Common use of Resignation of Members Clause in Contracts

Resignation of Members. A Member may resign from LLC only by Transferring its interests pursuant to Article VI hereof. No Member shall be able to resign or be deemed to resign if it ceases to be a Member due to bankruptcy or for any other reason (a "Former Member") except upon the consent of 66 2/3 of the other Members, if LLC continues, pursuant to Section 5.01(b) or otherwise, to exist. Such Former Member, if not permitted or deemed to resign, shall not be entitled to any of the rights granted to a Member hereunder or under applicable law but shall be, to the extent not otherwise provided by this Agreement or applicable law, entitled to receive distributions and allocations of items of income, gain, loss, deduction, expense and credit as if such Former Member continued to be a Member hereunder.

Resignation of Members. A Member may resign from LLC the Company only by Transferring its transferring such Member's interests pursuant to Article VI hereof. No Member shall be able to resign or be deemed to resign if it such Member ceases to be a Member (a "Former Member") due to bankruptcy or for any other reason (a "Former Member") except upon the consent of 66 2/3 Majority Vote of the other Common Members, if LLC continues, pursuant to Section 5.01(b) or otherwise, the Company continues to exist. Such Former Member, if not permitted or deemed to resign, shall not be entitled to any of the rights granted to a Member hereunder or under applicable law but shall be, to the extent not otherwise provided by this Agreement or applicable law, entitled to receive distributions and allocations of items of income, gain, loss, deduction, expense and credit as if such Former Member continued to be a Member hereunder.

Resignation of Members. A Member may resign from LLC the Company only by Transferring its transferring such Member's interests pursuant to Article VI hereof. hereof No Member shall be able to resign or be deemed to resign if it such Member ceases to be a Member (a "Former Member") due to bankruptcy or for any other reason (a "Former Member") except upon the consent of 66 2/3 Majority Vote of the other Common Members, if LLC continues, pursuant to Section 5.01(b) or otherwise, the Company continues to exist. Such Former Member, if not permitted or deemed to resign, shall not be entitled to any of the rights granted to a Member hereunder or under applicable law but shall be, to the extent not otherwise provided by this Agreement or applicable law, entitled to receive distributions and allocations of items of income, gain, loss, deduction, expense and credit as if such Former Member continued to be a Member hereunder.