Share of a Terminated Member. In the event that a Member becomes a Terminated Member, the Membership Interest owned by the Terminated Member shall be terminated except for the portion thereof which constitutes an Economic Interest (which such Person shall continue to hold), and such Terminated Member (or his estate) shall retain such Terminated Member's Units and Capital Account as adjusted pursuant to the terms hereof, shall be deemed an Economic Owner only with respect to such Units and Capital Account hereunder and shall receive allocations and Distributions pursuant to Articles 5 and 12 as if still a Member.
Appears in 2 contracts
Samples: Limited Liability Company Operating Agreement (Lower Road Associates LLC), Limited Liability Company Operating Agreement (Lower Road Associates LLC)
Share of a Terminated Member. In the event that a Member becomes a Terminated Member, the Membership Interest owned by the Terminated Member shall be terminated except for the portion thereof which constitutes an Economic Interest (which such Person shall continue to hold), and such Terminated Member (or his estate) shall retain such Terminated Member's Units and Capital Account as adjusted pursuant to the terms hereof, shall be deemed an Economic Owner only with respect to such Units and Capital Account hereunder and shall receive allocations and Distributions distributions pursuant to Articles 5 and 12 as if still a Member.
Appears in 1 contract
Samples: Limited Liability Company Operating Agreement (Lower Road Associates LLC)
Share of a Terminated Member. In the event that a Member becomes a Terminated Member, the Membership Interest owned by the Terminated Member shall be terminated except for the portion thereof which constitutes an Economic Interest (which such Person shall continue to hold), and such Terminated Member (or his estate) or her estate shall retain such Terminated Member's Units and Capital Account as adjusted pursuant to the terms hereof, hereof and shall be deemed an Economic Owner only with respect to such Units and Capital Account hereunder and hereunder. The Terminated Member shall receive allocations and Distributions have no right pursuant to Articles 5 and 12 as if still a MemberSection 18-604 of the Act to receive the fair value of its Units.
Appears in 1 contract
Samples: Limited Liability Company Agreement (Mmi Products Inc)
Share of a Terminated Member. In the event that a Member becomes a Terminated Member, the Membership Interest owned by the Terminated Member shall be terminated except for the portion thereof which constitutes an Economic Interest (which such Person shall continue to hold), and such Terminated Member (or his estate) shall retain such Terminated Member's Units and Capital Account as adjusted pursuant to the terms hereof, shall be deemed an Economic Owner only with respect to such Units and Capital Account hereunder and shall receive allocations and Distributions pursuant to Articles 5 and 12 as if still a Member.shall
Appears in 1 contract
Samples: Limited Liability Company Operating Agreement (Sleepmaster LLC)
