Effect of Dissociation Sample Clauses
Effect of Dissociation. Any dissociated Member shall not be entitled to receive the fair value of his LLC interest solely by virtue of his dissociation. A dissociated Member that still owns an interest in the LLC shall be entitled to continue to receive such profits and losses, to receive such distribution or distributions, and to receive such allocations of income, gain, loss, deduction, credit or similar items to which he would have been entitled if still a Member. For all other purposes, a dissociated Member shall no longer be considered a Member and shall have no rights of a Member.
Effect of Dissociation. The dissociation of a Member pursuant to section 183.0802 of the WLLCL will not entitle a Member to a distribution in redemption of the Member's Membership Units. An event of dissociation under section 183.0802(1)(d)-(k) of the WLLCL will be treated as an Involuntary Transfer pursuant to Section 10.4 of this Agreement.
Effect of Dissociation. If a Member becomes dissociated (except by a transfer of their Ownership Units under Section 10.1(a) or (b)), the Company shall have the option to purchase the dissociated Member’s Ownership Units for the price and on the terms as set forth in Section 12, herein.
Effect of Dissociation. If a Member is dissociated from the Company pursuant to the provisions of Section 8.1 hereof or applicable provisions in the Membership Participation Agreement, the terms of the purchase of the dissociated Membership Interest shall be governed by Article V of the Membership Participation Agreement. . In the event that a Member fails to purchase insurance from the Company for at least five (5) consecutive years, such Member shall pay to the Company, in the form of liquidated damages, an amount approved by the majority of the Members not greater than the pro-rated premium amounts based upon the last year of participation that would have been satisfied had the Member purchased insurance from the Company for five (5) consecutive policy years.
Effect of Dissociation. No Member who is the subject of a Dissociation (a “Dissociated Member”), whether or not such Dissociation was a Voluntary Dissociation or an Involuntary Dissociation, shall have a right to require the repurchase of such Member’s Units. Except as otherwise provided in this Agreement, immediately upon the occurrence of a Dissociation of a Member, to the extent that such Member’s Units are not repurchased, the Dissociated Member or, as applicable, the successor-in-interest of such Dissociated Member, shall not become or be deemed to be a Member and shall instead be a Holder with respect to such Units (provided, however, such successor may become a Member if the procedures of Section 9.1(f) are followed and the conditions therein are satisfied), and neither the Dissociated Member nor the successor Holder shall be entitled vote on any matter before the Members unless and until admitted as a Member pursuant to Section 9.1(f). For the purposes of calculating any vote of the Members, any Units held by a Dissociated Member (or such Dissociated Member’s successor) shall be excluded from such determination. Notwithstanding anything herein to the contrary, so long as such Dissociated Member (or its successor), continues to be a Holder with respect to any Unit, such Person shall continue to be bound by the terms and restrictions of this Agreement.
Effect of Dissociation. Any dissociated Member shall not be entitled to receive the fair value of his LLC interest solely by virtue of his dissociation. A dissociated Member that still owns an interest in the LLC shall be entitled to continue to receive such profits and losses, to receive such distribution or distributions, and to receive such allocations of income, gain, loss, deduction, credit or similar items to which he would have been entitled if still a Member. For all other purposes, a dissociated Member shall no longer be considered a Member and shall have no rights of a Member.
ARTICLE VIII RESTRICTIONS ON TRANSFERABILITY OF LLC INTEREST; SET PRICE FOR LLC INTEREST 30. LLC Interest. The LLC interest is personal property. A Member has no interest in property owned by the LLC.
Effect of Dissociation. For purposes of this agreement the “dissociation date” with respect to a dissociating member will be the effective date of the member’s withdrawal or the date of the member’s expulsion. If another event causing the dissociation of a member occurs, the dissociation date will be the date of the event, or if later, the date on which the company acquires knowledge of the event. Within 60 days after the dissociation date, the company may elect to purchase all the dissociating member’s ownership shares by giving notice of the election to the dissociating member and all other members. If the election is not made by the company during this period of time, one or more of the other members may elect to purchase the dissociating member’s ownership shares by giving notice of the election to the dissociating member, the company, and the other members. This notice must be given within 15 days after the 60-day period for the company to purchase the shares expires. If more than one member elects to make the purchase, the electing members have the right to purchase the shares pro rata in accordance with their ownership shares. No election to purchase a dissociating member’s ownership shares will be effective unless the election is made by the company or the other members to purchase all of the dissociating member’s shares—dissociating members are not required to sell part of their ownership shares. If neither the company nor the other members elects to purchase a dissociating member’s ownership shares within the allowable time limits, the company will be dissolved, and its business must be wound up.
Effect of Dissociation. The “dissociation date” with respect to a dissociating member is the effective date of the member’s expulsion. If another event causes the dissociation, the dissociation date is the later of the date of the event, or the first day the company has knowledge of the event. Within 60 days after the dissociation date, the company may elect to purchase all or part of the dissociating member’s ownership interest by giving notice of the election to the dissociating member and all other members. If the company does not elect to purchase all of the dissociating member’s interest, one or more of the other members may elect to purchase the remaining interest by giving written notice to the dissociating member, the company, and the other members. This notice must be given within 15 days after the 60-day period for the company to purchase the interest expires. If more than one member elects to make the purchase, the electing members have the right to 21 Xxxxx Xxxxx Law- Not to be used without legal representation purchase the interest pro rata in accordance with their ownership interests or on such other basis as they agree. No election to purchase a dissociating member’s interest will be effective unless the election is made by the company or the other members to purchase the dissociating member’s entire interest. But a failure to purchase the interest of a dissociating member will not cause the company to dissolve.
Effect of Dissociation. No dissociation of a Member shall result in or require the dissolution and/or winding-up of the LLC. Upon any dissociation of a Member, the dissociated Member shall be entitled to return of its capital contribution as provided in Section 7.04, but shall cease to enjoy any of the rights or entitlements of a Member. Only Members of the LLC may be insured by the LLC. Upon dissociation of a Member, the Member's insurance shall terminate. Each policy of insurance issued by the LLC shall provide that such policy will not cover the insured for events occurring after the date of dissociation of a Member.