Optional Dissociation of Members upon Divorce Sample Clauses

Optional Dissociation of Members upon Divorce. If (A) a Member files a Commented [CM20]: LLC Membership interests can be affected by divorce actions with the non-Member spouse receiving either a judicial assignment or other rights in the Membership interest. As a result, the other Members of the LLC may elect to dissociate the divorcing Member and exclude any voting rights or cross-purchase / redeem the divorced Member’s interest. petition to become divorced from a non-Member, (B) a non-Member files a petition to become divorced from a Member, or (C) two Members who are married to each other become divorced or one among them file for divorce while both of them are Members, then the other Member(s) shall have the option to dissociate the divorcing Member or Members if they reasonably determine that the dissociation will be in the LLC’s best interest. Commented [CM21]: Similar considerations from a divorce context apply to a bankruptcy context. Thus, to the extent permitted by applicable law, the other Members may wish to dissociate the bankrupt Member and/or cross-purchase his/her Membership interest.
Sample 1
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Optional Dissociation of Members upon Divorce. If (A) a Member files a petition to become divorced from a non-Member, (B) a non-Member files a petition to become divorced from a Member, or (C) two Members who are married to each other become divorced or one among them file for divorce while both of them are Members, then the other Members shall have the option to dissociate the divorcing Member or Members if they reasonably determine that the dissociation will be in the LLC’s best interest.
Sample 1

Related to Optional Dissociation of Members upon Divorce

  • Winding Up Affairs Upon Termination In the event that this Contract is terminated for any reason, the parties agree that the provisions of this paragraph survive termination:

  • 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.

  • Withdrawals upon Termination 31.4.1 Notwithstanding anything to the contrary contained in this Agreement, all amounts standing to the credit of the Escrow Account shall, upon Termination, be appropriated in the following order:

  • Dissolution Event If there is a Dissolution Event before the termination of this Safe, the Investor will automatically be entitled (subject to the liquidation priority set forth in Section 1(d) below) to receive a portion of Proceeds equal to the Cash-Out Amount, due and payable to the Investor immediately prior to the consummation of the Dissolution Event.

  • DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST Upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method:

  • VALUATION OF DISSOCIATING MEMBERS INTEREST If a Member wants to exit the Company, and does not have a buyer of its membership interest, the dissociating Member will assign its interest to the current Members according to the following procedures:

  • Events of Dissolution The Company shall be dissolved upon the happening of any of the following events:

  • 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 Upon Bankruptcy Either Party may terminate this Agreement if, at any time, the other Party shall (a) file in any court or agency pursuant to any statute or regulation of any state, country or jurisdiction, a petition in bankruptcy or insolvency or for reorganization or for an arrangement or for the appointment of a receiver or trustee of that Party or of its assets, (b) propose a written agreement of composition or extension of its debts, (c) be served with an involuntary petition against it, filed in any insolvency proceeding, and such petition has not been dismissed within sixty (60) days after the filing thereof, (d) propose or be a party to any dissolution or liquidation, (e) make an assignment for the benefit of its creditors or (f) admit in writing its inability generally to meet its obligations as they fall due in the general course.

  • Events Upon Termination (a) If this Agreement is terminated, cancelled or ends for any reason, the Operator shall:

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