Withdrawal Compensation Amount definition
Withdrawal Compensation Amount is defined herein as 100% of the withdrawing member's capital account.
Withdrawal Compensation Amount is defined herein as 100% of the withdrawing member's capital account . Any withdrawing LLC member possessing a negative capital account upon the effective date ofwithdrawal shall have a duty to repay the negative balance of his or her capital account to the LLC upon withdrawal. . Should the LLC fail to perform upon its obligation under this section to make payments when due, in addition to any other remedies possessed, the LLC shall be liable to the withdrawing Member for interest upon the amount of any deficiency at the rate of 7% per annum (compounded annually) computed from the date that said deficient payment was due under this agreement . Upon withdrawal, the withdrawing Member shall have no continuing obligations to the LLC other than pursuant to state law, this Agreement or other applicable laws or such obligations as expressly assumed by such Members. . A withdrawing Member shall retain the right to vote as an LLC member up until the effective date ofhis or her withdrawal, at which time, the withdrawing Member’s LLC Units shall be considered transferred bank to the LLC and the person who has withdrawn shall no longer be considered a member of the LLC. If a withdrawing Member was also a "manager" of the LLC, the withdrawing Member shall resign as a manager immediately upon giving notice of to the other LLC members of his or her intent to withdraw.
Examples of Withdrawal Compensation Amount in a sentence
Upon withdrawal, the withdrawing Member shall receive, in exchange for his or her LLC Units, the Withdrawal Compensation Amount to be paid within 1 year of the effective date of the Member's withdrawal.
Upon withdrawal, the withdrawirig Member shall receive, in exchange for his or her LLC Units, the Withdrawal Compensation Amount to be paid within l year of the effective date of the Member’s withdrawal.
Upon withdrawal, the withdrawing Member shall receive, in exchange for his or her PLLC Units, the Withdrawal Compensation Amount to be paid within 1 year of the effective date of the Member's withdrawal.