Excused Member definition
Excused Member. As defined in Section 2.11. -------------- Fair Market Value: The value of Company assets and, when the reference so ----------------- requires, of Portfolio Securities, determined as provided in Section 4.8. Fair Market Value of the Company. As defined in Section 3.4. --------------------------------
Examples of Excused Member in a sentence
The proceeds of such sale shall be paid over to such Excused Member.
All costs and expenses of the Company in respect of the determinations and other matters referred to in this Section 2.11 shall be allocated to the Capital Account of the Excused Member.
Such Capital Investment Member shall become an Excused Member with respect to such Excused Investment as soon as practicable.
The Managing Member shall take commercially reasonable steps to cause the portion of the Excused Investment that would have been allocated to the Excused Member promptly to be sold by the Company for a cash price equivalent to the Fair Market Value of such portion of the Excused Investment, taking into account the factors set forth in Section 4.8(c).