Cessation of Member Sample Clauses

Cessation of Member. (a) Any Member shall cease to be a Member of the Company upon the earliest to occur of any of the following events: (i) such Member’s withdrawal from the Company pursuant to Section 8.7(a) hereof; or (ii) as to any Member that is not an individual, the filing of a certificate of dissolution, or its equivalent, for such Member. (b) Upon any Member ceasing to be a Member pursuant to subsection 8.6(a) hereof, such Member or its successor in interest shall become an Assignee of its Interests, entitled to receive the Distributions and allocations of income, gain, loss, deduction, credit or similar item to which such Member would have been entitled and shall not be entitled to exercise any of the other rights of a Member in, or have any duties or other obligations of a Member with respect to, such Interests. No such Member shall have a right to a return of its Capital Contribution.
Sample 1Sample 2Sample 3See All (5)
AutoNDA by SimpleDocs
Cessation of Member. (a) Any Member shall cease to be a Member of the Company upon the earliest to occur of any of the following events: (i) such Member’s withdrawal from the Company pursuant to Section 10.7(a); or (ii) as to any Member that is not an individual, the filing of a certificate of dissolution, or its equivalent, for such Member. (b) Upon any Member ceasing to be a Member pursuant to Section 10.6(a), such Member or its successor in interest shall become an Assignee of its Units, entitled to receive the Distributions and allocations of income, gain, loss, deduction, credit or similar items to which such Member would have been entitled as a Member with respect to such Units and shall not be entitled to exercise any of the other rights of a Member in, or have any duties or other obligations of a Member with respect to, such Units (other than under the provisions of Articles 6, 8, 11, 14 and this Article 10). No such Member shall have a right to a return of its Capital Contribution.
Sample 1
Cessation of Member. 26 SECTION 9.5 Withdrawal of Members............................................................ 27
Sample 1
Cessation of Member. (a) Events Resulting in Cessation of Member. Any Member shall --------------------------------------- cease to be a Member of the Company upon the earliest to occur of any of the following events: (i) such Member's withdrawal from the Company pursuant to Section 9.5 hereof; (ii) as to any Member that is not an individual, the filing of a certificate of dissolution, or its equivalent, for such Member; or (iii) the Bankruptcy of such Member. (b) Upon any Member ceasing to be a Member pursuant to subsection (a) of this Section 9.4, such Member or its successor-in-interest shall become an Assignee of its Units, entitled to receive the Distributions and allocations of income, gain, loss, deduction, credit or similar item to which such Member would have been entitled and shall not be entitled to exercise any of the other rights of a Member in, or have any duties or other obligations of a Member with respect to, such Units. No such Member shall have a right to a return of its Capital Contribution.
Sample 1
Cessation of Member. (a) Events Resulting in Cessation of Member. Any Member shall cease to be a Member of the Company upon the earliest to occur of any of the following events: (i) such Member's withdrawal from the Company pursuant to Section 9.5 hereof; (ii) as to any Member that is not an individual, the filing of a certificate of dissolution, or its equivalent, for such Member; or (iii) the Bankruptcy of such Member. Upon the death of a Member, his estate shall succeed to his interest in and as a Member of the Company until an appropriate Permitted Transfer can be effected in accordance with Article VIII hereof. (b) Upon any Member ceasing to be a Member pursuant to subsection (a) of this Section 9.4, such Member or its successor in interest shall become an Assignee of its Units, entitled to receive the Distributions and allocations of income, gain, loss, deduction, credit or similar item to which such Member would have been entitled and shall not be entitled to exercise any of the other rights of a Member in, or have any duties or other obligations of a Member with respect to, such Units. No such Member shall have a right to a return of its Capital Contribution.
Sample 1
Cessation of Member 
Sample 1Sample 2Sample 3

Related to Cessation of Member

  • Termination of Membership You may terminate your membership by giving us written notice or by withdrawing your minimum required membership share(s), if any, and closing all your accounts. You may be denied services for causing a loss to the Credit Union, or you may be expelled for any reason as allowed by applicable law.

  • Dissociation of a Member The withdrawal, resignation, retirement, disability, expulsion, or bankruptcy of a member will terminate the membership of the member in the Company. Such a member will be deemed a “dissociated member.”

  • Disability of Member Upon the disability of a Member, the Member may continue to act as Manager hereunder or appoint a person to so serve until the Member's Interests and Capital Account of the Member have been transferred or distributed.

  • Admission of Member The Member is deemed admitted as the Member of the Company upon its execution and delivery of this Agreement.

  • Termination of Manager If (a) the amounts evidenced by the Note have been accelerated pursuant to Section 8.1(b) hereof, (b) the Manager shall become insolvent, (c) the Manager is in default under the terms of the Management Agreement beyond any applicable grace or cure period, or (d) Manager is not managing the Property in accordance with the management practices of nationally recognized management companies managing similar properties in locations comparable to those of the Property, then, in the case of (a), (b), (c) or (d), Borrower shall, at the request of Lender, terminate the Management Agreement and replace the Manager with a manager reasonably approved by Lender on terms and conditions reasonably satisfactory to Lender, it being understood and agreed that the management fee for such replacement manager shall not exceed then prevailing market rates. In addition and without limiting the rights of Lender hereunder or under any of the other Loan Documents, in the event that (i) the Management Agreement is terminated, (ii) the Manager no longer manages the Property, or (iii) a receiver, liquidator or trustee shall be appointed for Manager or if Manager shall be adjudicated a bankrupt or insolvent, or if any petition for bankruptcy, reorganization or arrangement pursuant to federal bankruptcy law, or any similar federal or state law, shall be filed by or against, consented to, or acquiesced in by, Manager, or if any proceeding for the dissolution or liquidation of Manager shall be instituted, then Borrower (at Borrower's sole cost and expense) shall immediately, in its name, establish new deposit accounts separate from any other Person with a depository satisfactory to Lender into which all Rents and other income from the Property shall be deposited and shall grant Lender a first priority security interest in such account pursuant to documentation satisfactory in form and substance to Lender.

  • CERTIFICATION OF MEMBERS The undersigned hereby agree, acknowledge, and certify that the foregoing Operating Agreement is adopted and approved by each Member. The agreement consisting of pages, constitutes, together with Exhibit 1, Exhibit 2, the Operating Agreement of , adopted by the Members as of the day of , 20 . Signature Printed Name Percent: % Signature Printed Name Percent: % Signature Printed Name Percent: % Signature Printed Name Percent: % Signature Printed Name Percent: %

  • Termination of Mediation The mediation shall be terminated: 1) By the execution of a Settlement Agreement by the Parties; 2) By a written declaration of the mediator to the effect that further efforts at mediation are no longer worthwhile; or 3) By a written declaration of a Party or Parties to the effect that the mediation proceedings are terminated.

  • Service Termination, Cancellation, or Suspension If you wish to cancel the Service, you may contact us as set forth in Section 6 of the General Terms above. Any payment(s) that have begun processing before the requested cancellation date will be processed by us. You agree that we may terminate or suspend your use of the Service at any time and for any reason or no reason. Neither termination, cancellation nor suspension shall affect your liability or obligations under this Agreement.

  • Death of Member Upon the death of the Member, the Company shall be dissolved. By separate written documentation, the Member shall designate and appoint the individual who will wind down the Company’s business and transfer or distribute the Member's Interests and Capital Account as designated by the Member or as may otherwise be required by law.

  • Admission of Members Other persons may be admitted as Members from time to time pursuant to the provisions of this Agreement.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!