Disassociation of a Member. The withdrawal, resignation, retirement, expulsion, bankruptcy or dissolution of a member shall terminate the membership of the member in the Company. Such a member shall constitute a “disassociated member.”
Disassociation of a Member. The incapacity, death, Bankruptcy or Dissolution of a Member or the redemption by the Company of all of such Member’s Units: (a) will cause such Member to become a Disassociated Member; and (b) will terminate the continued membership of such Member in the Company. In the event any Member becomes a Disassociated Member, the Disassociated Member or its legal representative, successor or assign may request admission to the Company as a Substitute Member pursuant to Section 4.7. If no request for Substitute Member status is made or granted pursuant to Section 4.7, the Disassociated Member or its legal representative, successor or assign shall thereafter have only those rights of an Assignee under this Agreement.
Disassociation of a Member. The incapacity, death, Bankruptcy or Dissolution of a Member or the redemption by the Company of all of such Member’s Units: (a) will cause such Member to become a Disassociated Member; and (b) will terminate the membership of such Member in the Company. A Disassociated Member shall have no right to participate in the management of the business and affairs of the Company, but shall be entitled only to receive distributions and any other share of profits to which the Disassociated Member would have been entitled under this Agreement but for the incapacity, death, Bankruptcy or Dissolution of such Member.
Disassociation of a Member. The Bankruptcy or Dissolution of a Member or the redemption by the Company of all of such Member's Units: (a) will cause such Member to become a Disassociated Member; (b) will terminate the continued membership of such Member in the Company; and will result in the in an Involuntary Disposition as contained in Section 11.4.
Disassociation of a Member. For purposes of this Operating Agreement, the "
Disassociation of a Member
