Dissolution or Termination of Members. In the event of the dissolution of a Member that is a partnership, limited liability company or a corporation or the termination of a Member that is a trust, the successors-in-interest of the dissolved or terminated Member shall, for the purposes of winding up the affairs of the dissolved or terminated Member, have the rights of an assignee of such Member’s Membership Interest, as described in Section 10.5, and shall not become additional or substituted Members unless and until the conditions set forth in Section 10.6 are satisfied.
Appears in 5 contracts
Samples: Operating Agreement, Operating Agreement (Campus Crest Communities, Inc.), Operating Agreement (Campus Crest Communities, Inc.)
Dissolution or Termination of Members. In the event of the dissolution of a Member that is a partnership, limited liability company or a corporation or the termination of a Member that is a trust, the successors-in-interest of the dissolved or terminated Member shall, for the purposes of winding up the affairs of the dissolved or terminated Member, have the rights of an assignee of such Member’s Membership Interestinterest in the Company, as described in Section 10.512.7, and shall not become additional or substituted Members unless and until the conditions set forth in Section 10.6 12.8 are satisfied.
Appears in 3 contracts
Samples: Operating Agreement, Operating Agreement (Gallagher Arthur J & Co), Operating Agreement (Gallagher Arthur J & Co)
Dissolution or Termination of Members. In the event of the dissolution of a Member that is a corporation, partnership, or limited liability company or a corporation or the termination of a Member that is a trust, the successors-in-interest of the dissolved or terminated Member shall, for the purposes of winding up the affairs of the dissolved or terminated Member, have the rights of an assignee of such Member’s Membership Interestinterest in the Company, as described in Section 10.510.6, and shall not become additional or substituted Members as the case may be unless and until the conditions set forth in Section 10.6 10.3 are satisfied.
Appears in 3 contracts
Samples: Limited Liability Company Operating Agreement (Trinity Place Holdings Inc.), Stock Purchase Agreement (Trinity Place Holdings Inc.), Stock Purchase Agreement (Trinity Place Holdings Inc.)
Dissolution or Termination of Members. In the event of the dissolution of a Member that is a partnership, limited liability company or a corporation or the termination of a Member that is a trust, the successors-in-interest of the dissolved or terminated Member shall, for the purposes of winding up the affairs of the dissolved or terminated Member, have the rights of an assignee of such Member’s Membership Interestinterest in the Company, as described in Section 10.512.6, and shall not become additional or substituted Members unless and until the conditions set forth in Section 10.6 12.7 are satisfied.
Appears in 2 contracts
Samples: Operating Agreement (Sidoti & Company, Inc.), Operating Agreement (Sidoti & Company, Inc.)
Dissolution or Termination of Members. In the event of the dissolution of a Member that is a partnership, limited liability company or a corporation an Entity or the termination of a Member that is a trust, the successors-in-interest of the dissolved or terminated Member shall, for the purposes of winding up the affairs of the dissolved or terminated Member, have the rights of an assignee of such Member’s Membership Interest, Economic Interest Owner as described in this Section 10.511.3, and shall not become additional or substituted Members unless and until the conditions set forth for in Section 10.6 this are satisfied.
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