Transferee Succeeds to Transferor's Capital Account. Any transfers permitted by Article X of this Agreement by a Member to a transferee of all or a part of such Member's Membership Interest in the Company shall vest in such transferee (and such transferee shall become a successor in interest) the interest of the transferor Member's Capital Account to the extent of the Membership Interest transferred.
Appears in 4 contracts
Samples: Operating Agreement (Minnesota Corn Processors LLC), Operating Agreement (Minnesota Corn Processors LLC), Operating Agreement (Minnesota Corn Processors LLC)
Transferee Succeeds to Transferor's Capital Account. Any transfers permitted by Article X IX of this Agreement by a Member to a transferee of all or a part of such Member's Membership Interest ’s Financial Rights in the Company shall vest in such permitted transferee (and such permitted transferee shall become a successor in interestinterest to) the proportionate interest of the transferor Member's ’s Capital Account to the extent of the Membership Interest transferred.
Appears in 2 contracts
Samples: Member Control Agreement (Golden Growers Cooperative), Member Control Agreement (American Crystal Sugar Co /Mn/)
