Common use of No Dissociation Clause in Contracts

No Dissociation. A Member shall not cease to be a Member as a result of the Bankruptcy of such Member or as a result of any other events specified in Section 322C.0602 of the Revised Act except for the events set forth in clauses (11) (merger), (12) (conversion) and (13) (domestication) of Section 322C.0602 of the Revised Act. So long as a Member continues to hold any Interest, such Member shall not have the ability to withdraw or resign as a Member and any such withdrawal or resignation or attempted withdrawal or resignation by a Member prior to the dissolution or winding up of the Company shall be null and void. As soon as any Person who is a Member ceases to hold any Interest (other than (i) a transfer for security purposes; or (ii) a charging order in effect under Section 322C.0503 of the Revised Act which has not been foreclosed) such Person shall no longer be a Member and shall be dissociated.

No Dissociation. A Member shall not cease to be a Member as a result of the Bankruptcy bankruptcy of such Member or as a result of any other events specified in Section 322C.0602 of the Revised Act except for the events set forth in clauses (11) (merger), (12) (conversion) and (13) (domestication) of Section 322C.0602 of the Revised Act. So long as a Member continues to hold any Interest, such Member shall not have the ability to withdraw or resign as a Member and any such withdrawal or resignation or attempted withdrawal or resignation by a Member prior to the dissolution or winding up of the Company shall be null and void. As soon as any Person who is a Member ceases to hold any Interest (other than (i) a transfer for security purposes; or (ii) a charging order in effect under Section 322C.0503 of the Revised Act which has not been foreclosed) such Person shall no longer be a Member and shall be dissociated. None of the events of dissociation set forth in Section 322.0602 of the Act (including those with respect to the expulsion of Members) shall apply to the Company, except for the events set forth in clauses (11) (merger), (12) (conversion) and (13) (domestication) of Section 322C.0602 of the Act.

No Dissociation. A Member shall not cease to be a Member as a result of the Bankruptcy bankruptcy of such Member or as a result of any other events specified in Section 322C.0602 of the Revised Act except for the events set forth in clauses (11) (merger), (12) (conversion) and (13) (domestication) of Section 322C.0602 of the Revised Act. So long as a Member continues to hold any Interest, such Member shall not have the ability to withdraw or resign as a Member and any such withdrawal or resignation or attempted withdrawal or resignation by a Member prior to the dissolution or winding up of the Company shall be null and void. As soon as any Person who is a Member ceases to hold any Interest (other than (i) a transfer for security purposes; or (ii) a charging order in effect under Section 322C.0503 of the Revised Act which has not been foreclosed) such Person shall no longer be a Member and shall be dissociated. None of the events of dissociation set forth in Section 322.0602 of the Revised Act (including those with respect to the expulsion of Members) shall apply to the Company, except for the events set forth in clauses (11) (merger), (12) (conversion) and (13) (domestication) of Section 322C.0602 of the Revised Act.