Common use of Termination of Membership Clause in Contracts

Termination of Membership. The Member’s interest in the LLC shall cease upon the occurrence of one or more of the following events: (a) The Member dies; (b) The Member decides to give notice of withdrawal to the LLC thirty days (30) in advance of the withdrawal date. There is no breach of Agreement when a Member decides to withdraw in this fashion; (c) A Member assigns all of his/her interest to a qualified third party; (d) There is an entry of an order by a court of competent jurisdiction adjudicating the Member incompetent to manage his/her person or his/her estate; (e) In the case of an estate that is a Member, the distribution by the fiduciary of the estate’s entire interest in the LLC; (f) If within one hundred twenty (120) days after the commencement of any action against a Member seeking reorganization, readjustment, composition, readjustment, liquidation, arrangement, dissolution, or similar relief under any statue, law, or regulation, and the action has not been dismissed and/or has not been consented to by a majority of the members. (g) If within ninety days (90) after the appointment, without the Member’s consent or acquiescence, of a trustee, receiver, or liquidator of the Member or of all or any substantial part of the Member’s properties, and said appointment is not vacated or within ninety days

Termination of Membership. The A Member’s interest in the LLC shall cease upon the occurrence incidence of one or more of the following events: (a) The A Member dies; (b) The A Member decides to give notice of withdrawal to the LLC thirty days (30) in advance of the withdrawal date. There is no breach of Agreement when a Member decides to withdraw in this fashion; (c) A Member assigns all of his/her interest to a qualified third party; (d) There is an entry of an order by a court of competent jurisdiction adjudicating the Member incompetent to manage his/her person or his/her estate; (e) In the case of an estate that is a Member, the distribution by the fiduciary of the estate’s entire interest in the LLC; (f) If within one hundred twenty (120) days after the commencement of any action against a Member seeking reorganization, readjustment, composition, readjustment, liquidation, arrangement, dissolution, or similar relief under any statuestatute, law, or regulation, and the action has not been dismissed and/or has not been consented to by a majority of the members.; (g) If within ninety days (90) after the appointment, without the a Member’s consent or acquiescence, of a trustee, receiver, or liquidator of the Member or of all or any substantial part of the Member’s properties, and said appointment is not vacated or within ninety days