Expiration of Membership Sample Clauses

Expiration of Membership. A Member who at any time no longer meets the qualifications to continue in his or her capacity as a PCP Member, Specialist Member, or Auxiliary Member will be removed as a Member promptly after the Company learns of such Member’s failure to meet such qualifications. Any such Member will not be entitled to have his/her/its Units redeemed and shall forfeit to the Company his/her/its capital account. Such Member’s Units will be canceled, and the Member shall have no further rights as a Member of the Company.
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Expiration of Membership. Your membership status may be terminated if more than two years pass after your last stay.
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Expiration of Membership. The membership of a member shall cease automatically without any action on the part of the Corporation or any notice to the member being required upon, and with effect as of, the happening of one of the following events: i. in the case of an individual member, the death of the individual; ii. if the member ceases, for whatever reason or however caused, to be a purchaser of a condominium unit (or a proposed unit) under a purchase and sale agreement between the member and the Corporation or if the member ceases to qualify for financing in order to complete the purchase of a condominium unit (or proposed unit) under a purchase and sale agreement between the member and the Corporation; iii. in the case of the applicants for incorporation of the Corporation, as of the end of the members' meeting at which directors are elected to replace the first directors of the Corporation, except if an applicant remains a director of the Corporation; and, iv. in the case of all members whose membership in the Corporation has not otherwise ended, except for those members who are from time to time directors of the Corporation and for so long as they continue to be directors, the earlier of (the Membership Expiration Date): 1. the date that is 365 days after the date that the Corporation is no longer the registered owner of any unit in the condominium of which the Corporation is the declarant; and, 2. the end of the first members' meeting following the date when the Corporation ceases to be the registered owner of a majority of the units in the condominium of which the Corporation is the declarant. For greater certainty, the membership in the Corporation of those persons who are as of the Membership Expiration Date directors of the Corporation shall continue for as long as they remain directors of the Corporation and shall automatically cease as of the date that they cease to be directors of the Corporation.
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Related to Expiration of Membership

  • Termination of Membership You may terminate your membership by giving us written notice or by withdrawing your minimum required membership share(s), if any, and closing all your accounts. You may be denied services for causing a loss to the Credit Union, or you may be expelled for any reason as allowed by applicable law.

  • Termination of Mediation The mediation shall be terminated: 1) By the execution of a Settlement Agreement by the Parties; 2) By a written declaration of the mediator to the effect that further efforts at mediation are no longer worthwhile; or 3) By a written declaration of a Party or Parties to the effect that the mediation proceedings are terminated.

  • Substitution of Members If unanimous written approval is received, the transferee shall:

  • Termination of Rights as Shareholder If any of the Shares are forfeited in accordance with this Section 3, then after such time the Subscriber (or successor in interest), shall no longer have any rights as a holder of such forfeited Shares, and the Company shall take such action as is appropriate to cancel such forfeited Shares.

  • Disability of Member Upon the disability of a Member, the Member may continue to act as Manager hereunder or appoint a person to so serve until the Member's Interests and Capital Account of the Member have been transferred or distributed.

  • Termination of Rights as Stockholder If any of the Shares are forfeited in accordance with this Section 3, then after such time the Subscriber (or successor in interest), shall no longer have any rights as a holder of such forfeited Shares, and the Company shall take such action as is appropriate to cancel such forfeited Shares.

  • CERTIFICATION OF MEMBERS The undersigned hereby agree, acknowledge, and certify that the foregoing Operating Agreement is adopted and approved by each Member. The agreement consisting of pages, constitutes, together with Exhibit 1, Exhibit 2, the Operating Agreement of , adopted by the Members as of the day of , 20 . Signature Printed Name Percent: % Signature Printed Name Percent: % Signature Printed Name Percent: % Signature Printed Name Percent: % Signature Printed Name Percent: %

  • Surrender Upon Termination The Executive agrees that in the event of the termination of the Executive's employment for any reason, whether before or after the Term, the Executive will immediately deliver to the Company all property belonging to the Company, including documents and materials of any nature pertaining to the Executive's work with the Company, and will not take with the Executive any documents or materials of any description, or any reproduction thereof of any description, containing or pertaining to any Confidential Information. It is understood that the Executive is free to use information that is in the public domain, but not as a result of a breach of this Agreement.

  • Termination of Manager If (a) the amounts evidenced by the Note have been accelerated pursuant to Section 8.1(b) hereof, (b) the Manager shall become insolvent, (c) the Manager is in default under the terms of the Management Agreement beyond any applicable grace or cure period, or (d) Manager is not managing the Property in accordance with the management practices of nationally recognized management companies managing similar properties in locations comparable to those of the Property, then, in the case of (a), (b), (c) or (d), Borrower shall, at the request of Lender, terminate the Management Agreement and replace the Manager with a manager reasonably approved by Lender on terms and conditions reasonably satisfactory to Lender, it being understood and agreed that the management fee for such replacement manager shall not exceed then prevailing market rates. In addition and without limiting the rights of Lender hereunder or under any of the other Loan Documents, in the event that (i) the Management Agreement is terminated, (ii) the Manager no longer manages the Property, or (iii) a receiver, liquidator or trustee shall be appointed for Manager or if Manager shall be adjudicated a bankrupt or insolvent, or if any petition for bankruptcy, reorganization or arrangement pursuant to federal bankruptcy law, or any similar federal or state law, shall be filed by or against, consented to, or acquiesced in by, Manager, or if any proceeding for the dissolution or liquidation of Manager shall be instituted, then Borrower (at Borrower's sole cost and expense) shall immediately, in its name, establish new deposit accounts separate from any other Person with a depository satisfactory to Lender into which all Rents and other income from the Property shall be deposited and shall grant Lender a first priority security interest in such account pursuant to documentation satisfactory in form and substance to Lender.

  • Termination of Rights as Holder If the Placement Warrants are terminated in accordance with Section 6.1, then after such time Subscriber (or its successor in interest) shall no longer have any rights as a holder of such Placement Warrants and the Company shall take such action as is appropriate to cancel such Placement Warrants. Subscriber hereby irrevocably grants the Company a limited power of attorney for the purpose of effectuating the foregoing and agrees to take any and all measures reasonably requested by the Company necessary to effect the foregoing.

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