Economic Units definition

Economic Units has the meaning set forth in Section 3.1(a).

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Economic Units. ’ of the Exchange means equal units of limited liability company interest in the Exchange collectively comprising all interests in the profits and losses of the Exchange and all rights to receive distributions from the Exchange as set forth in the Exchange LLC Agreement. See Exchange LLC Agreement § 2.5(a).

Economic Units has the meaning set forth in Section 2.5(a) hereof.

Examples of Economic Units in a sentence

• Economic Units and Management Units are sometimes referred to collectively herein as “Units.” Holders of Economic Units and Management Units shall be referred to as “Economic Members” and “Management Members,” respectively.

• Prior to the date hereof, capital contributions totaling $1,000 were made to the Company and 1,000 Economic Units were issued in consideration therefor as set forth in Exhibit A.

• Thereafter, the number of Economic Units held by each Economic Member will adjust annually according to the terms of this Section 3.2. Notwithstanding anything to the contrary set forth herein, the number of Economic Units shall at all times equal 1,000.

• As of the date hereof, the Economic Members agree that the respective Capital Contributions of the Economic Members and Economic Units of the Economic Members are as set forth on Exhibit A.

• Therefore, if one hundred percent (100%) of the Economic Units are held by one tax owner, the Company will be treated, as of such time, as a disregarded entity for federal income tax purposes pursuant to Treasury Regulation Section 301.7701-3.

• In exchange for each Economic Member’s Capital Contribution to the Company referred to in Section 5.1, the Company shall issue to each Economic Member the number of Economic Units set forth opposite such Economic Member’s name on Exhibit A.

• Economic Members shall have no voting or designation rights with respect to their Economic Units.

• All of the issued and outstanding BIG Economic Units and Membership Interests have been duly authorized, are validly issued, fully paid, and non-assessable, and are held of record by ▇▇▇▇▇▇▇▇.

• Economic Units nor Incentive Units shall not be accorded any rights to vote on any matters except as required by the Act; and in such case, only to the extent Members are entitled to such votes.

• There are no (i) outstanding or authorized options, warrants, purchase rights, subscription rights, conversion rights, exchange rights, or other Contracts or commitments that could require BIG to issue, sell, or otherwise cause to become outstanding any of Membership Interests, or (ii) outstanding or authorized membership interest appreciation, phantom membership interests, profit participation, or similar rights with respect to BIG Economic Units or Membership Interests.

More Definitions of Economic Units

Economic Units means, as at any applicable date, (A) the units of membership equity in BIG owned by ▇▇▇▇▇▇▇▇ and (B) the units of membership equity owned by Hightimes in BIG Merger Sub, each of which are used to calculate Membership Interest and voting rights of the applicable Member; and the term “BIG Membership Interests” or “BIG Merger Sub Membership Interests” shall mean, with respect to ▇▇▇▇▇▇▇▇ as of any date, the 100% economic interest of such Member in BIG and, with respect to Hightimes as of any date, the 100% economic interest of such Member in BIG Merger Sub, including any and all benefits to which the applicable Member may be entitled as provided in the BIG Operating Agreement, the BIG Merger Sub Operating and in this Agreement, together with all obligations of such Member to comply with the terms and provisions of this Agreement;

Economic Units are the units in the Company which are used to calculate the Membership Interest and voting rights of each Member. The Company will initially have one class of Economic Units and is authorized to issue different classes of Economic Units that may be treated differently in the allocation of profits, losses, distributions and voting rights.