Dissociation. Except as otherwise provided, upon the occurrence of a dissociation event with respect to a Member, the LLC and the remaining Members shall have the option to purchase the dissociated Member's interest at the Set Price in the same manner as provided in ARTICLE VIII and as if the dissociated Member had notified the LLC of his desire to sell all of his LLC interest. The date the LLC received the notice as provided in ARTICLE VIII triggering the options shall be deemed to be the date that the LLC receives actual notice of the dissociation event.
Dissociation. The Member ceases to be a Member upon the occurrence of either of the following events (each an “Event of Dissociation”):
(a) the Member voluntarily withdraws from the Company; or
(b) the Member Transfers its entire Interest to another Person and such Person is admitted as an Additional Member of the Company in accordance with the terms of Section 3.6.
Dissociation. “Dissociation” from the LLC occurs upon a Member’s expulsion, transfer or redemption of all of the Member’s Units, withdrawal or resignation (an “Event of Dissociation”). Upon the occurrence of an Event of Dissociation: (a) the Member’s right to participate in the LLC’s governance, receive information concerning the LLC’s affairs and inspect the LLC’s books and records will terminate and (b) unless the Dissociation resulted from the Transfer of the Member’s Units, the Member will be entitled to receive the Distributions to which the Member would have been entitled as of the effective date of the Dissociation had the Dissociation not occurred. The Member will remain liable for any obligation to the LLC that existed prior to the effective date of the Dissociation, including any costs or damages from the Member’s breach of this Agreement. The Member will have no automatic right to any return of his, her or its capital (or redemption of his, her or its Units) prior to the termination of the LLC unless the LLC affirmatively elects (in its sole and absolute discretion) to return capital to a Member. The effect of such Dissociation on the remaining Members who do not sell or dissociate will be to increase their percentage share of the remaining assets of the LLC, and thus their proportionate share of its future earnings, losses and distributions. The reduction in the outstanding Units will also increase the relative voting power of remaining Members.
Dissociation. A Person shall cease to be a Member upon the happening of any of the following events:
(a) the withdrawal of a Member with the unanimous consent of the remaining Members;
(b) a Member becoming a Bankrupt Member;
(c) in the case of a Member who is a natural person, the death of the Member;
(d) in the case of a Member who is acting as a Member by virtue of being a trustee of a trust, the termination of the trust (but not merely the substitution of a new trustee);
(e) in the case of a Member that is an organization other than a corporation, the dissolution and commencement of winding up of the separate organization;
(f) in the case of a Member that is a corporation, the filing of a certificate of dissolution, or its equivalent, for the corporation or the revocation of its charter; or
(g) in the case of a Member that is an estate, the distribution by the fiduciary of the estate's Units. Assignees shall not be deemed to be Members for purposes of this Section 9.1.
Dissociation. The Member shall not be entitled voluntarily to withdraw, resign or dissociate from the Company or assign its membership interest prior to the dissolution and winding-up of the Company or in connection with a permitted transfer under Section 5.1, and any attempt by the Member to do so shall be ineffective.
Dissociation. A Person shall cease to be a Member upon the happening of any of the following events: withdrawal of such Member; the death of a Member who is a natural person; the termination of a trust if such trust is a Member; filing of a certificate of dissolution or revocation of corporate charter for any Member that is a corporation; dissolution of an organization of a non-corporate entity for any Member that is an organization other than a corporation.
Dissociation. A person shall cease to be a Member upon the happening of any of the following events:
(a) the bankruptcy of a Member;
(b) the assignment or transfer by a Member of such person's entire Membership Interest in accordance with the terms of this Agreement;
(c) in the case of a Member who is a natural person, the death of the Member or the entry of an order by a court of competent jurisdiction adjudicating the Member incompetent to manage the Member's personal estate;
(d) in the case of a Member who is acting as a Member by virtue of being a trustee of a trust, the termination of the trust (but not merely the substitution of a new trustee);
(e) in the case of a Member that is a separate organization other than a corporation, the dissolution and commencement of winding up of the separate organization; or
(f) in the case of a Member that is a corporation, the filing of a certificate of dissolution, or its equivalent, for the corporation or the revocation of its charter.
Dissociation. If a Member of the LLC becomes dissociated, the remaining Members shall have the option to purchase the dissociated member’s interest at the Set Price in the same fashion as stated in
Dissociation. Any action which causes a Person to cease to be a Member as described in Article XII hereof.
Dissociation. No Shareholder shall have the ability to dissociate or withdraw as a Shareholder before the dissolution and winding up of the Company, and any such dissociation or withdrawal or attempted dissociation or withdrawal by a Shareholder before the dissolution or winding up of the Company shall be null and void ab initio. As soon as any Person who is a Shareholder ceases to hold any Shares, such Person shall no longer be a Shareholder.
