Specified Membership Units definition

Specified Membership Units means with respect to each Excluded Property, the amount of Membership Common Units, Company Junior Units and/or Company Preferred Units (as the case may be) that would have been issued to CLNS Credit, pursuant to Section 4.2 hereof, if CLNS Credit had contributed such Excluded Property on the date that such asset was acquired by CLNS Credit or a wholly owned Subsidiary of CLNS Credit, in exchange for Membership Units equal in value to the fair market value of such Excluded Property as of such date.
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Specified Membership Units means with respect to each Excluded Property, the amount of Membership Common Units, Company Junior Units and/or Company Preferred Units (as the case may be) that would have been issued to BrightSpire Capital, pursuant to Section 4.2 hereof, if BrightSpire Capital had contributed such Excluded Property on the date that such asset was acquired by BrightSpire Capital or a wholly owned Subsidiary of BrightSpire Capital, in exchange for Membership Units equal in value to the fair market value of such Excluded Property as of such date.
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Examples of Specified Membership Units in a sentence

  • The Company is expressly authorized to issue the Specified Membership Units in the numbers specified in this Section 4.11 without any further act, approval or vote of any Member or any other Persons.

  • Upon any such contribution of an Excluded Property or the proceeds therefrom, CLNS Credit shall receive in exchange for such contribution, notwithstanding the actual value of such Excluded Property or the amount of such proceeds (as the case may be), the Specified Membership Units applicable to such Excluded Property.

  • Upon any such contribution of an Excluded Property or the proceeds therefrom, CLNS shall receive in exchange for such contribution, notwithstanding the actual value of such Excluded Property or the amount of such proceeds (as the case may be), the Specified Membership Units applicable to such Excluded Property.

  • Upon any such contribution of an Excluded Property or the proceeds therefrom, BrightSpire Capital shall receive in exchange for such contribution, notwithstanding the actual value of such Excluded Property or the amount of such proceeds (as the case may be), the Specified Membership Units applicable to such Excluded Property.

  • Upon any such contribution of an Excluded Property or the proceeds therefrom, CLNY shall receive in exchange for such contribution, notwithstanding the actual value of such Excluded Property or the amount of such proceeds (as the case may be), the Specified Membership Units applicable to such Excluded Property.