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 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 pursuant to Section 6.6 above.
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Samples: Limited Liability Company Agreement (Sentio Healthcare Properties Inc), Limited Liability Company Agreement (Sentio Healthcare Properties Inc)
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, receiver or receiverbeneficiary, as applicable) shall thereafter 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 pursuant to Section 6.6 above10.2.
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Samples: Limited Liability Company Agreement (Commonwealth Energy Corp), Limited Liability Company Agreement (Commonwealth Energy Corp)
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 pursuant to Section 6.6 abovein accordance with this Agreement.
Appears in 2 contracts
Samples: Limited Liability Company Operating Agreement (Calpine Corp), Limited Liability Company Operating Agreement (Calpine Corp)
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 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 pursuant to Section 6.6 above7.5 hereof.
Appears in 2 contracts
Samples: Management Agreement (Nationwide Health Properties Inc), Limited Liability Company Agreement (Nationwide Health Properties Inc)
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, or receiver, as applicable) shall thereafter 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 pursuant to Section 6.6 above.7.6. -------
Appears in 1 contract
Samples: Limited Liability Company Agreement (Tejon Ranch Co)
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, trustee or receiver, as applicable) shall thereafter 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 pursuant to Section 6.6 aboveParagraph 7.9.
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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, or receiver, as applicable) shall thereafter 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 pursuant to Section 6.6 7.6 above.
Appears in 1 contract
Samples: Limited Liability Company Agreement (Griffin-American Healthcare REIT III, Inc.)