Common use of Conversion of Membership Interest Clause in Contracts

Conversion of Membership Interest. Upon the Incapacity of a Member, such Incapacitated Member’s Membership Interest shall automatically be converted to an Economic Interest only, and such Incapacitated Member (or its executor, administrator, trustee or receiver, as applicable) shall thereafter cease to be a member of the Company and shall be deemed an Assignee for all purposes hereunder, with the same Economic Interest as was held by such Incapacitated Member prior to its Incapacity, but without any other rights of a Member unless the holder of such Economic Interest is admitted as a Substitute Member in accordance with this Agreement.

Conversion of Membership Interest. Upon the Incapacity of a Member, such Incapacitated incapacitated Member’s 's Membership Interest shall automatically be converted to an Economic Interest only, and such Incapacitated Member (or its executor, administrator, trustee trustee, receiver or receiverbeneficiary, as applicable) shall thereafter cease to be a member of the Company and shall be deemed an Assignee for all purposes hereunder, with the same Economic Interest as was held by such Incapacitated incapacitated Member prior to its Incapacity, but without any other rights of a Member Member, unless the holder of such Economic Interest Assignee is admitted as a Substitute Member in accordance with this Agreementpursuant to Section 10.2.

Conversion of Membership Interest. Upon the Incapacity of a Member, such Incapacitated Member’s Membership Interest shall automatically be converted to an Economic Interest only, and such Incapacitated Member (or its executor, administrator, trustee trustee, or receiver, as applicable) shall thereafter cease to be a member of the Company and shall be deemed an Assignee for all purposes hereunder, with the same Economic Interest as was held by such Incapacitated Member prior to its Incapacity, but without any other rights of a Member unless the holder of such Economic Interest is admitted as a Substitute Member in accordance with this Agreementpursuant to Section 7.5 hereof.

Conversion of Membership Interest. Upon the Incapacity of a Member, such Incapacitated Member’s Membership Interest shall automatically be converted to an Economic Interest only, and such Incapacitated Member (or its executor, administrator, trustee trustee, or receiver, as applicable) shall thereafter cease to be a member of the Company and shall be deemed an Assignee for all purposes hereunder, with the same Economic Interest as was held by such Incapacitated Member prior to its Incapacity, but without any other rights of a Member unless the holder of such Economic Interest is admitted as a Substitute Member in accordance with this Agreementpursuant to Section 6.6 above.

Conversion of Membership Interest. Upon In the event of the Incapacity of a MemberMember that does not result in a Transfer pursuant to Paragraph 7.1.2, such Incapacitated Member’s 's Membership Interest shall automatically be converted to an Economic Interest only, and such Incapacitated Member (or its executor, administrator, trustee or receiver, as applicable) shall thereafter cease to be a member of the Company and shall be deemed an Assignee for all purposes hereunder, with the same such Economic Interest as was held by such Incapacitated Member prior to its IncapacityInterest, but without any other rights of a Member unless the holder of such Economic Interest is admitted as a Substitute Member in accordance with this Agreementpursuant to Paragraph 7.9.

Conversion of Membership Interest. Upon the Incapacity of a Member, such Incapacitated Member’s Membership Interest Units shall automatically be converted to an Economic Interest only, and such Incapacitated Member (or its executor, administrator, trustee trustee, or receiver, as applicable) shall thereafter cease to be a member of the Company and shall be deemed an Assignee for all purposes hereunder, with the same Economic Interest as was held by such Incapacitated Member prior to its Incapacity, but without any other rights of a Member unless the holder of such Economic Interest is admitted as a Substitute Member in accordance with this Agreementpursuant to Section 7.6 above.

Conversion of Membership Interest. Upon the Incapacity of a Member, such Incapacitated Member’s Membership Interest Units shall automatically be converted to an Economic Interest only, and such Incapacitated Member (or its executor, administrator, trustee trustee, or receiver, as applicable) shall thereafter cease to be a member of the Company and shall be deemed an Assignee for all purposes hereunder, with the same Economic Interest as was held by such Incapacitated Member prior to its Incapacity, but without any other rights of a Member unless the holder of such Economic Interest is admitted as a Substitute Member in accordance with this Agreement.pursuant to Section 7.6 above. Doc#: US1:15482657v3

Conversion of Membership Interest. Upon the Incapacity of a Member, such Incapacitated Member’s 's Membership Interest shall automatically be converted to an Economic Interest only, and such Incapacitated Member (or its executor, administrator, trustee trustee, or receiver, as applicable) shall thereafter cease to be a member of the Company and shall be deemed an Assignee for all purposes hereunder, with the same Economic Interest as was held by such Incapacitated Member prior to its Incapacity, but without any other rights of a Member unless the holder of such Economic Interest is admitted as a Substitute Member in accordance with this Agreement.pursuant to Section 7.6. -------