Distributions on Withdrawal. Except as otherwise provided by the Act, the Certificate or in Article XII of this Agreement, upon retirement or resignation of a Member, the retiring or resigning Member (the “Withdrawing Member”) shall be entitled to receive in cash or an undivided interest in 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 agreement between a Majority in Membership Interests and the Withdrawing Member. If such agreement cannot be reached between the parties, then such Member shall not withdraw from the Company.
Appears in 10 contracts
Samples: Limited Liability Company Agreement (Forbes Energy International, LLC), Limited Liability Company Agreement (Energy Services Puerto Rico LLC), Limited Liability Company Agreement (Energy Services Puerto Rico LLC)
Distributions on Withdrawal. Except as otherwise provided by the Act, the Certificate or in Article XII of this Agreement, upon retirement or resignation of a Member, the retiring or resigning Member (the “"Withdrawing Member”") shall be entitled to receive in cash or an undivided interest in 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 agreement between a Majority in Membership Interests and the Withdrawing Member. If such agreement cannot be reached between the parties, then such Member shall not withdraw from the Company.
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)
