Membership Unit definition

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

Membership Unit means a Membership Common Unit, a Company Preferred Unit, a Company Junior Unit or any other fractional share of the Membership Interests that the Managing Member has authorized pursuant to Section 4.1 or Section 4.2 hereof.

Membership Unit. 3.01 "Senior Executive Offices" 4.06 "Tax Distributions" 5.03 "Tax Matters Partner" 5.06

Examples of Membership Unit in a sentence

• The exercise price per Membership Unit underlying the Option granted hereby is $1.00.

• Notwithstanding anything herein or the LLC Agreement to the contrary, the Participant shall not sell or transfer any Membership Unit acquired pursuant to the exercise of an Option, except (i) to the Participant’s beneficiaries or estate upon the Participant’s death, (ii) upon consent of the Committee, (iii) pursuant to Sections 6.03, 6.04, 6.06 of the LLC Agreement, or (iv) if such sale or transfer occurs following the date set forth in Section 6.07 of the LLC Agreement.

• Ownership of a Membership Unit shall not entitle a Member to any title in or to the whole or any part of the property of the Company or right to call for a partition or division of the same or for an accounting.

• The Company shall issue to each holder of a Membership Unit one or more certificates, substantially in the form of Exhibit A attached hereto and signed by such officer of the Company as the Board of Directors authorizes and prescribes, in the name of such holder to evidence its Membership Interest.

• A transferee of a Membership Unit shall succeed to a pro rata portion of the Capital Account of the transferor.

More Definitions of Membership Unit

Membership Unit shall have the meaning set forth in the LLC Agreement.

Membership Unit or “Unit” means a fractional, undivided share of the Membership Interests of all Members issued pursuant to Sections 4.1 and 4.2, in such number as set forth on Exhibit A, as such Exhibit may be amended from time to time. Any rights and preferences or other obligations with respect to Units as may be authorized hereunder shall be set forth in an exhibit hereto.

Membership Unit means an equity interest in the Company representing such fractional part of the interest of all unit holders pursuant to this Agreement as is equal to the quotient of one divided by the total number of Membership Units.

Membership Unit shall have the meaning set forth in the Wellsford/Whitehall Group LLC Agreement."

Membership Unit means the unit representing a Member's interest in the Company, including such Member's (i) ownership interest in the Company, (ii) right to share in any Net Profits, Net Losses and any distributions of the Company, and (iii) right, if any, to participate in the management of the Company or any other decision of the Members pursuant to this Agreement.

Membership Unit means a limited liability company interest in the Company (not including any right to the return of Capital Contributions and any interest thereon) representing such fractional part of the interest of all unit holders pursuant to this Agreement as is equal to the quotient of one divided by the total number of Membership Units as evidenced by a certificate in the form of Exhibit A to this Agreement.

Membership Unit means a Common Unit, a Preferred Unit, a LTIP Unit or any other unit of the fractional, undivided share of the Membership Interests that the Managing Member has authorized pursuant to Section 4.2 hereof.