Common use of Cessation of Member Clause in Contracts

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.

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) hereof8.8(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 subsection 8.6(a) hereofSection 8.7(a), such Member or its successor in interest shall become an Assignee of its InterestsUnits, entitled to receive the Distributions and allocations of income, gain, loss, deduction, credit or similar item 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 InterestsUnits. No such Member shall have a right to a return of its Capital Contribution.