Withdrawal of Managing Member Sample Clauses

Withdrawal of Managing Member. The Managing Member may withdraw from the Company only upon a transfer of all of such Managing Member's Membership Interest as a Managing Member in accordance with Article IX. The Managing Member shall have no liability to the Company or the Members on account of any withdrawal in accordance with the terms of this Article X.
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Withdrawal of Managing Member. Except in connection with an assignment permitted by Section 7.1, the Managing Member shall not withdraw from the Fund unless the Managing Member gives the Nonmanaging Members ninety (90) days written notice in advance of such withdrawal.
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Withdrawal of Managing Member. (a) The Managing Member may not Withdraw (other than as a result of an Involuntary Withdrawal) without the Consent of the Special Member. Withdrawal shall be conditioned upon the agreement of the Special Member to be admitted as a successor Managing Member, or if the Special Member declines to be admitted as a successor Managing Member then on the agreement of one or more Persons who satisfy the requirements of Section 13.5 of this Agreement to be admitted as successor Managing Member(s).
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Withdrawal of Managing Member. The Managing Member shall not at any time retire or withdraw from the LLC except as otherwise permitted hereunder. If the Managing Member retires or withdraws in contravention of this Section 16.1, it shall indemnify, defend and hold harmless the LLC and the other Members from and against any losses, expenses, judgments, fines, settlements or damages suffered or incurred by the LLC or such other Members arising out of or resulting from such retirement or withdrawal.
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Withdrawal of Managing Member an event of withdrawal of the Managing Member, as defined in the Act, unless, within 90 days after the withdrawal, all the remaining Members agree in writing to continue the business of the Company and to the appointment, effective as of the date of withdrawal, of a substitute Managing Member;
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Related to Withdrawal of Managing Member

  • Withdrawal of Members A member may withdraw from this LLC by giving written notice to all other members at least days before the date the withdrawal is to be effective.

  • Withdrawal of General Partner The withdrawal of any person as a General Partner for any reason does not constitute a breach of this Agreement. The withdrawing General Partner then becomes a Limited Partner and will retain the economic interest (previously held as a General Partner) as a Limited Partner. If after the withdrawal, there remains other General Partner(s), these General Partner(s) will continue the business of the Limited Partnership. "

  • Withdrawal of Partners (a) Any Partner may Withdraw voluntarily from the Partnership subject to the prior written consent of the General Partner, including if such Withdrawal would (i) cause the Partnership to be in default under any of its contractual obligations or (ii) in the reasonable judgment of the General Partner, have a material adverse effect on the Partnership or its business. Without limiting the foregoing sentence, the General Partner generally intends to permit voluntary Withdrawals on the last day of any calendar month (or on such other date as shall be determined by the General Partner in its sole discretion), on not less than 15 days’ prior written notice by such Partner to the General Partner (or on such shorter notice period as may be mutually agreed upon between such Partner and the General Partner); provided, that a Partner may Withdraw from the Partnership with respect to such Partner’s GP-Related Partner Interest without Withdrawing from the Partnership with respect to such Partner’s Capital Commitment Partner Interest, and a Partner may Withdraw from the Partnership with respect to such Partner’s Capital Commitment Partner Interest without Withdrawing from the Partnership with respect to such Partner’s GP-Related Partner Interest.

  • Removal of Manager Upon an Event of Default (and so long as the Private Owner is then the Manager), the Initial Member may remove the Private Owner as the Manager and appoint a successor Manager in the sole discretion of the Initial Member in accordance with Section 12.4, whereupon such successor Manager shall immediately succeed to all, or such portion as the Initial Member and successor Manager agree, of the rights, powers, duties and obligations of the “Manager” hereunder, and the predecessor Manager shall promptly take such actions as may be reasonably requested by the Initial Member to facilitate the transition to such successor Manager.

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