Share of a Terminated Member. In the event that a Member becomes a Terminated Member, such Terminated Member or his or her estate or other legal representative (as applicable) shall retain or succeed to such Terminated Member’s Units and Capital Account (if any) as adjusted pursuant to the terms hereof and shall have the rights of a Unitholder if and for so long as such Person owns any such Units.
Appears in 3 contracts
Samples: Limited Liability Company Agreement (McCormick & Schmick Holdings, L.L.C.), Limited Liability Company Agreement (Sheridan Group Inc), Limited Liability Company Agreement (Sheridan Group Inc)
Share of a Terminated Member. In the event that a Member becomes a Terminated Member, such Terminated Member or his or her estate or other legal representative (as applicable) shall retain or succeed to such Terminated Member’s 's Units and Capital Account (if any) as adjusted pursuant to the terms hereof and shall be deemed an Economic Owner only with respect to such Units and Capital Account hereunder. The Terminated Member shall have no right pursuant to Section 18-604 of the rights Act to receive the fair value of a Unitholder if and for so long as such Person owns any such its Units.
Appears in 1 contract
Samples: Limited Liability Company Agreement (Mmi Products Inc)
