Common use of Termination on Sale Clause in Contracts

Termination on Sale. Upon consummation of the purchase and sale of a Member’s Interest to another Member under this Article 10, (i) the selling Member’s Interest in the Company shall be fully and completely settled and terminated, and (ii) the selling Member’s rights and obligations under this Agreement shall terminate, except (x) as to items incurred or accrued as of such date and not subject to indemnification hereunder, and (y) as to any indemnity obligations of such selling Member attributable to acts or events occurring prior to such date or otherwise specified in this Article 10.

Termination on Sale. Upon consummation of the purchase and sale of a Member’s Interest to another Member under this Article 10Article10, (i) the selling Member’s Interest in the Company shall be fully and completely settled and terminated, and (ii) the selling Member’s rights and obligations under this Agreement shall terminate, except (x) as to items incurred or accrued as of such date and not subject to indemnification hereunder, and (y) as to any indemnity obligations of such selling Member attributable to acts or events occurring prior to such date or otherwise specified in this Article 10.

Termination on Sale. Upon consummation of the purchase and sale of a Member’s 's entire Interest to another Member under this Article 109, (i) the selling Member’s 's Interest in the Company shall be fully and completely settled and terminated, and (ii) the selling Member’s 's rights and obligations under this Agreement shall terminate, except (x) as to items incurred or accrued as of such date and not subject to indemnification hereunder, and (y) as to any indemnity obligations of such selling Member attributable to acts or events occurring prior to such date or otherwise specified in this Article 109.