Common use of Withdrawal of a Member Clause in Contracts

Withdrawal of a Member. Any Member may withdraw from the LLC at any time upon not less than ninety days' prior written notice to the LLC and each other Member. A withdrawal of a Member shall not cause a Dissolution Event unless the remaining Members determine to dissolve pursuant to Section 12.2. 1. If the existence and business of the LLC is continued by the remaining Members after such withdrawal: a. such withdrawing Member shall have no Governance Rights with respect to the LLC, and the rights of such withdrawing Member shall be deemed to be that of an assignee of such withdrawing Member's Financial Rights owned prior to such withdrawal, once notice of such Member's withdrawal is given by such withdrawing Member; b. no Member shall be entitled to any distribution from the LLC as a result of such withdrawal; and c. a withdrawn Member shall remain liable to the LLC for any existing liability of such withdrawn Member for wrongful distributions and pursuant to any contribution agreements at the time of such withdrawal.