Manner of Redemption. Upon approval of the form and substance of any such redemption request by the Managing Member and the surrender for cancellation of such Members’ Membership Certificate representing Common Units, the Managing Member shall (i) cause a certificate representing Common Shares to be transferred to and registered in the name of such Member equal to the number of Common Units being redeemed, and (ii) issue a new Membership Certificate to the Member representing the number of Common Units that are not being redeemed and that will continue to be owned by such Member after the redemption, if any.
Appears in 2 contracts
Sources: Limited Liability Company Operating Agreement (Baker Adolphus B), Limited Liability Company Operating Agreement (Baker Adolphus B)