No Withdrawal. 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 § 18-304 of the Delaware Act, provided that the Class B Units may be redeemable or forfeitable pursuant to the terms of the Incentive Plan. So long as a Member continues to hold any Units, such Member shall not have the ability to withdraw or resign as a Member prior to the dissolution and winding up of the Company 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 Units, such Person shall no longer be a Member.
Appears in 9 contracts
Samples: Limited Liability Company Agreement, Limited Liability Company Agreement, Limited Liability Company Agreement
No Withdrawal. 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 § 18-304 of the Delaware Act, provided that the Class B Units may be redeemable or forfeitable pursuant to the terms of the Incentive Plan. So long as a Member continues to hold any Units, such Member shall not have the ability to withdraw or resign as a Member prior to the dissolution and winding up of the Company 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 Units, such Person shall no longer be a Member.
Appears in 8 contracts
Samples: Class B Preferred Unit Purchase Agreement (Learn SPAC HoldCo, Inc.), Class B Preferred Unit Purchase Agreement (Learn SPAC HoldCo, Inc.), Limited Liability Company Agreement (Salona Global Medical Device Corp)
No Withdrawal. 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 § 18-304 of the Delaware Act, provided that the Class B Units may be redeemable or forfeitable pursuant to the terms of the Incentive Plan. So long as a Member continues to hold any Units, such Member shall not have the ability to withdraw or resign as a Member prior to the dissolution and winding up of the Company 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 Units, such Person shall no longer be a Member; provided, however, that this Agreement shall continue to apply with respect to any Units that have been called in accordance with Section 9.05 until full payment is made therefor in accordance with the terms of this Agreement.
Appears in 3 contracts
Samples: Limited Liability Company Agreement (Shepherd's Finance, LLC), Limited Liability Company Agreement (Shepherd's Finance, LLC), Limited Liability Company Agreement (Shepherd's Finance, LLC)
No Withdrawal. 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 § 18-304 of the Delaware Act, provided that the Class B Units may be redeemable or forfeitable pursuant to the terms of the Incentive Plan. So long as a Member continues to hold any Units, such Member shall not have the ability to withdraw or resign as a Member prior to the dissolution and winding up of the Company 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 Units, such Person shall no longer be a Member.
Appears in 1 contract
Samples: Limited Liability Company Agreement
No Withdrawal. A Member shall does 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 § 18-304 of the Delaware LLC Act; provided, provided however, that the Class B Units may any Transfer as a result of such Bankruptcy shall be redeemable or forfeitable pursuant subject to the terms of the Incentive Planthis Agreement, including, without limitation, Section 11. So long as a Member continues to hold any Units, such the Member shall not have the has no ability to withdraw or resign as a Member prior to the dissolution and winding up of the Company Company, 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 will be null and void. As soon as any Person who is a Member ceases to hold any Units, such the Person shall no longer will be a Member.
Appears in 1 contract
Samples: Limited Liability Company Agreement (Radiopharm Theranostics LTD)
