Withdrawal Events. If certain events such as death, withdrawal, expulsion, retirement, the event of a bankruptcy or insolvency (defined herein), dissolution of a Member, or other event that shall effectively terminate a Members continued Membership in the Company in line with the Statutes (each item referred to individually as a Withdrawal Event and in aggregate as Withdrawal Events) the Company will be terminated sixty days after notice has been given to Members about the Withdrawal Event unless the Company’s business is to continue as provided herein. Irrespective of a Withdrawal Event of a Member, the Company will continue to function and will not be terminated, if within the sixty day period after the Members have received notice, the Members that still hold Membership in the Company, not inclusive of the Member which triggered the Withdrawal Event, have a unanimous affirmative vote to continue the business affairs of the Company. When a Withdrawal Event of a Member occurs, successors of the interests of the Members will not be entitled to the rights of that the Member held in the Company except for the allocations and distributions that the Member was previously entitled to. This holds true unless the holder of the successor interest is admitted to the Company in line with this Agreement. The Withdrawal Event related to bankruptcy and or insolvency will be deemed to occur if the Member: 1. Applies or allows the appointment of someone to be a receiver, trustee, or liquidator of all their assets or a substantial portion of their assets. ‘Substantial’ to be defined by the Members by majority Members percentage interests vote. 2. Makes a general assignment to the benefit of their creditors 3. Is judged to be a bankrupt or an insolvent
Appears in 7 contracts
Samples: Operating Agreement, Operating Agreement, Operating Agreement
Withdrawal Events. (Applies ONLY if Multi-Member): If certain events such as death, withdrawal, expulsion, retirement, the event of a bankruptcy or insolvency (defined herein), dissolution of a Member, or other event that shall effectively terminate a Members continued Membership in the Company in line with the Statutes (each item referred to individually as a Withdrawal Event and in aggregate as Withdrawal Events) the Company will be terminated sixty days after notice has been given to Members about the Withdrawal Event unless the Company’s business is to continue as provided herein. Irrespective of a Withdrawal Event of a Member, the Company will continue to function and will not be terminated, if within the sixty day period after the Members have received notice, the Members that still hold Membership in the Company, not inclusive of the Member which triggered the Withdrawal Event, have a unanimous affirmative vote to continue the business affairs of the Company. When a Withdrawal Event of a Member occurs, successors of the interests of the Members will not be entitled to the rights of that the Member held in the Company except for the allocations and distributions that the Member was previously entitled to. This holds true unless the holder of the successor interest is admitted to the Company in line with this Agreement. The Withdrawal Event related to bankruptcy and or insolvency will be deemed to occur if the Member:
1. Applies or allows the appointment of someone to be a receiver, trustee, or liquidator of all their assets or a substantial portion of their assets. ‘Substantial’ to be defined by the Members by majority Members percentage interests vote.
2. Makes a general assignment to the benefit of their creditors 3. Is judged to be a bankrupt or an insolvent
Appears in 7 contracts
Samples: Operating Agreement, Operating Agreement, Limited Liability Company Operating Agreement
