Common use of Purchase Upon Dissociation of a Member Clause in Contracts

Purchase Upon Dissociation of a Member. (a) In the event that a Member involuntarily dissociates from the Company (a “Dissociating Member”), the Interest held by the Dissociating Member may, at the election of the Manager, be redeemed by the Company. (b) The Purchase Price for the redemption of such Dissociating Member’s Interest shall be either fifty dollars and no cents ($50.00) per Unit or fifty percent (50%) of the positive balance of the Dissociating Member’s Capital Account, whichever is lower. (c) The redemption closing hereunder shall be held at the Principal Office of the Company, or at such other place, time and date as determined by the Company, but in any event within ninety (90) days after the occurrence of the Dissociating Event. The Purchase Price for the redemption shall be paid at closing in cash. (d) If the Dissociating Member has transferred all or any part of the Interest of such Member, the transferee of such Interest shall be bound by the provisions of this Agreement with respect to such Interest.