Effect of Removal. If the Condor Member properly elects to remove the TWC Member as the Administrative Member in accordance with this Section 6.10 the TWC Member shall retain its Interest in the LLC as a non-managing Member and shall have the same rights to distributions and allocations it would have had as the Administrative Member; except, that the Promote Member shall lose all rights to Special Distribution Provisions that would otherwise become payable hereunder.
Appears in 3 contracts
Samples: Limited Liability Company Agreement (Condor Hospitality Trust, Inc.), Limited Liability Company Agreement (Condor Hospitality Trust, Inc.), Limited Liability Company Agreement (Condor Hospitality Trust, Inc.)
Effect of Removal. If the Condor Member properly elects to remove the TWC Member as the Administrative Member in accordance with this Section 6.10 the TWC Member shall retain its Interest in the LLC as a non-managing Member and shall have the same rights to distributions and allocations it would have had as the Administrative Member; except, that the Promote Member shall lose all rights to Special Distribution Provisions that would otherwise become payable hereunder.
Appears in 1 contract
Samples: Limited Liability Company Agreement (Condor Hospitality Trust, Inc.)
