Assignment of a Member's Entire Interest. Upon the assignment of a Member's entire Interest in the Company, a Member ceases to be a Member. For purposes of this provision, assignment of a Member's entire Interest shall mean the transfer voluntarily or by operation of law, of greater than 50 percent of a Member's Interest.
Appears in 5 contracts
Samples: Limited Liability Company Operating Agreement (Stanley-Martin Communities, LLC), Limited Liability Company Operating Agreement (Stanley-Martin Communities, LLC), Limited Liability Company Operating Agreement (Stanley-Martin Communities, LLC)
Assignment of a Member's Entire Interest. Upon the assignment of a Member's ’s entire Interest in the Company, a Member ceases to be a Member. For purposes of this provision, assignment of a Member's ’s entire Interest shall mean the transfer voluntarily or by operation of law, of greater than 50 fifty percent (50%) of a Member's ’s Interest.
Appears in 2 contracts
Samples: Limited Liability Company Operating Agreement (Neighborhoods Capital, LLC), Limited Liability Company Operating Agreement (Stanley-Martin Communities, LLC)
