Distributions on Expulsion. Except as otherwise provided by the Act, or in Article XI of this Agreement, upon expulsion, an expelled member shall be entitled to receive in cash or an undivided interest in the property of the Company the fair market value of the Member’s Membership Interest as of the date of withdrawal. For purposes hereof, the fair market value of a Membership Interest and the nature of the assets to be received will be determined by a Majority in Membership Interests (excluding the interest of the expelled Member).
Appears in 10 contracts
Samples: Limited Liability Company Agreement (Forbes Energy International, LLC), Limited Liability Company Agreement (Forbes Energy Services LLC), Limited Liability Company Agreement (Energy Services Puerto Rico LLC)
Distributions on Expulsion. Except as otherwise provided by the Act, or in Article XI of this Agreement, upon expulsion, an expelled member shall be entitled to receive in cash or an undivided interest in the property of the Company the fair market value of the Member’s 's Membership Interest as of the date of withdrawal. For purposes hereof, the fair market value of a Membership Interest and the nature of the assets to be received will be determined by a Majority in Membership Interests (excluding the interest of the expelled Member).
Appears in 4 contracts
Samples: Limited Liability Company Agreement (Leevac Marine Inc), Limited Liability Company Agreement (Leevac Marine Inc), Limited Liability Company Agreement (Leevac Marine Inc)
