Common use of Units of Membership Clause in Contracts

Units of Membership. The aggregate Membership Interest of the Members in the Company shall be divided into units (collectively, “Units”). A Unit includes any and all benefits to which the holder of such Unit may be entitled as provided in this Agreement, together with all obligations of such holder to comply with the terms and provisions of this Agreement. There shall be 1,000 Units which is the maximum number the Company is authorized to issue. The percentage interest of a Member in the Company as of any date shall be the ratio (expressed as a percentage) of the number of Units held by such Member on that date to the aggregate Units held by all Members on that date (the “Percentage Interest”). The Units and Percentage Interest of the sole and Initial Member as of the date of this Agreement are as follows: Unit Holder Company No. of Units Held Percentage Interest in JCC Holding Company 1,000 100 %

Appears in 2 contracts

Samples: Operating Agreement (New Gaming Capital Partnership), Operating Agreement (New Gaming Capital Partnership)

AutoNDA by SimpleDocs

Units of Membership. The aggregate Membership Interest of the Members in the Company shall be divided into units (collectively, “Units”). A Unit includes any and all benefits to which the holder of such Unit may be entitled as provided in this Agreement, together with all obligations of such holder to comply with the terms and provisions of this Agreement. There shall be 1,000 Units which is the maximum number the Company is authorized to issue. The percentage interest of a Member in the Company as of any date shall be the ratio (expressed as a percentage) of the number of Units held by such Member on that date to the aggregate Units held by all Members on that date (the “Percentage Interest”). The Units and Percentage Interest of the sole and Initial Member as of the date of this Agreement are as follows: Unit Holder Company No. of Units Held Percentage Interest in Company JCC Holding Company 1,000 100 %

Appears in 2 contracts

Samples: Operating Agreement (JCC Fulton Development, LLC), Operating Agreement (JCC Fulton Development, LLC)

Units of Membership. The aggregate Membership Interest of the Members in the Company shall be divided into units (collectively, "Units"). A Unit includes any and all benefits to which the holder of such Unit may be entitled as provided in this Agreement, together with all obligations of such holder to comply with the terms and provisions of this Agreement. There shall be 1,000 Units which is the maximum number the Company is authorized to issue. The percentage interest of a Member in the Company as of any date shall be the ratio (expressed as a percentage) of the number of Units held by such Member on that date to the aggregate Units held by all Members on that date (the "Percentage Interest"). The Units and Percentage Interest of the sole and Initial Member as of the date of this Agreement are as follows: Unit Holder Company No. of Units Held Percentage Interest in Company ----------- ----------------- ------------------------------ JCC Holding Company HOLDING COMPANY 1,000 100 100%

Appears in 1 contract

Samples: Operating Agreement (Jazz Casino Co LLC)

AutoNDA by SimpleDocs

Units of Membership. The aggregate Membership Interest of the Members in the Company shall be divided into units (collectively, "Units"). A Unit includes any and all benefits to which the holder of such Unit may be entitled as provided in this Agreement, together with all obligations of such holder to comply with the terms and provisions of this Agreement. There shall be 1,000 Units which is the maximum number the Company is authorized to issue. The percentage interest of a Member in the Company as of any date shall be the ratio (expressed as a percentage) of the number of Units held by such Member on that date to the aggregate Units held by all Members on that date (the "Percentage Interest"). The Units and Percentage Interest of the sole and Initial Member as of the date of this Agreement are as follows: Unit Holder Company No. of Units Held Percentage Interest in ------------------- ----------------- ---------------------- JCC Holding Company HOLDING COMPANY 1,000 100 100%

Appears in 1 contract

Samples: Operating Agreement (Jazz Casino Co LLC)

Time is Money Join Law Insider Premium to draft better contracts faster.