Resignation of a Member. So long as any Permitted Indebtedness (other than indebtedness to the Initial Member) is outstanding, the Initial Member may not resign without prior written consent of the Indenture Trustee and the Control Party. A Member (other than the Initial Member) may resign from the Company with the written consent of the Board of Managers. In the event that there is only one Member, such Member shall not be permitted to resign pursuant to this Section 5.4 unless an additional member of the Company is admitted to the Company. Such admission shall be deemed effective immediately prior to the resignation, and, immediately following such admission, the resigning Member shall cease to be a member of the Company.
Appears in 2 contracts
Samples: Limited Liability Company Agreement (Alliance Laundry Systems LLC), Limited Liability Company Agreement (Alliance Laundry Corp)
Resignation of a Member. So long as any Permitted Indebtedness (other than indebtedness to the Initial Member) is outstanding, the Initial Member may not resign without prior written consent of the Indenture Trustee and the Control PartyInsurer. A Member (other than the Initial Member) may resign from the Company with the written consent of the Board of Managers. In the event that there is only one Member, such The sole Member shall not be permitted to resign pursuant to this Section 5.4 unless an additional member of the Company is admitted to the Company. Such admission shall be deemed effective immediately prior to the resignation, and, immediately following such admission, the resigning Member shall cease to be a member of the Company.
Appears in 1 contract
Samples: Limited Liability Company Agreement (Alliance Laundry Holdings LLC)
Resignation of a Member. So long as any Permitted Indebtedness (other than indebtedness to the Initial Member) is outstanding, the Initial Member may not resign without prior written consent of the Indenture Trustee and the Control PartyRequired Noteholders. A Member (other than the Initial Member) may resign from the Company with the written consent of the Board of Managers. In the event that there is only one Member, such Member shall not be permitted to resign pursuant to this Section 5.4 unless an additional member of the Company is admitted to the Company. Such admission shall be deemed effective immediately prior to the resignation, and, immediately following such admission, the resigning Member shall cease to be a member of the Company.
Appears in 1 contract
Samples: Limited Liability Company Agreement (Alliance Laundry Systems LLC)