Disability of a Member. (1) In the event of a disability of a member (as defined below), the member (“Affected Member”) will be deemed to have granted the Company and the other members an option to purchase the disabled member’s interest for the value as determined in Article 8.2 of this Agreement, as of the date of disability. Notice of the disability determination will be given to the disabled member as provided in Article 11 of this Agreement. In the event the other members or the Company do not elect to acquire the disabled member’s interest, the Affected Member will, as of the date of disability, (1) automatically cease to be a member (as that term is used in this Agreement and under the Act), and (2) have only the rights of an assignee in accordance with the Act.
Appears in 55 contracts
Samples: Operating Agreement, Operating Agreement, Operating Agreement
