Effect of Prohibited Dispositions. No actual or purported Disposition of any Company Interest of Member (or any portion thereof), or of any other right or interest of Member under this Agreement, whether voluntary or involuntary, in violation of any provision of this Agreement shall be valid or effective. The transferor of any Company Interest (or portion thereof) Disposed of in violation of any provision of this Agreement, until such Disposition or purported Disposition shall be rescinded, shall not be entitled to, and hereby specifically waives, any right to receive Company distributions from and after the date of such Disposition or purported Disposition or failure to comply, as the case may be. Notwithstanding the foregoing, to the extent that Member would have been entitled to Company distributions but for the preceding provisions of this Section 8.5 (“Omitted Distributions”), if and when such Disposition or purported Disposition shall be rescinded, Member shall be entitled to receive all such Omitted Dispositions (but no interest shall be paid thereon with respect to the period between the date such Omitted Dispositions would have been made but for this Section 8.5 and the date they are actually made).
Appears in 5 contracts
Samples: Operating Agreement, Operating Agreement, Limited Liability Company Operating Agreement
Effect of Prohibited Dispositions. No actual or purported Disposition of any Company Interest of the Member (or any portion thereof), or of any other right or interest of the Member under this Agreement, whether voluntary or involuntary, in violation of any provision of this Agreement shall be valid or effective. The transferor of any Company Interest (or portion thereof) Disposed of in violation of any provision of this Agreement, until such Disposition or purported Disposition shall be rescinded, shall not be entitled to, and hereby specifically waives, any right to receive Company distributions from and after the date of such Disposition or purported Disposition or failure to comply, as the case may be. Notwithstanding the foregoing, to the extent that the Member would have been entitled to Company distributions but for the preceding provisions of this Section 8.5 8.05 (“Omitted Distributions”), if and when such Disposition or purported Disposition shall be rescinded, the Member shall be entitled to receive all such Omitted Dispositions (but no interest shall be paid thereon with respect to the period between the date such Omitted Dispositions would have been made but for this Section 8.5 and the date they are actually made).this
Appears in 2 contracts
Samples: Operating Agreement, Operating Agreement
