Transfer of Economic Interest; Rights of an Involuntary Transferee. If the Purchasing Members do not elect to purchase the Interest of a Disassociated Member as provided in Articles 12.4 through 12.6, or if by operation of law the Economic Interest of the Disassociated Member transfers to an Involuntary Transferee, the Manager shall hereby be granted power of attorney by the Disassociated Member to execute such documents as may be necessary and requisite to evidence and cause the transfer only of the Disassociated Members Economic Interest to the Involuntary Transferee, as applicable and appropriate for the circumstances. An Involuntary Transferee shall not be deemed a Member until such time if ever, that they seek admission and are approved as a Substitute Member(s). Until such time, they shall only succeed to the Economic Interest of the Disassociated Member, including the right to any Distributionsor return of Capital Contributions shall become due per the terms of this Agreement. Any Distributions that may be due a Disassociated Member shall be held in trust and no Distributions shall be made to an Involuntary Transferee until it produces and executes such documentation as the Manager deems necessary to evidence the Transfer of the Disassociated members Economic Interest, and to indemnify the Company and the Manager for any liability related to making Distributions directly to the holder of the Economic Interest. Any further assignment of the Disassociated Members Economic or Membership Interest, or any request of an Involuntary Transferee to succeed to the Disassociated Members full Membership Interest (i.e., to become a Substituted Member in the Company), shall be subject to approval of the Manager.
Appears in 8 contracts
Samples: Company Operating Agreement (Gilmore Homes - Gilmore Loans, LLC), Company Operating Agreement (Gilmore Homes - Gilmore Loans, LLC), Company Operating Agreement (Gilmore Homes - Gilmore Loans, LLC)
Transfer of Economic Interest; Rights of an Involuntary Transferee. If the Purchasing Members do not elect to purchase the Interest of a Disassociated Member as provided in Articles 12.4 through 12.6, or if by operation of law the Economic Interest of the Disassociated Member transfers to an Involuntary Transferee, the Manager shall hereby be granted power of attorney by the Disassociated Member to execute such documents as may be necessary and requisite to evidence and cause the transfer only of the Disassociated Members Member’s Economic Interest to the Involuntary Transferee, as applicable and appropriate for the circumstances. An Involuntary Transferee shall not be deemed a Member until such time if ever, that they seek admission and are approved as a Substitute Member(s). Until such time, they shall only succeed to the Economic Interest of the Disassociated Member, including the right to any Distributionsor Distributions and a return of the Disassociated Member’s Unreturned Capital Contributions, if applicable, which shall be distributed only if and when such Distributions or return of Capital Contributions shall become due per the terms of this Agreement. Any Distributions that may be due a Disassociated Member shall be held in trust and no Distributions shall be made to an Involuntary Transferee until it produces and executes such documentation as the Manager deems necessary to evidence the Transfer of the Disassociated members Member’s Economic Interest, and to indemnify the Company and the Manager for any liability related to making Distributions directly to the holder of the Economic Interest. Any further assignment of the Disassociated Members Member’s Economic or Membership Interest, or any request of an Involuntary Transferee to succeed to the Disassociated Members Member’s full Membership Interest (i.e., to become a Substituted Member in the Company), shall be subject to approval of the Manager.
Appears in 7 contracts
Samples: Limited Liability Company Agreement (Mission First Capital LLC), Limited Liability Company Agreement (Mission First Capital LLC), Operating Agreement
Transfer of Economic Interest; Rights of an Involuntary Transferee. If the Purchasing Members do not elect to purchase the Interest of a Disassociated Member as provided in Articles 12.4 13.4 through 12.613.6, or if by operation of law the Economic Interest of the Disassociated Member transfers to an Involuntary Transferee, the Series Manager shall hereby be granted power of attorney by the Disassociated Member to execute such documents as may be necessary and requisite to evidence and cause the transfer only of the Disassociated Members Member’s Economic Interest to the Involuntary Transferee, as applicable and appropriate for the circumstances. An Involuntary Transferee shall not be deemed a Series Member until such time if ever, that they seek admission and are approved as a Substitute Member(s)) of a Series. Until such timethen, they shall only succeed to the Economic Interest of the Disassociated Member, including the right to any Distributionsor Distributions and a return of the Disassociated Member’s Unreturned Capital Contributions, if applicable, which shall be distributed only if and when such Distributions or return of Capital Contributions shall become due per the terms of this the applicable Series Agreement. Any Distributions that may be due a Disassociated Member shall be held in trust by the Series Manager and no Distributions shall be made to an Involuntary Transferee until it produces and executes such documentation as the Series Manager deems necessary to evidence the Transfer of the Disassociated members Member’s Economic Interest, and to indemnify the Company and Company, the Series Manager or Members for any liability related to making Distributions directly to the holder of the Economic Interest. Any further assignment of the Disassociated Members Member’s Economic or Membership Interest, or any request of an Involuntary Transferee to succeed to the Disassociated Members Member’s full Membership Interest (i.e., to become a Substituted Member in a Series of the Company), shall be subject to approval of the Series Manager.. Mythic Collection, LLC Amended and Restated Company Agreement
Appears in 6 contracts
Samples: Series Limited Liability Company Agreement (Mythic Collection, LLC), Series Limited Liability Company Agreement (Mythic Collection, LLC), Series Limited Liability Company Agreement (Mythic Collection, LLC)
Transfer of Economic Interest; Rights of an Involuntary Transferee. If the Purchasing Members do not elect to purchase the Interest of a Disassociated Member as provided in Articles 12.4 through 12.6, or if by operation of law the Economic Interest of the Disassociated Member transfers to an Involuntary Transferee, the Manager shall hereby be granted power of attorney by the Disassociated Member to execute such documents as may be necessary and requisite to evidence and cause the transfer only of the Disassociated Members Member’s Economic Interest to the Involuntary Transferee, as applicable and appropriate for the circumstances. An Involuntary Transferee shall not be deemed a Member until such time if ever, that they seek admission and are approved as a Substitute Member(s). Until such time, they shall only succeed to the Economic Interest of the Disassociated Member, including the right to any Distributionsor Distributions and a return of the Disassociated Member’s Unreturned Capital Contributions, if applicable, which shall be distributed only if and when such Distributions or return of Capital Contributions shall become due per the terms of this Agreement. Any Distributions that may be due a Disassociated Member shall be held in trust and no Distributions shall be made to an Involuntary Transferee until it produces and executes such documentation as the Manager deems necessary to evidence the Transfer of the Disassociated members Member’s Economic Interest, and to indemnify the Company and the Manager for any liability related to making Distributions directly to the holder of the Economic Interest. Tulsa Real Estate Fund, LLC 31 Company Agreement Any further assignment of the Disassociated Members Member’s Economic or Membership Interest, or any request of an Involuntary Transferee to succeed to the Disassociated Members Member’s full Membership Interest (i.e., to become a Substituted Member in the Company), shall be subject to approval of the Manager.
Appears in 5 contracts
Samples: Company Agreement (Tulsa Real Estate Fund, LLC), Company Agreement (Tulsa Real Estate Fund, LLC), Company Agreement (Tulsa Real Estate Fund, LLC)
Transfer of Economic Interest; Rights of an Involuntary Transferee. If the Purchasing Members do not elect to purchase the Interest of a Disassociated Member as provided in Articles 12.4 through 12.6, or if by operation of law the Economic Interest of the Disassociated Member transfers to an Involuntary Transferee, the Manager shall hereby be granted power of attorney by the Disassociated Member to execute such documents as may be necessary and requisite to evidence and cause the transfer only of the Disassociated Members Member’s Economic Interest to the Involuntary Transferee, as applicable and appropriate for the circumstances. Paradyme Equities, LLC 32 Company Agreement An Involuntary Transferee shall not be deemed a Member until such time if ever, that they seek admission and are approved as a Substitute Member(s). Until such time, they shall only succeed to the Economic Interest of the Disassociated Member, including the right to any Distributionsor Distributions and a return of the Disassociated Member’s Unreturned Capital Contributions, if applicable, which shall be distributed only if and when such Distributions or return of Capital Contributions shall become due per the terms of this Agreement. Any Distributions that may be due a Disassociated Member shall be held in trust and no Distributions shall be made to an Involuntary Transferee until it produces and executes such documentation as the Manager deems necessary to evidence the Transfer of the Disassociated members Member’s Economic Interest, and to indemnify the Company and the Manager for any liability related to making Distributions directly to the holder of the Economic Interest. Any further assignment of the Disassociated Members Member’s Economic or Membership Interest, or any request of an Involuntary Transferee to succeed to the Disassociated Members Member’s full Membership Interest (i.e., to become a Substituted Member in the Company), shall be subject to approval of the Manager.
Appears in 4 contracts
Samples: Company Agreement (Paradyme Equities, LLC), Company Agreement (Paradyme Equities, LLC), Company Agreement (Paradyme Equities, LLC)
Transfer of Economic Interest; Rights of an Involuntary Transferee. If the Purchasing Members Limited Partners do not elect to purchase the Interest of a Disassociated Member Limited Partner as provided in Articles 12.4 through 12.6, or if by operation of law the Economic Interest of the Disassociated Member Limited Partner transfers to an Involuntary Transferee, the Manager General Partner shall hereby be granted power of attorney by the Disassociated Member Limited Partner to execute such documents as may be necessary and requisite to evidence and cause the transfer only of the Disassociated Members Limited Partner’s Economic Interest to the Involuntary Transferee, as applicable and appropriate for the circumstances. An Involuntary Transferee shall not be deemed a Member Limited Partner until such time if ever, that they seek admission and are approved as a Substitute Member(sLimited Partner(s). Until such time, they shall only succeed to the Economic Interest of the Disassociated MemberLimited Partner, including the right to any Distributionsor Distributions and a return of the Disassociated Limited Partner’s Unreturned Capital Contributions, if applicable, which shall be distributed only if and when such Distributions or return of Capital Contributions shall become due per the terms of this Agreement. Any Distributions that may be due a Disassociated Member Limited Partner shall be held in trust and no Distributions shall be made to an Involuntary Transferee until it produces and executes such documentation as the Manager General Partner deems necessary to evidence the Transfer of the Disassociated members Limited Partner’s Economic Interest, and to indemnify the Company and the Manager General Partner for any liability related to making Distributions directly to the holder of the Economic Interest. Any further assignment of the Disassociated Members Limited Partner’s Economic or Membership Limited Partnership Interest, or any request of an Involuntary Transferee to succeed to the Disassociated Members Limited Partner’s full Membership Limited Partnership Interest (i.e., to become a Substituted Member Limited Partner in the Company), shall be subject to approval of the ManagerGeneral Partner.
Appears in 3 contracts
Samples: Limited Partnership Agreement (Keystone Investors-Urban Node Fund II, LP), Limited Partnership Agreement (Keystone Investors-Urban Node Fund II, LP), Limited Partnership Agreement (Keystone Investors-Urban Node Fund II, LP)
Transfer of Economic Interest; Rights of an Involuntary Transferee. If the Purchasing Members do not elect to purchase the Interest of a Disassociated Member as provided in Articles 12.4 through 12.6, or if by operation of law the Economic Interest of the Disassociated Member transfers to an Involuntary Transferee, the Manager shall hereby be granted power of attorney by the Disassociated Member to execute such documents as may be necessary and requisite to evidence and cause the transfer only of the Disassociated Members Member’s Economic Interest to the Involuntary Transferee, as applicable and appropriate for the circumstances. An Involuntary Transferee shall not be deemed a Member until such time if ever, that they seek admission and are approved as a Substitute Member(s). Until such time, they shall only succeed to the Economic Interest of the Disassociated Member, including the right to any Distributionsor Distributions and a return of the Disassociated Member’s Unreturned Capital Contributions, if applicable, which shall be distributed only if and when such Distributions or return of Capital Contributions shall become due per the terms of this Agreement. Any Distributions that may be due a Disassociated Member shall be held in trust and no Distributions shall be made to an Involuntary Transferee until it produces and executes such documentation as the Manager deems necessary to evidence the Transfer of the Disassociated members Member’s Economic Interest, and to indemnify the Company and the Manager for any liability related to making Distributions directly to the holder of the Economic Interest. Paradyme Equities, LLC Company Agreement Any further assignment of the Disassociated Members Member’s Economic or Membership Interest, or any request of an Involuntary Transferee to succeed to the Disassociated Members Member’s full Membership Interest (i.e., to become a Substituted Member in the Company), shall be subject to approval of the Manager.
Appears in 1 contract
Transfer of Economic Interest; Rights of an Involuntary Transferee. If the Purchasing Members do not elect to purchase the Interest of a Disassociated Member as provided in Articles 12.4 13.4 through 12.613.6, or if by operation of law the Economic Interest of the Disassociated Member transfers to an Involuntary Transferee, the Series Manager shall hereby be granted power of attorney by the Disassociated Member to execute such documents as may be necessary and requisite to evidence and cause the transfer only of the Disassociated Members Member?s Economic Interest to the Involuntary Transferee, as applicable and appropriate for the circumstances. An Involuntary Transferee shall not be deemed a Series Member until such time if ever, that they seek admission and are approved as a Substitute Member(s)) of a Series. Until such timethen, they shall only succeed to the Economic Interest of the Disassociated Member, including the right to any Distributionsor Distributions and a return of the Disassociated Member?s Unreturned Capital Contributions, if applicable, which shall be distributed only if and when such Distributions or return of Capital Contributions shall become due per the terms of this the applicable Series Agreement. Any Distributions that may be due a Disassociated Member shall be held in trust by the Series Manager and no Distributions shall be made to an Involuntary Transferee until it produces and executes such documentation as the Series Manager deems necessary to evidence the Transfer of the Disassociated members Member?s Economic Interest, and to indemnify the Company and Company, the Series Manager or Members for any liability related to making Distributions directly to the holder of the Economic Interest. Any further assignment of the Disassociated Members Member?s Economic or Membership Interest, or any request of an Involuntary Transferee to succeed to the Disassociated Members Member?s full Membership Interest (i.e., to become a Substituted Member in a Series of the Company), shall be subject to approval of the Series Manager.
Appears in 1 contract
Samples: Limited Liability Company Agreement (VV Markets LLC)
Transfer of Economic Interest; Rights of an Involuntary Transferee. If the Purchasing Members do not elect to purchase the Interest of a Disassociated Member as provided in Articles 12.4 through 12.6, or if by operation of law the Economic Interest of the Disassociated Member transfers to an Involuntary Transferee, the Manager shall hereby be granted power of attorney by the Disassociated Member to execute such documents as may be necessary and requisite to evidence and cause the transfer only of the Disassociated Members Member’s Economic Interest to the Involuntary Transferee, as applicable and appropriate for the circumstances. An Involuntary Transferee shall not be deemed a Member until such time if ever, that they seek admission and are approved as a Substitute Member(s). Until such time, they shall only succeed to the Economic Interest of the Disassociated Member, including the right to any Distributionsor Distributions and a return of the Disassociated Member’s Unreturned Capital Contributions, if applicable, which shall be distributed only if and when such Distributions or return of Capital Contributions shall become due per the terms of this Agreement. Any Distributions that may be due a Disassociated Member shall be held in trust and no Distributions shall be made to an Involuntary Transferee until it produces and executes such documentation as the Manager deems necessary to evidence the Transfer of the Disassociated members Member’s Economic Interest, and to indemnify the Company and the Manager for any liability related to making Distributions directly to the holder of the Economic Interest. Any further assignment of the Disassociated Members Member’s Economic or Membership Interest, or any request of an Involuntary Transferee to succeed to the Disassociated Members Member’s full Membership Interest (i.e., to become a Substituted Member in the Company), shall be subject to approval of the Manager.. Tulsa Real Estate Fund, LLC 31 Company Agreement
Appears in 1 contract
Transfer of Economic Interest; Rights of an Involuntary Transferee. If the Purchasing Members do not elect to purchase the Interest of a Disassociated Member as provided in Articles 12.4 13.4 through 12.613.6, or if by operation of law the Economic Interest of the Disassociated Member transfers to an Involuntary Transferee, the Series Manager shall hereby be granted power of attorney by the Disassociated Member to execute such documents as may be necessary and requisite to evidence and cause the transfer only of the Disassociated Members Member’s Economic Interest to the Involuntary Transferee, as applicable and appropriate for the circumstances. An Involuntary Transferee shall not be deemed a Series Member until such time if ever, that they seek admission and are approved as a Substitute Member(s)) of a Series. Until such timethen, they shall only succeed to the Economic Interest of the Disassociated Member, including the right to any Distributionsor Distributions and a return of the Disassociated Member’s Unreturned Capital Contributions, if applicable, which shall be distributed only if and when such Distributions or return of Capital Contributions shall become due per the terms of this the applicable Series Agreement. Any Distributions that may be due a Disassociated Member shall be held in trust by the Series Manager and no Distributions shall be made to an Involuntary Transferee until it produces and executes such documentation as the Series Manager deems necessary to evidence the Transfer of the Disassociated members Member’s Economic Interest, and to indemnify the Company and Company, the Series Manager or Members for any liability related to making Distributions directly to the holder of the Economic Interest. Any further assignment of the Disassociated Members Member’s Economic or Membership Interest, or any request of an Involuntary Transferee to succeed to the Disassociated Members Member’s full Membership Interest (i.e., to become a Substituted Member in a Series of the Company), shall be subject to approval of the Series Manager.
Appears in 1 contract
Samples: Series Limited Liability Company Agreement (VV Markets LLC)
Transfer of Economic Interest; Rights of an Involuntary Transferee. If the Purchasing Members do not elect to purchase the Interest of a Disassociated Member as provided in Articles 12.4 13.4 through 12.613.6, or if by operation of law the Economic Interest of the Disassociated Member transfers to an Involuntary Transferee, the Series Manager shall hereby be granted power of attorney by the Disassociated Member to execute such documents as may be necessary and requisite to evidence and cause the transfer only of the Disassociated Members Member's Economic Interest to the Involuntary Transferee, as applicable and appropriate for the circumstances. An Involuntary Transferee shall not be deemed a Series Member until such time if ever, that they seek admission and are approved as a Substitute Member(s)) of a Series. Until such timethen, they shall only succeed to the Economic Interest of the Disassociated Member, including the right to any Distributionsor Distributions and a return of the Disassociated Member's Unreturned Capital Contributions, if applicable, which shall be distributed only if and when such Distributions or return of Capital Contributions shall become due per the terms of this the applicable Series Agreement. Any Distributions that may be due a Disassociated Member shall be held in trust by the Series Manager and no Distributions shall be made to an Involuntary Transferee until it produces and executes such documentation as the Series Manager deems necessary to evidence the Transfer of the Disassociated members Member's Economic Interest, and to indemnify the Company and Company, the Series Manager or Members for any liability related to making Distributions directly to the holder of the Economic Interest. Any further assignment of the Disassociated Members Member's Economic or Membership Interest, or any request of an Involuntary Transferee to succeed to the Disassociated Members Member's full Membership Interest (i.e., to become a Substituted Member in a Series of the Company), shall be subject to approval of the Series Manager.
Appears in 1 contract
Samples: Series Limited Liability Company Agreement (VV Markets LLC)