Dissociation Event. The Company shall not dissolve upon the occurrence of a Dissociation Event. If a Member suffers a Dissociation Event, the Dissociated Member shall become an Economic Interest Owner (as defined below) only and shall no longer be entitled to vote or participate in the management or control of the Company or to demand information except as specifically required hereunder with respect to Economic Interest Owners. Notwithstanding any provision of the Act to the contrary, no Member or Dissociated Member shall be entitled to receive any cash or assets from the Company upon the occurrence of a Dissociation Event.
Dissociation Event. Each event named in Section 17706.02 of the Act and each of the following:
Dissociation Event. Upon the occurrence of any Dissociation Event, the Company shall not dissolve. In the event of a Dissociation Event with respect to the Manager or the termination of the Management Agreement due to the fault of Manager, the Manager hereby agrees that, upon the election of the Majority Interests of the Non-Manager-Members, it shall sell its entire Membership Interest in the Company back to the Company for the sum of One Dollar ($1), it being the agreement of the Members that any voluntary withdrawal, retirement, resignation of the Manager or removal of the Manager for Good Cause as set forth in the Management Agreement and Section 5.2(c), which shall be an expulsion, or the bankruptcy or dissolution of the Manager or the termination of the Management Agreement due to the fault of Manager, so that the Manager no longer performs its obligations hereunder and under the Management Agreement, is an event which would cause such harm to the Company that such purchase is a fair payment to the Manager for its Membership Interest and not a penalty or forfeiture. In the event that the Manager is dissociated, or the Manager's Membership Interest is sold back to the Company as provided for in the previous sentence, the remaining members ("Remaining Members") voting by a Majority Interest shall elect a new Manager.
Dissociation Event. The Company shall not dissolve upon the occurrence of a Dissociation Event. If a Member suffers a Dissociation Event, the Dissociated Member shall become an Economic Interest Owner (as defined below) only and shall no longer be entitled to vote or participate in the management or control of the Company or to demand information except as specifically required hereunder with respect to Economic Interest Owners. Notwithstanding any provision of the Act to the contrary, no Member or Dissociated Member shall be entitled to receive any cash or assets from the Company upon the occurrence of a Dissociation Event. So long as a Member continues to hold a Unit, such Member shall not have the ability to withdraw as a member of the Company prior to the dissolution of the Company. Any such withdrawal or attempted withdrawal by a Member while such Member holds a Unit shall be null and void.
