Consequences of Cessation of Membership. In the event a Person ceases to be a Member as provided in Section 7.1 above, the Person (or the Person’s successor in interest) shall continue to be liable for all obligations of the former Member to the Company and, with respect to any Units owned by such Person, shall be an assignee with only the rights and subject to the restrictions, conditions and limitations described above.
Consequences of Cessation of Membership. In the event a Person ceases to be a Member as provided in Section 8.1 above, such Person (and the Person’s successor in interest) shall continue to be liable for all obligations of the former Member to the LLC, including any obligation to make Capital Contributions, and, with respect to any Units owned by such successor in interest, shall be an assignee unless admitted as a Member pursuant to Section 7.3. Subject to Section 7.6, an assignee of any Units is entitled only to receive distributions and allocations with respect to such Units as set forth in this Agreement, and shall have no other rights, benefits or authority of a Member under this Agreement or the Act, including without limitation no right to receive notices to which Members are entitled under this Agreement, no right to vote, no right to inspect the books or EXECUTION COPY records of the LLC, no right to bring derivative actions on behalf of the LLC, no right to designate members of the Board, no right to purchase additional Units, and no other rights of a Member under the Act or this Agreement; provided, however, that the Units of an assignee shall be subject to all of the restrictions, obligations (including any obligation to make Capital Contributions) and limitations under this Agreement and the Act, including without limitation the restrictions on transfer of Units contained in this Agreement.
Consequences of Cessation of Membership. Immediately upon a member's ceasing to be a member, the member shall cease to have any right, duty or liability as a member; provided that, except as otherwise provided in this agreement:
Consequences of Cessation of Membership. In the event a Person ceases to be a Member as provided in Section 8.1 above, such Person (or the Person's successor in interest) shall continue to be liable for all obligations of the former Member to the LLC, including any obligation to make Capital Contributions, and, with respect to any Interest owned by such Person, shall be an assignee with only the rights and subject to the restrictions, conditions and limitations described in Section 7.3 above, except as provided in Section 8.2.
Consequences of Cessation of Membership. (a) Upon the termination of membership of any member the name of such Member shall be removed from the Register as soon as practical after that event and the person shall thereupon cease to have the rights and privileges of membership.
