Units Membership Sample Clauses
The "Units; Membership" clause defines how ownership interests, typically called units, are structured and allocated among members in a company or organization. It outlines the process for issuing, transferring, and recording units, as well as the rights and obligations that come with membership, such as voting power or profit sharing. This clause ensures clarity in ownership structure and helps prevent disputes by clearly establishing who holds membership interests and under what terms.
Units Membership i. The membership interests of the sole Member shall be represented by issued and outstanding units (“Units”), having the rights and privileges set forth in this Agreement.
ii. The Company hereby authorizes the issuance of Units. As of the date hereof, 100 Units are outstanding as set forth on Schedule 1 (as in effect on the date hereof).
iii. The Company hereby irrevocably elects that all Units shall be securities governed by Article 8 of the Delaware Uniform Commercial Code (the “UCC”), and shall be represented by certificates and are “certificated securities” as defined in Article 8 of the UCC. Each certificate evidencing Units shall bear the following legend: “This certificate evidences an interest in WideOpenWest Mid-Michigan, LLC and shall be a security for purposes of Article 8 of the Delaware Uniform Commercial Code.” No change to this provision shall be effective until all outstanding certificates have been surrendered for cancellation and any new certificates thereafter issued shall not bear the foregoing legend.
Units Membership. 6 3.1 Units Generally; Membership Interests ................................6 3.2 Authorization and Issuance of Units ..................................6 3.3
Units Membership. 6- 3.1 Units Generally; Membership Interests ......................... -6- 3.2 Authorization and Issuance of Units ........................... -6- 3.3 Unit Certificates ............................................. -7- 3.4 Issuance of Units ............................................. -7- 3.5 New Members from the Issuance of Units ........................ -7- ARTICLE 4 CAPITAL CONTRIBUTIONS AND CAPITAL ACCOUNTS ............................ -8- 4.1 Capital Contributions ......................................... -8- 4.2 Capital Accounts .............................................. -8- 4.3 Negative Capital Accounts ..................................... -9- 4.4 No Withdrawal ................................................. -10- 4.5 Loans From Members ............................................ -10- 4.6 Status of Capital Contributions ............................... -10- ARTICLE 5 ALLOCATIONS OF PROFITS AND LOSSES ..................................... -10- 5.1 Allocation of Profits and Losses .............................. -10- 5.2 Regulatory and Special Allocations ............................ -10- 5.3 Curative Allocations .......................................... -11- 5.4 Tax Allocations ............................................... -12-
Units Membership. Units Generally; Conversion of Prior Units into Common Units 6 3.2 Authorization and Issuance of Units 6
Units Membership. 21 5.1 Units Generally; Membership Interests..........................................................21 ------------------------------------- 5.2 Authorization and Issuance of Units............................................................21 ----------------------------------- 5.3 Unit Certificates..............................................................................22 ----------------- 5.4 Issuance of Units..............................................................................23 ----------------- 5.5 New Members from the Issuance of Units.........................................................23 -------------------------------------- 5.6 Class B-4 Units................................................................................23 --------------- ARTICLE VI.......................................................................................................24
Units Membership i. The membership interests of the sole Member shall be represented by issued and outstanding units (“Units”), having the rights and privileges set forth in this Agreement.
ii. The Company hereby authorizes the issuance of Units. As of the date hereof, 100 Units are outstanding as set forth on Schedule 1 (as in effect on the date hereof).
iii. The Company hereby irrevocably elects that all Units shall be securities governed by Article 8 of the Indiana Uniform Commercial Code (the “UCC”), and shall be represented by certificates and are “certificated securities” as defined in Article 8 of the UCC. Each certificate evidencing Units shall bear the following legend: “This certificate evidences an interest in Sigecom, LLC and shall be a security for purposes of Article 8 of the Indiana Uniform Commercial Code.” No change to this provision shall be effective until all outstanding certificates have been surrendered for cancellation and any new certificates thereafter issued shall not bear the foregoing legend.
Units Membership. 13 5.1 UNITS GENERALLY; CONVERSION OF PRIOR UNITS INTO COMMON UNITS.............13 5.2 AUTHORIZATION AND ISSUANCE OF UNITS......................................13 5.3 UNIT CERTIFICATES........................................................13 5.4 ISSUANCE OF UNITS........................................................14 5.5 NEW MEMBERS FROM THE ISSUANCE OF UNITS...................................14 ARTICLE VI DISTRIBUTIONS..........................................................14 i 6.1 GENERALLY................................................................14 6.2 DISCRETIONARY DISTRIBUTIONS..............................................15 6.3 INDEMNIFICATION AND REIMBURSEMENT FOR PAYMENTS ON BEHALF OF A MEMBER.....15
Units Membership