Common use of Share of a Terminated Member Clause in Contracts

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.

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.

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