Removed Member definition

Removed Member means a member who withdraws from the Company as a result of an Involuntary Withdrawal.

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Removed Member has the meaning set forth in Section 8.5(a).

Removed Member means a member who withdraws from the Company as a result of an Involuntary Withdrawal. “Sale” means any sale or final disposition of the Property. “Transfer” means when used as a noun, any sale, hypothecation, pledge, assignment, attachment, or other transfer, and, when used as a verb, means to sell, hypothecate, pledge, assign, or otherwise transfer, in each case whether accomplished directly or indirectly. “Treasury Regulations” means the regulations issued from time to time by the Internal Revenue Service with respect to the Code, “Unreturned Capital Contribution” means, as to each Member, such Member’s Capital Contribution less the aggregate amount previously distributed to such Member under Section 4.1.2(b). “Voluntary Withdrawal” means a Member’s disassociation with the Company by means other than a Transfer or an Involuntary Withdrawal.

Examples of Removed Member in a sentence

• Immediately upon the occurrence of an Involuntary Withdrawal, the successor of the Removed Member shall not become a Member, but such successor shall be entitled to the Removed Member's share of the Profits and Losses of, and the right to receive distributions from, the Company ("Economic Interest").

• Immediately upon the occurrence of an Involuntary Withdrawal, the successor of the Removed Member shall not become a Member, but such successor shall be entitled to the Removed Member’s share of the Profits and Losses of, and the right to receive distributions from, the Company (“Economic Interest”).

• If the Company is continued as provided in Section 7.1(c), the successor of the Removed Member shall have all the rights of a holder of an Economic Interest, including the right to receive the fair market value of the Removed Member’s Economic Interest upon the liquidation of the Company (and as of such date and no other date), in accordance with the provisions of Article VII of this Agreement.

• Any amounts paid pursuant to this Section 8.5(b) shall be paid to the Removed Member no later than 120 days after the close of the Fiscal Year of his removal.

• If the Company is continued as provided in Section 7.1(c), the successor of the Removed Member shall have all the rights of a holder of an Economic Interest, including the right to receive the fair market value of the Removed Member's Economic Interest upon the liquidation of the Company (and as of such date and no other date), in accordance with the provisions of Article VII of this Agreement.

• Any outstanding obligations under this Agreement of a Removed Member shall survive such Removed Member’s removal.

• The Managing Member shall provide at least 10 days’ prior written notice to any such Removed Member before any such removal pursuant to this Section 8.5(b) shall take effect.

More Definitions of Removed Member

Removed Member means a member who withdraws from the Company as a result of an Involuntary Withdrawal. “Sale” means any sale or final disposition of the Property. “Transfer” means—when used as a noun—any sale, hypothecation, pledge, assignment, attachment, or other transfer—and, when used as a verb—means to sell, hypothecate, pledge, assign, or otherwise transfer, in each case whether accomplished directly or indirectly. 6