Common use of Divorce/Separation of Unitholder Clause in Contracts

Divorce/Separation of Unitholder. If required by the Manager, each Member or Unitholder who is an individual shall, at the time of his or her execution of this Agreement or, if any such Person is currently unmarried, at such later time as such Person becomes married or is later required by Manager, cause his or her spouse to execute and deliver to the Company a Consent and Agreement of Spouse in the form attached hereto. If any Member who is an individual (for purposes of this Section 8.7, a “Separated Member”) and his or her spouse (for purposes of this Section 8.7, a “Former Spouse”) become legally separated or divorced and a court or any property settlement or other agreement awards any Units owned by such Separated Member to such Former Spouse, then in such case, notwithstanding the provisions of, such Units (the “Former Spouse’s Units”) held by such Member shall be dealt with as follows: (a) Each Separated Member shall promptly provide the Company with written notice (the “Dissolution Notice”) of (i) the entry of any judicial decree or order resolving the property rights of the Separated Member and the Former Spouse in connection with their marital dissolution or legal separation, or (ii) the execution of any contract or agreement relating to the distribution or division of such property rights. The Dissolution Notice shall be accompanied by a copy of the actual decree of dissolution, settlement agreement, or other agreement between the Separated Member and the Former Spouse, which provides for the award to the Former Spouse of the Former Spouse’s Units in settlement of any community property or other marital property rights such Former Spouse may have in such Units. (b) Notwithstanding the making of any such award or agreement with respect to the Former Spouse’s Units, the Former Spouse shall not have any rights of a Member, except the right to receive distributions occurring at the times and equal in amounts to those distributions the Separated Member would otherwise have received in respect of the Former Spouse’s Units. (c) In the event that there is an award of a Separated Member’s Unvested Class B Common Units to a Former Spouse, such Unvested Class B Common Units shall be forfeited and terminated. In the event there is an award of a Separated Member’s Vested Class B Common Units to a Former Spouse, such Vested Class B Common Units may, at the option of the Company or the Manager, be acquired for an amount equal to fifty percent (50%) of the Fair Market Value of such Vested Units.

Divorce/Separation of Unitholder. If required by the Manager, each Member or Unitholder who is an individual shall, at the time of his or her execution of this Agreement or, if any such Person is currently unmarried, at such later time as such Person becomes married or is later required by Manager, cause his or her spouse to execute and deliver to the Company a Consent and Agreement of Spouse in the form attached hereto. If any Member who is an individual (for purposes of this Section 8.78.6, a “Separated Member”) and his or her spouse (for purposes of this Section 8.78.6, a “Former Spouse”) become legally separated or divorced and a court or any property settlement or other agreement awards any Units owned by such Separated Member to such Former Spouse, then in such case, notwithstanding the provisions of, such Units (the “Former Spouse’s Units”) held by such Member shall be dealt with as follows: (a) Each Separated Member shall promptly provide the Company with written notice (the “Dissolution Notice”) of (i) the entry of any judicial decree or order resolving the property rights of the Separated Member and the Former Spouse in connection with their marital dissolution or legal separation, or (ii) the execution of any contract or agreement relating to the distribution or division of such property rights. The Dissolution Notice shall be accompanied by a copy of the actual decree of dissolution, settlement agreement, or other agreement between the Separated Member and the Former Spouse, which provides for the award to the Former Spouse of the Former Spouse’s Units in settlement of any community property or other marital property rights such Former Spouse may have in such Units. (b) Notwithstanding the making of any such award or agreement with respect to the Former Spouse’s Units, the Former Spouse shall not have any rights of a Member, except the right to receive distributions occurring at the times and equal in amounts to those distributions the Separated Member would otherwise have received in respect of the Former Spouse’s Units. (c) In the event that there is an award of a Separated Member’s Unvested Class B Common Units to a Former Spouse, such Unvested Class B Common Units shall be forfeited and terminated. In the event there is an award of a Separated Member’s Vested Class B Common Units to a Former Spouse, such Vested Class B Common Units may, at the option of the Company or the Manager, be acquired for an amount equal to fifty percent (50%) of the Fair Market Value of such Vested Units.