Common use of Withdrawal of Members Other than Managers Clause in Contracts

Withdrawal of Members Other than Managers. With the sole discretion of the Manager reasonably exercised, the Manager may modify, eliminate or waive any such limitation on the withdrawal rights of a member as set forth below, on a case by case basis or by class so long as the modifying, waiving, or elimination of the limitation does not: (a) adversely affect rights of the other members as a whole; or (b) result in the Company being classified as a “publicly traded partnership” within the meaning of Section 7704(b) of the Code or Regulations promulgated thereunder. To withdraw, or partially withdraw from the Company, a Member must give written notice thereof to the Manager and may thereafter obtain the return, in cash, of his Capital Account, or the portion thereof as to which he requests withdrawal, within sixty (60) to ninety (90) days after written notice of withdrawal is received by the Manager, subject to the following limitations:

Appears in 2 contracts

Samples: Operating Agreement (IMH Financial Corp), Restated Operating Agreement (IMH Secured Loan Fund, LLC)

AutoNDA by SimpleDocs

Withdrawal of Members Other than Managers. With the sole discretion of the Manager reasonably exercised, the Manager may modify, eliminate or waive any such limitation on the withdrawal rights of a member Member as set forth below, on a case by case basis or by class basis, so long as the modifying, waiving, or elimination of the limitation does not: (a) adversely affect effect rights of the other members Members as a whole; or (b) result results in the Company being classified as a "publicly traded partnership" within the meaning of Section 7704(b) of the Code or and the Regulations promulgated thereunder. To withdraw, withdraw or partially withdraw from the Company, a Member must give written notice thereof to the Manager and may thereafter obtain the return, Return in cash, cash of his Capital Account, or the portion thereof thereof, as to which he requests withdrawal, within sixty sixty-one (6061) to ninety ninety-one (9091) days after the written notice of withdrawal is received by delivered to the Manager, subject to the following limitations:

Appears in 1 contract

Samples: Operating Agreement (Global Express Capital Real Estate Investment Fund I LLC)

AutoNDA by SimpleDocs

Withdrawal of Members Other than Managers. (a) With the sole discretion of the Manager reasonably exercised, the Manager may modify, eliminate or waive any such limitation on the withdrawal rights of a member Member as set forth below, on a case by case basis or by class basis, so long as the modifying, waiving, or elimination of the limitation does not: (a) adversely affect effect rights of the other members Members as a whole; or (b) result results in the Company being classified as a "publicly traded partnership" within the meaning of Section 7704(b) of the B-28 Code or and the Regulations promulgated thereunder. To withdraw, withdraw or partially withdraw from the Company, a Member must give written notice thereof to the Manager and may thereafter obtain the return, Return in cash, cash of his Capital Account, or the portion thereof thereof, as to which he requests withdrawal, within sixty (60) to ninety (90) days after the written notice of withdrawal is received by delivered to the Manager, subject to the following limitations:

Appears in 1 contract

Samples: Operating Agreement (Amerifirst Fund I LLC)

Time is Money Join Law Insider Premium to draft better contracts faster.