Admission or Conversion. Upon the occurrence of a Membership Termination Event with respect to a Member under circumstances where the Company does not dissolve, the Manager shall determine which one of the following shall occur and give written notice thereof to the remaining Members and to the Member who suffered the Membership Termination Event (the “Former Member”): (a) the Former Member’s successor-in-interest shall be admitted as a Member of the Company in the place and stead of the Former Member to the extent of the Former Member’s Membership Interest (the “Former Member’s Interest”); or (b) the Former Member’s Interest shall be converted to a bare Economic Interest, and the Former Member’s representative or other successor-in-interest shall become the owner of that Economic Interest.
Appears in 3 contracts
Samples: Limited Liability Company Agreement, Limited Liability Company Agreement (Kennedy-Wilson Properties (IL)), Limited Liability Company Agreement (Kennedy-Wilson Properties (IL))
