Bankrupt Member. A Member shall not cease to be a Member as a result of such Member becoming a Bankrupt Member and, upon the occurrence of such event, the Company shall continue without dissolution.
Bankrupt Member. A Member who: (1) has become the subject of an order for relief under the United States Bankruptcy Code, or (2) has initiated, either in an original proceeding or by way of answer in any state insolvency or receivership proceeding, an action for liquidation arrangement, composition, readjustment, dissolution, or similar relief.
Bankrupt Member. A member who shall take or be subject to any of the actions described in Section 57C-3-02
Bankrupt Member. Section 10.03.
Bankrupt Member. If any Member becomes a Bankrupt Member, the Company shall have the option, exercisable by notice from the Company to the Bankrupt Member at any time prior to the 180th day after receipt of notice of the occurrence of the event causing it to become a Bankrupt Member, to buy, and, on the exercise of such option, the Bankrupt Member shall sell its interest in the Company at a price equal to the then applicable Formula Price with respect to such Bankrupt Member.
Bankrupt Member. 5 15. BEET PAYMENT....................................................5 16. BUSINESS........................................................5 17.
Bankrupt Member. Subject to Section 9.1(c), if any Member becomes a Bankrupt Member, the Company shall have the option, exercisable by notice from the Managers to the Bankrupt Member (or its representative) at any time prior to the 180th day after receipt of notice of the occurrence of the event causing it to become a Bankrupt Member, to buy, and on the exercise of this option the Bankrupt Member or its representative shall sell, its Membership Interest. The purchase price shall be an amount equal to the fair market value thereof determined by agreement by the Bankrupt Member (or its representative) and the Managers; however, if those Persons do not agree on the fair market value on or before the 30th day following the exercise of the option, either such Person, by notice to the other, may require the determination of fair market value to be made by an independent appraiser specified in that notice. If the Person receiving that notice objects on or before the tenth day following receipt to the appraiser designated in that notice, and those Persons otherwise fail to agree an independent appraiser, either such Person may petition the United States District Judge for the Northern District of Ohio then senior in service to designate an independent appraiser. The determination of the independent appraiser, however designated, is final and binding on all parties. The Bankrupt Member and the Company each shall pay one-half of the costs of the appraisal. The Company, if it elects to so purchase such Membership Interest shall pay the fair market value as so determined in five equal cash installments, the first due on closing and the remainder (together with accumulated interest on the amount unpaid at the General Interest Rate) due on each of the first four anniversaries thereof. The payment to be made to the Bankrupt Member or its representative pursuant to this Section 4.6 is in complete liquidation and satisfaction of all the riots and interest of the Bankrupt Member and its representative (and of all Persons claiming by, through, or under the Bankrupt Member and its representative) in and in respect of the Company, including, without limitation, any Membership Interest and any rights in specific Company property, and any rights against the Company and (insofar as the affairs of the Company are concerned) against the Members.
