Prohibited Owner. The term “Prohibited Owner” shall mean, with respect to any purported Transfer or Non-Transfer Event, any Person who, but for the provisions of Section 11.7 hereof, would Beneficially Own or Constructively Own Units in excess of the Unit Ownership Limit, or would beneficially own (determined under the principles of Section 856(a)(5) of the Code) Units causing or increasing a violation of Section 11.7 hereof, and in either case if appropriate in the context, shall also mean any Person who would have been the record or actual owner of the Units that the Prohibited Owner would have so owned.
Appears in 5 contracts
Samples: Operating Agreement (Cardone Equal Opportunity Fund 2, LLC), Operating Agreement (Cardone Equal Opportunity Fund 2, LLC), Operating Agreement (Cardone REIT I, LLC)
