Members and Units Clause Samples
The "Members and Units" clause defines who the members of a limited liability company (LLC) are and how ownership interests, known as units, are structured and allocated among them. Typically, this clause outlines the process for admitting new members, the rights and obligations attached to each unit, and how units may be transferred or sold. By clearly establishing membership and ownership structure, this clause ensures clarity regarding who holds equity in the company and how control and profits are distributed, thereby preventing disputes over ownership and participation.
Members and Units. Powers of Members. 2 Section 3.2 Units. 3 Section 3.3 No Cessation of Membership upon Bankruptcy. 4 Section 3.4 Additional Members and Increased Capital Contributions. 4 Section 3.5 No Continued Right to Employment. 5 Section 3.6 Restrictive Covenants. 5
Members and Units. The name and address of each Member and its number of Units held as of the Effective Date are set forth in Schedule 1.3.
Members and Units. The membership interests in the Company shall be represented by membership units (the “Units”). The Members of the Company, and their Units and Unit Percentage (as defined below), as of the date of this Agreement are set forth on Schedule I to this Agreement. For purposes of this Agreement, the term “Unit Percentage” shall mean, with respect to any Member, the percentage of the total outstanding Units then held by such Member. Upon the issuance, sale or transfer by the Company or any Member of any of the Units pursuant to the terms and conditions of this Agreement or any other agreement that is entered into by the Company or any Member after the date hereof, the Board of Managers shall complete and attach to this Agreement a revised Schedule I to reflect the new ownership interests in the Company after giving effect to such issuance, sale or transfer. Once completed and attached, the revised Schedule I shall be deemed incorporated into this Agreement as part of this Section 2.1.
Members and Units. Any Membership Interests in the Company shall be represented by Units. The Members shall have the rights of Members as provided herein.
Members and Units. The Managers shall cause to be maintained in the books and records of the Company a register containing the name and address, the class and the number of Units held and the Percentage Interests of the Unitholders (the “Unitholder Register”). The Unitholder Register may be updated from time to time by the Managers to reflect any change in the name, address, class or number of Units held by or the Percentage Interest of any Unitholder. Any reference to the Unitholder Register in this Agreement includes any amendment to reflect any changes in the information specified therein. As of the Effective Time, there are (i) 806,026 Class A Units and (ii) 216,251 Class B Units outstanding. Promptly following request by a Unitholder, the Managers shall provide to such Unitholder the information set forth on the Unitholder Register that specifically relates to such Unitholder (but not any other Unitholder).
Members and Units