Member Exit Clause Samples
Member Exit. Members who are eligible to receive an education award upon the successful completion of a term of service will have their status certified in the National Service Trust by the organization. Once the Member receives a successful completion certification, the Member will be eligible to receive the education benefit.
Member Exit. 1. Successful Completion of the Term of Service
2. Members may be released from the National ▇▇▇▇▇▇ AmeriCorps Program either for:
Member Exit. (a) Prior to Final Project Approval, Pacific Hydro US may inform VRC by giving at least 30 days prior written notice of its intention to dispose of its entire Membership Interest in the Company (Exit Notice).
(b) Upon receiving an Exit Notice from Pacific Hydro US, VRC must within 14 days notify Pacific Hydro US of its intention to either proceed with the Project or dispose also of its entire Membership Interest in the Company ('Election Notice').
(c) Where VRC elects to proceed with the Project:
(1) the Company must repay to Pacific Hydro US the LC Costs (exclusive of interest) and cause the Letter of Credit to be released within 120 days of VRC's Election Notice. If the Company fails to pay the LC Costs and fails to cause the Letter of Credit to be released, Pacific Hydro US shall be entitled to enforce the security referred to in section 2.6(a) of this Agreement and neither the Company nor VRC shall be entitled to prevent in any manner such enforcement by Pacific Hydro US;
(2) Pacific Hydro US must thereafter dispose of its Membership Interest in accordance with Article X of this Agreement; and
(3) nothing shall prevent VRC from participating in the Project either through the Company alone or with other members or in partnership or joint venture with one or more parties.