Member Interest definition

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.

Member Interest means the membership interest of the Owner Participant in the Owner Lessor.

Member Interest means the interest in the Company held by each Member in its capacity as a Member.

Examples of Member Interest in a sentence

• The Managing Member Interest shall have the rights and powers of the Managing Member specified herein and the rights to distributions set forth in Section 13 below and any distribution upon dissolution of the Company as described in Section 19.

• The Preferred Equity Member Interest shall have no voting, consent, approval, management or control rights whatsoever under this Agreement or the Act, except to the extent expressly provided in Section 20.

• Upon the making by the Company to the Preferred Equity Member of the distributions contemplated by Section 13(a) below, the Preferred Equity Member shall automatically cease to be a member of the Company and the Preferred Equity Member Interest shall automatically be cancelled, without any further act of any Person.

• The Preferred Equity Member Interest shall have the rights to distributions set forth in Section 13 below.

• The Preferred Equity Member Interest shall have the rights to distributions set forth in Sections 13 and 14 below and, to the extent applicable, Section 19.

More Definitions of Member Interest

Member Interest shall include any and all rights of a Member under this Agreement, the Act and other applicable law, including without limitation all Distributional Rights, economic rights, voting and consent rights, notice rights, contract rights and management rights.

Member Interest of each Member shall be the percentage set forth opposite such Member’s name on Exhibit A hereto. The Member Interests shall be adjusted from time to time as additional capital contributions are made by the Members, and as otherwise appropriate, so that the Member Interest of each Member shall be equal to the total capital contributions made by such Member over the total capital contributions made by all Members to the Company. From time to time the Manager shall amend Exhibit A as necessary to reflect the Member Interests and aggregate capital contributions of the Members.

Member Interest means, with respect to each Member, such Member’s entire right, title and interest in and to the Company and in, to and under this Agreement, including without limitation, (a) the right, if any, of such Member to a return of such Member’s Capital Contributions (as defined in Section 3.1), (b) the right of such Member to distributions described in Article IV, and (c) any and all Proceeds (as defined below) of any of the foregoing. Each Member’s Member Interest in the Company shall be the personal property of such Member for all purposes. All interests in all property, whether tangible or intangible, from time to time owned by the Company (collectively, the “Company Property”), shall be deemed owned by the Company as an entity, and no Member, individually, shall have any ownership of such Company Property. Upon Approval of the Management Committee (as defined in Section 2.2) at any time during the term of the Company, the Company may issue a certificate evidencing each Member Interest in the Company then outstanding, in accordance with Section 18-702(c) of the DLLCA. Upon Approval of the Members (as defined in Section 2.2) and Approval of the Management Committee, the Company may redeem any Member’s Member Interest or any part thereof for the fair value thereof; and upon such redemption, such Member Interest or the redeemed part thereof shall be deemed canceled in accordance with Section 18-702(e) of the DLLCA. The term “Proceeds” means any dividend, distribution, sales proceeds, securities, rent, revenue, income, fee, reimbursement, compensation, remuneration, claim, right, power, privilege or other benefit, of any kind whatsoever, derived from or related to any asset or any interest therein or part thereof, whether such benefit is vested or unvested, contingent, deferred or fixed, legal or equitable in nature, disputed or undisputed, liquidated or unliquidated.

Member Interest means the membership interest of the OP Member in the Owner Participant.

Member Interest means “Member Interest” as defined in that certain Second Amended and Restated Operating Agreement, dated as of November 20, 2006, as amended, of SPP LLC.

Member Interest as defined in that certain Second Amended and Restated Operating Agreement, dated as of November 20, 2006, as amended, of SPP LLC.

Member Interest means with respect to any Member, (a) that Member's status as a member of the Company; (b) that Member's right to receive distributions from the Company; (c) all other rights, benefits and privileges enjoyed by that Member (under the Act, this Agreement, or otherwise) in its capacity as a member of the Company, including that Member's rights to vote, consent and approve and otherwise to participate in the management of the Company; and (d) all obligations, duties and liabilities imposed on that Member (under that Act, this Agreement or otherwise) in its capacity as a member of the Company, including any obligations, if any, to make capital contributions.