Withdrawal; Resignation. Except as otherwise provided in Article IV and Article XII, no Member shall demand or receive a return on or of its Capital Contributions or withdraw from the Company without the consent of both the Manager and the Special Purpose Manager. Except as otherwise provided in the Act or this Agreement, upon resignation, any resigning Member is entitled to receive only the distribution to which he is entitled under this Agreement, which shall be equal to the fair value of its Interest in the Company as of the date of resignation.
Appears in 4 contracts
Samples: Limited Liability Company Agreement (Environtech Inc.), Limited Liability Company Agreement (Environtech Inc.), Limited Liability Company Agreement (Environtech Inc.)
Withdrawal; Resignation. Except as otherwise provided in Article Articles IV and Article XIIXI hereof, no Member shall demand or receive a return on or of its Capital Contributions or withdraw or resign as a Member from the Company without the consent of both all Members. If any Member resigns or withdraws from the Manager and the Special Purpose Manager. Except as otherwise provided Company in the Act breach of this Section 6.5, such resigning or this Agreement, upon resignation, any resigning withdrawing Member is shall not be entitled to receive only the any distribution to which he is entitled under this Operating Agreement. Under circumstances requiring a return of any Capital Contribution, which shall no Member has the right to receive Property other than cash except as may be equal to the fair value of its Interest in the Company as of the date of resignationspecifically provided herein.
Appears in 3 contracts
Samples: Operating Agreement, Operating Agreement, Operating Agreement
