Involuntary Withdrawal. Immediately upon the occurrence of an Involuntary Withdrawal, the successor of the withdrawn Member shall thereupon become an Interest Holder but shall not become a Member. The interest held will be subject to the option rights set forth in Section 6.1.
Appears in 5 contracts
Samples: Operating Agreement (Synergy Brands Inc), Operating Agreement (Aldila Inc), Operating Agreement (Miller Lloyd I Iii)
Involuntary Withdrawal. Immediately upon the occurrence of an Involuntary Withdrawal, the successor of the withdrawn Member shall thereupon become an Interest Holder but shall not become a Member. The interest held will successor Interest Holder shall have all and only the rights of an Interest Holder. The withdrawn Member shall not be subject entitled to receive the option rights set forth in fair value of the withdrawn Member's Membership Rights as of the date of Involuntary Withdrawal under Section 6.14A-606.1 of the Act.
Appears in 1 contract
Samples: Operating Agreement
Involuntary Withdrawal. Immediately upon the occurrence of an Involuntary Withdrawal, the successor of the withdrawn Withdrawn Member shall thereupon become an Interest Holder but shall not become a Member. The interest held will be subject to successor Interest Holder shall have all and only the option rights set forth in Section 6.1of an Interest Holder.
Appears in 1 contract
Involuntary Withdrawal. Immediately upon the occurrence of an Involuntary Withdrawal, the successor of the withdrawn Member Interest Holder shall thereupon become an Interest Holder but shall not become a Member. The interest held will be subject to the option rights set forth in Section 6.1.
Appears in 1 contract
Samples: Operating Agreement
