shall become a Member of the Company.

  • Transfer of Membership Interests (a) The Member may transfer its Membership Interest, in whole but not in part, but the transferee shall not be admitted as a Member except in accordance with Section 6.07. Until the transferee is admitted as a Member, the Member shall continue to be the sole member of the Company (subject to Section 1.02) and to be entitled to exercise any rights or powers of a Member of the Company with respect to the Membership Interest transferred.

  • Membership Interest The Member shall own one hundred percent (100%) of the membership interests in the LLC, and all profits and losses shall be allocated to the Member.

  • Transfers of Membership Interests (a) A Member may not transfer, assign, sell, pledge, hypothecate or otherwise dispose of any of the attributes of his, her or its Membership Interest (collectively, a “Transfer”), in whole or in part, to any Person without the prior written consent of the Board of Managers, which consent the Board of Managers may withhold in its sole discretion, and any attempted Transfer of a Membership Interest shall be null and void ab initio unless effected in accordance with this Article XI.

  • Assignment of Membership Interests The Assignment of Membership Interests shall have been fully executed and delivered to Purchaser.

  • Assignment of Membership Interest A Member may not assign the Member’s interest in the Company except with the written consent of all the other Members of record. Any such consent to assignment automatically entitles the assignee to become a Member. A Member’s membership interest may be evidenced by a certificate of membership interest issued by the Company.

  • Membership Interests The Sole Member currently owns one hundred percent (100%) of the percentage interests in the Company.

  • Purchase and Sale of Membership Interests Upon the terms and subject to the conditions set forth in this Agreement, at the Closing, Sellers shall sell to Purchaser, and Purchaser shall purchase and accept from Sellers, the Membership Interests, free and clear of all Liens (other than restrictions arising under applicable securities Laws or Gaming Laws).

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