Economic Membership Interest definition

Economic Membership Interest or “Economic Interest” means a Person’s right to share in the income, gains, losses, deductions, credit or similar items of, and to receive distributions from, the Company, but does not include any other rights of a Member, including, without limitation, the right to Vote or participate in management, or any other rights of a Member, except where required by the Corporations Code or the Act, or hereunder.

Examples of Economic Membership Interest in a sentence

A withdrawing Member shall divest such Member’s Membership Interest; provided, however, that such Member shall retain such Member’s Economic Membership Interest and all rights and privileges associated with such interest under this Agreement, unless the Company or other Members exercise their option to purchase such Membership Interest pursuant to Sections 8.4 and 8.5 below.

Related to Economic Membership Interest

Subsidiary means a “subsidiary corporation,” whether now or hereafter existing, as defined in Section 424(f) of the Code.
Person means any individual, corporation, limited liability company, partnership, joint venture, association, joint-stock company, trust, unincorporated organization or government or any agency or political subdivision thereof.
Company means the Person named as the “Company” in the first paragraph of this instrument until a successor Person shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Company” shall mean such successor Person.
Affiliate of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person. For the purposes of this definition, “control” when used with respect to any specified Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing.
Board means the Board of Directors of the Company.
Agreement has the meaning set forth in the preamble.
You (or "Your") shall mean an individual or Legal Entity exercising permissions granted by this License.
Business Day means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or any day on which banking institutions in the State of New York are authorized or required by law or other governmental action to close.