Divorce of a Member Sample Clauses

Divorce of a Member. In the event of a divorce between an individual Member and the spouse of that Member, the Company shall have the option to redeem any Units granted to or owned by the spouse of the member. The Company shall not automatically redeem this Units, but rather the affected Member shall have the right within ninety (90) days of notice to the Company of the earlier of (i) the final judicial decree of divorce, or (ii) the execution of an agreement of separation of property between the Member and the spouse of the Member, to purchase the Units belonging to the spouse of the Member. If the Member does not timely exercise this right, then the Company shall have the option to redeem the spouse's Units at the price and on the terms specified in Section 6.7 within the ensuing thirty (30) days.
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Divorce of a Member. In the event of the divorce of a person that has ownership in, or contractual rights to control, a Member (the “Divorced Member”) under circumstances in which such person’s spouse (the “Divorced Spouse”) has or receives any interest in or to any Member’s Participating Interest by community property rights or otherwise, the Divorced Member shall have the option to purchase from the Divorced Spouse any and all interest of the Divorced Spouse in or to any Member’s Participating Interest, and the Divorced Spouse shall sell any such interest in and to such Member’s Participating Interest to the Divorced Member, at the price determined in accordance with Section 9.1(a)(ii).
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Divorce of a Member. The spouse of each Member shall sign the Spousal Consent attached hereto as Schedule 2. if upon the divorce of a Member, the Member's spouse is awarded all or a portion of the Member's Interest (the "Transferred Interest"), whether by decree or operation of law, the Member shall be required to immediately provide the Company and all remaining Members with a written notice regarding such occurrence (the "Divorce Notice"), such Divorce Notice to be provided promptly following the granting of the divorce by a court of appropriate jurisdiction. In such event, the divorced Member shall have the first option to purchase all of such Transferred Interest and may do so if he/she makes such election by providing his/her spouse with a written notice of such intention within the thirty (30) day time period following the granting of the divorce decree by the court. If the divorced Member does not elect to purchase all of such Transferred Interest, then the Company (through its Board of Managers) shall have the option to purchase all or a portion of the remaining Transferred Interest and may do so if it makes such election by providing the Member's former spouse with a written notice of such intention within the fortyfive (45) day time period following the Company's receipt of the Divorce Notice. If the Company does not elect to purchase all of the remaining Transferred Interest within such forty-five (45) day time period, the remaining Members shall have the option to individually or collectively purchase all or a portion of such remaining Transferred Interest and may do so if they make such election by providing the divorced Member with a written notice of such intention within sixty (60) days from the Company's receipt of the Divorce Notice. The failure of the Company and/or any Member to submit a notice within the applicable period shall constitute an election on the part of the Company and/or such Member not to purchase any of the Transferred Interest. At a minimum, if the divorced Member and the Company do not purchase all of the Transferred Interest, each remaining Member shall be entitled to purchase a portion of the remaining Transferred Interest based on the remaining Member's Pro Rata Part on the date the divorce was granted. In the event any remaining Member elects to purchase none or less than all of such remaining Member's Pro Rata Part of the remaining Transferred Interest, then the Members electing to purchase their respective Pro Rata Part of the remain...
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Divorce of a Member. If, as a result of or in connection with the divorce or separation of any Member, all or any portion of the membership interest held by the Member would otherwise be transferred (whether by agreement or pursuant to a court judgment, decree, or order) to the spouse of the Member (and the spouse is not also a Member), the Company will have the option to purchase the membership interest that would otherwise be transferred to the spouse for the price and pursuant to the payment terms described in Article 8.8. This option may be exercised by the Company at any time within 60 days after the Company receives actual knowledge of the proposed transfer. The Company may assign this option to one or more of the other Members. If the Company (or the Member or Members, if any, to whom the Company has assigned the option) does not exercise the option, the membership may be transferred to the spouse, subject to the provisions of Article 8.6.
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Divorce of a Member. In the event a Member who is an individual, if any, is divorced from his/her spouse (a "Divorced Member"), immediately upon the entry of a decree of divorce in a court of competent jurisdiction awarding ownership of the Interest to the spouse of the Divorced Member, the Divorced Member shall give notice to the other Members and Managing member(s). For a period ninety (90) days thereafter, the remaining Members shall have the option to purchase the Interest of the spouse of such Divorced Member in the Company at a price determined as set forth in Section 11.04 hereof, as if such Divorced Member had desired to separate from the other Members on the date such decree of divorce was entered. The option to purchase the Interest of the spouse of the Divorced Member in the Company may be exercised at any time within a period of ninety (90) days after the members are notified in writing of the entry of such
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Related to Divorce of a Member

  • Dissociation of a Member The withdrawal, resignation, retirement, disability, expulsion, or bankruptcy of a member will terminate the membership of the member in the Company. Such a member will be deemed a “dissociated member.”

  • Withdrawal of a Member For purposes of this Agreement, a “Withdrawn Member” is a member who is bankrupt, has resigned, or has retired (a “Withdrawal Event”). Upon a Withdrawal Event, the Withdrawn Member or any successor in interest to the Withdrawn Member shall become an Assignee of the Withdrawn Member’s Membership Interest in the Company.

  • Withdrawal by a Member A Member has no power to withdraw from the Company, except as otherwise provided in Section 8.

  • Death, Incompetency, or Bankruptcy of Member On the death, adjudicated incompetence, or bankruptcy of a Member, unless the Company exercises its rights under Section 8.5, the successor in interest to the Member (whether an estate, bankruptcy trustee, or otherwise) will receive only the economic right to receive distributions whenever made by the Company and the Member's allocable share of taxable income, gain, loss, deduction, and credit (the "Economic Rights") unless and until a majority of the other Members determined on a per capita basis admit the transferee as a fully substituted Member in accordance with the provisions of Section 8.3. 8.4.1 Any transfer of Economic Rights pursuant to Section 8.4 will not include any right to participate in management of the Company, including any right to vote, consent to, and will not include any right to information on the Company or its operations or financial condition. Following any transfer of only the Economic Rights of a Member's Interest in the Company, the transferring Member's power and right to vote or consent to any matter submitted to the Members will be eliminated, and the Ownership Interests of the remaining Members, for purposes only of such votes, consents, and participation in management, will be proportionately increased until such time, if any, as the transferee of the Economic Rights becomes a fully substituted Member.

  • Death of Member Upon the death of the Member, the Company shall be dissolved. By separate written documentation, the Member shall designate and appoint the individual who will wind down the Company’s business and transfer or distribute the Member's Interests and Capital Account as designated by the Member or as may otherwise be required by law.

  • Domestic Relations Orders If any judgment, decree or order (including approval of a property settlement agreement) which (i) relates to the provision of child support, alimony payments, or marital property rights to a spouse, former spouse, child, or other dependent of a Participant, and (ii) is made pursuant to a state or foreign domestic relations law (including a community property law) directs assignment of a portion of a Participant’s Account to a spouse, former spouse, child, or other dependent of a Participant, such amount may be paid in a lump-sum cash payment at the request of the person to whom assignment is directed to be made as soon as administratively possible after the Administrator’s receipt of the signed order, as long as the order (or a written direction to the Administrator of how to interpret the order, signed by the Participant and the person to whom the order directs assignment) clearly specifies the amount of the Account assigned and the timing of payment to the person to whom the assignment is made.

  • Designation of Beneficiary The depositor may designate a beneficiary or beneficiaries to receive benefits from the custodial account in the event of the depositor’s death. In the event the depositor has not designated a beneficiary, or if all beneficiaries shall predecease the depositor, the following persons shall take in the order named: a. The spouse of the depositor; b. If the spouse shall predecease the depositor or if the depositor does not have a spouse, then to the depositor’s estate.

  • Divorce If in connection with the dissolution of the marriage of any married Member, the Member enters into a property settlement agreement or any court issues an interlocutory decree or other order, the terms of which transfer or award all or part of the Interest of the Member in the Company to the Member’s spouse, whether as a confirmation or a disposition of the spouse’s property rights or otherwise.

  • Admission of Member The Member is deemed admitted as the Member of the Company upon its execution and delivery of this Agreement.

  • Liability of a Member The liability of each Member shall be limited as provided in the Delaware Act and as set forth in this Agreement. No Member shall be obligated to restore by way of Capital Contribution or otherwise any deficits in its Capital Account (if such deficits occur).

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