When Membership Ceases Clause Samples

When Membership Ceases. A Person who is a Member shall cease to be a Member only upon the occurrence of one of the following events of withdrawal: (a) The Transfer, as permitted under this Agreement, of the Member's entire Interest. (b) The occurrence of an Event of Bankruptcy with respect to the Member. (c) In the case of an individual Member, the Member's death; provided, however, Section 8.2 below shall apply with respect to the administration of the deceased Member's estate, assignment of his Interest and admission of his heirs as Members in the LLC. (d) In the case of an individual Member, the adjudication by a court that the Member is incompetent to manage his person or property; provided, however, Section 8.2 below shall apply with respect to the administration of the incompetent Member's property. (e) In the case of a Member that is acting as a Member by virtue of being the trustee of a trust, the termination of the trust. (f) In the case of a Member that is a partnership or another limited liability company, the dissolution and commencement of winding up of the Member; provided, however, Section

When Membership Ceases. 27 SECTION 8.2

When Membership Ceases. A Person who is a Member shall cease to be a Member only upon the occurrence of one of the following events: (a) The Transfer as permitted under this Agreement of the Member's entire Interest; (b) The occurrence of an Event of Bankruptcy with respect to the Member; or (c) In the case of a Member that is a corporation, the dissolution of the Member, or the revocation of its charter unless the charter is reinstated within 30 days of the corporation's actual notice of the revocation; provided, however, Section 8.2 below shall apply with respect to the winding up and liquidation of the corporation. A Member is not entitled to withdraw voluntarily from the LLC.