Expulsion or Dissociation Not for Cause Sample Clauses

Expulsion or Dissociation Not for Cause. In the event that any Member is expelled or dissociates from the Company for any reason other than for Cause, whether by the Company or by such Member for any reason or no reason, the Company shall have the right, exercisable upon written notice from the Company to such Member within ninety (90) days of the date of such expulsion or dissociation, to purchase all, but not less than all, of the Units of such Member for their Fair Market Value. If the Company fails to exercise its right (as described above), in whole or in part, then for thirty (30) days following the expiration of such ninety-day period, the other Members shall have the right to purchase a proportionate share (based upon such Member’s interest in the capital of the Company excluding the Units of the expelled or dissociated Member) of the expelled or dissociated Member’s Units. If any Member waives, in whole or in part, his or her right to purchase, the unexercised right, or portion thereof, to which such waiver applies shall inure proportionately to other non-expelled or non-dissociated Members, and such non-expelled or non-dissociated Members shall have an additional ten (10) days to purchase such portions of the unpurchased Units. If the Company or the other Members exercise its option pursuant to this subsection, unless otherwise agreed by the Company and such Member, the purchase and sale of the applicable Units shall occur within thirty (30) days of the date the Company or the Members deliver written notice of its election to purchase such Units, and the Member shall execute and deliver such documents and instruments as are reasonably requested by the Company to evidence the transfer of the Units, which shall be conveyed to the Company free and clear of all liens, claims and encumbrances. The purchase price for the Units described in this subsection shall be payable forty percent (40%) at the closing of the purchase and sale of the Units, and the delivery of an unsecured promissory note for the remaining balance of the purchase price requiring equal quarterly payments over the following five (5) years following the closing and bearing interest at the rate of four percent (4%) per annum.
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Related to Expulsion or Dissociation Not for Cause

  • Termination for Cause by The District The District may immediately terminate this Agreement for cause for any of the following reasons:

  • Re-employment After Voluntary Termination or Dismissal for Cause Where an employee voluntarily leaves the Employer's service, or is dismissed for cause and is later re-engaged, seniority and all perquisites shall date only from the time of re-employment, according to regulations applying to new employees.

  • Termination by the Owner for Cause § 16.2.1 The Owner may terminate the Contract if the Contractor .1 repeatedly refuses or fails to supply enough properly skilled workers or proper materials;

  • Termination of Contract for Cause 5.1.1 If A-E breaches any of the covenants or conditions of this CONTRACT, COUNTY shall have the right to terminate this CONTRACT upon ten (10) days written notice prior to the effective day of termination.

  • Dismissal for Cause The following procedures shall apply in all cases of dismissal for cause:

  • TERMINATION BY DISTRICT FOR CAUSE Contractor shall be in default of its obligations pursuant to this Contract, and District may terminate Contractor’s right to perform the Work for cause, if: (a) Contractor refuses or fails to perform the Work or any component thereof in accordance with this Contract, including, but not limited to, the Contract Documents; (b) Contractor refuses or fails to perform any portion of the Work within the time required; (c) the Work is not, or reasonably will not be, fully completed within the contract time; (d) Contractor persistently or repeatedly refuses or fails to supply enough properly skilled workers and/or proper materials;

  • CFR PART 200 Termination Termination for cause and for convenience by the grantee or subgrantee including the manner by which it will be eff ected and the basis for settlement. (All contracts in excess of $10,000) Pursuant to the above, when federal funds are expended by ESC Region 8 and TIPS Members, ESC Region 8 and TIPS Members reserves the right to terminate any agreement in excess of $10,000 resulting from this procurement process for cause after giving the vendor an appropriate opportunity an d up to 30 days, to cure the causal breach of terms and conditions. ESC Region 8 and TIPS Members reserves the right to terminate any agreement in excess of $10,000 resulting from this procurement process for convenience with 30 days notice in writing to the awarded vendor. The vendor would be compensated for work performed and goods procured as of the termination date if for convenience of the ESC Region 8 and TIPS Members. Any award under this procurement process is not exclusive and the ESC Region 8 and TIPS reserves the right to purchase goods and services from other vendors when it is in the best interest of t he ESC Region 8 and TIPS. Does vendor agree? Yes

  • Automatic Termination This Agreement shall automatically and immediately terminate in the event of its “assignment” (as defined in the 1940 Act).

  • Termination by Owner for Cause This Agreement may be terminated by Owner (or the Property Manager may be required by Owner to change its personnel assigned as Property Manager for the Property) at any time during the term hereof upon written notice to Property Manager effective immediately for any of the following causes:

  • Termination of Agreement for Cause 5.1.1. If A/E breaches any of the covenants or conditions of this AGREEMENT, COUNTY shall have the right to terminate this AGREEMENT upon ten (10) days written notice prior to the effective day of termination.

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