Common Membership Interest definition

Common Membership Interest means the Common Membership Interest issued pursuant to the LLC Agreement.
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Common Membership Interest means an interest in the Company, other than a Preferred Membership Interest, and includes a limited liability company interest in the Company and any and all other benefits to which the holder of such an interest in the Company may be entitled as provided in this Agreement or the Act, together with all obligations of such Person to comply with the terms and provisions of this Agreement and the Act.
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Common Membership Interest means, with respect to any Common Member, (a) that Common Member’s status as a Common Member, (b) that Common Member’s share of the right to receive distributions from the Company with respect to Common Units, (c) all other rights, benefits and privileges enjoyed by that Common Member (under the Act, this Agreement, or otherwise) in its capacity as a Common Member, including that Common Member’s rights to vote, consent and approve and otherwise to participate in the management of the Company, to the extent provided in this Agreement, and (d) all obligations, duties and liabilities imposed on that Common Member (under the Act, this Agreement or otherwise) in its capacity as a Common Member.
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Examples of Common Membership Interest in a sentence

  • The BDC and each Third-Party Member own a Preferred Membership Interest (collectively the “Preferred Members”) and a Common Membership Interest (collectively the “Common Members”) (together, the “Members”).

  • All Series of Investor Notes will be (i) secured by the Collateral equally and ratably without prejudice, priority or distinction and (ii) senior in priority to all Preferred Membership Interests and the Common Membership Interest in the Issuer.

  • Each Common Holder shall be entitled to one vote for each Common Membership Interest held by such Common Holder, in connection with the election of Managers and on all matters to be voted upon by the Members (without prejudice to any consent rights that the holders of any class or portion of any particular class of Membership Interests have expressly been granted under this Agreement).

  • As compensation for the performance of the Administrator's obligations under this Agreement on behalf of SPV and, as reimbursement for its expenses related thereto, the Administrator shall be entitled to receive a fee for each Monthly Period in an amount equal to $1,000, payable by SPV on each Payment Date only to the extent of any distributions received by SPV on account of its Common Membership Interest on such Payment Date.

  • The Joining Party hereby acknowledges, agrees and confirms that: (i) Joining Party has received a copy of the Operating Agreement; (ii) Joining Party has reviewed and understands the Operating Agreement and the rights and obligations of the holders of a Common Membership Interest thereunder; and (iii) the Operating Agreement may be amended from time to time as provided in the Operating Agreement.

  • Each Preferred Membership Interest shall be convertible into a Common Membership Interest upon the terms described in Exhibit B to this Letter Agreement.

  • Upon the written agreement of the Seller and the Purchaser before the First Closing Date, such Parties may increase the number of First Common Membership Interests to be purchased at the First Closing to up to a maximum amount of 6,610, 934 Common Membership Interests, at a purchase price equal to the Unit Purchase Price per Common Membership Interest.

  • The Company shall have the authority to issue a total of one hundred and fifty million (150,000,000) Units for all classes, designated as follows: (a) one hundred and twenty-five million (125,000,000) of Common Membership Interest Units ("COMMON UNITS"), and (b) twenty-five million (25,000,000) of Preferred Membership Interest Units ("PREFERRED UNITS").

  • All pavement management systems should include a visual inspection of some type.

  • Each Class B Common Membership Interest, if issued, will carry five votes on all matters submitted to the holders of the Membership Interests.


More Definitions of Common Membership Interest

Common Membership Interest. (or “Common Unit”) shall have the meaning ascribed to such term in Section 4.2(a)(i).
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Common Membership Interest has the meaning set forth in the recitals hereto.
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Common Membership Interest means, as to any Common Member, such Common Member's Interest.
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Common Membership Interest means the limited liability company interest of the Common Member in the Issuer, including without limitation, rights to distributions (liquidating or otherwise), allocations, information, and to vote, consent or approve, if any, as set forth herein.
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Common Membership Interest means the ownership interest of a Member with respect to the Common Units of the Company expressed as a percentage equal to a Member’s Common Units divided by the total number of outstanding Common Units. For purposes of clarification, in determining the number of Common Units held by a Member, and its corresponding Common Membership Interest, Common Units shall include all Common Units (including all Common Units that have been issued upon conversion of any Convertible Contribution Note) held or outstanding, as applicable, but shall not include any Common Units that may be issuable under (but not yet issued upon conversion of) outstanding Convertible Contribution Notes.
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Common Membership Interest has the meaning set forth in Section 2.2.
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Related to Common Membership Interest

  • Class B Membership Interest means a Class B Membership Interest in Holdings.

  • Class A Membership Interest means a Class A Membership Interest in Holdings.

  • Membership Interest means a Member’s entire interest in the Company including such Member’s right to receive allocations and distributions pursuant to this Agreement and the right to participate in the management of the business and affairs of the Company in accordance with this Agreement, including the right to vote on, consent to, or otherwise participate in any decision or action of or by the Members granted pursuant to this Agreement.

  • Partnership Interest means an interest in the Partnership, which shall include the General Partner Interest and Limited Partner Interests.

  • General Partnership Interest means a Partnership Interest held by the General Partner that is a general partnership interest.

  • Membership Interests has the meaning set forth in the recitals.

  • Limited Partnership Interest means the ownership interest of a Limited Partner in the Partnership at any particular time, including the right of such Limited Partner to any and all benefits to which such Limited Partner may be entitled as provided in this Agreement and in the Act, together with the obligations of such Limited Partner to comply with all the provisions of this Agreement and of the Act.

  • Membership Units means the limited liability company interests in the Company held by the Members, expressed as a number of units held by each Member and set forth opposite such Member's name on Schedule I attached hereto, as amended, modified or supplemented from time to time.

  • Membership Unit means an outstanding common membership unit of the LLC.

  • Economic Interest means a Person’s right to share in the income, gains, losses, deductions, credits, or similar items of the Company, and to receive Distributions from the Company, but excluding any other rights of a Member, including the right to vote or to participate in management, or, except as may be provided in the Act, any right to information concerning the business and affairs of the Company.

  • Partnership Interests shall have the meaning specified in Section 6.3 [Subsidiaries].

  • Common Member means a Member holding Common Units.

  • Partnership Units or “Units” has the meaning provided in the Partnership Agreement.

  • Derivative Partnership Interests means any options, rights, warrants, appreciation rights, tracking, profit and phantom interests and other derivative securities relating to, convertible into or exchangeable for Partnership Interests.

  • Class B LP Units means, collectively, the Class B limited partnership units of the Partnership, and “Class B LP Unit” means any one of them.

  • Member Interest means an equity interest of a Member in the Company and includes any and all benefits to which such Member is entitled as provided in this Agreement, together with all obligations of such Member pursuant to the terms and provisions of this Agreement.

  • Class A Units means the Units of partnership interest in the Partnership designated as the “Class A Units” herein and having the rights pertaining thereto as are set forth in this Agreement.

  • Class B Units means the Class B Units of the Company.

  • Common Interests of any Person means Capital Interests in such Person that do not rank prior, as to the payment of dividends or as to the distribution of assets upon any voluntary or involuntary liquidation, dissolution or winding up of such Person, to Capital Interests of any other class in such Person.

  • Deemed Partnership Interest Value means, as of any date with respect to any class of Partnership Interests, the Deemed Value of the Partnership Interests of such class multiplied by the applicable Partner's Percentage Interest of such class.

  • Members’ Percentage Interests means the ownership percentage interests as mentioned in Section I of this Agreement. During each fiscal year, the net profits and net losses of the Company (other than from capital transactions), and each item of income, gain, loss, deduction, or credit entering into the computation thereof, shall be credited or charged, as the case may be, to the capital accounts of each Member(s) in proportion to the Members' Percentage Interests. The net profits of the Company from capital transactions shall be allocated in the following order of priority: (a) to offset any negative balance in the capital accounts of the Member(s) in proportion to the amounts of the negative balance in their respective capital accounts, until all negative balances in the capital accounts have been eliminated; then (b) to the Member(s) in proportion to the Members’ Percentage Interests. The net losses of the Company from capital transactions shall be allocated in the following order of priority: (a) to the extent that the balance in the capital accounts of any Member(s) are in excess of their original contributions, to such Member(s) in proportion to the excess balances until all such excess balances have been reduced to zero; then (b) to the Member(s) in proportion to the Members’ Percentage Interests. The cash receipts of the Company shall be applied in the following order of priority: (a) to the payment of interest or amortization on any mortgages on the assets of the Company, amounts due on debts and liabilities of the Company other than those due to any Member(s), costs of the construction of the improvements to the assets of the Company and operating expenses of the Company; (b) to the payment of interest and establishment of cash reserves determined by the Member(s) to be necessary or appropriate, including without limitation, reserves for the operation of the Company’s business, construction, repairs, replacements, taxes and contingencies; and (d) to the repayment of any loans made to the Company by any Member(s). Thereafter, the cash receipts of the Company shall be distributed among the Member(s) as hereafter provided. Except as otherwise provided in this Agreement or otherwise required by law, distributions of cash receipts of the Company, other than from capital transactions, shall be allocated among the Member(s) in proportion to the Members’ Percentage Interests. Except as otherwise provided in this Agreement or otherwise required by law, distributions of cash receipts from capital transactions shall be allocated in the following order of priority: (a) to the Member(s) in proportion to their respective capital accounts until each Member(s) has received cash distributions equal to any positive balance in their capital account; then (b) to the Member(s) in proportion to the Members' Percentage Interests. It is the intention of the Member(s) that the allocations under this Agreement shall be deemed to have “substantial economic effect” within the meaning of Section 704 of the Internal Revenue Code and Treas. Reg. Section 1.704-1. Should the provisions of this Agreement be inconsistent with or in conflict with Section 704 of the Code or the Regulations thereunder, then Section 704 of the Code and the Regulations shall be deemed to override the contrary provisions thereof. If Section 704 of the Regulations at any time require that limited liability company operating agreements contain provisions which are not expressly set forth herein, such provisions shall be incorporated into this Agreement by reference and shall be deemed a part of this Agreement to the same extent as though they had been expressly set forth herein.

  • Class B Members means the Members holding Class B Units.

  • Class B Member means a Member holding one or more Class B Ordinary Shares.

  • Common Interest means employers engaged in the same industry or members of an Oklahoma trade association that has been in business for at least five (5) years.

  • Partnership Unit means a fractional, undivided share of the Partnership Interests of all Partners issued hereunder. The allocation of Partnership Units among the Partners shall be as set forth on Exhibit A, as may be amended from time to time.

  • Class C Member means a Member holding the Class C Ordinary Share.