Dissociated Member definition

Dissociated Member. A Person who has ceased to be a Member as a result of Dissociation.

Dissociated Member shall have the meaning given that term in Section 2.6 hereof.

Dissociated Member means any Member who suffers a Dissociation Event.

Examples of Dissociated Member in a sentence

• Notwithstanding any provision of the Act to the contrary, no Member or Dissociated Member shall be entitled to receive any cash or assets from the Company upon the occurrence of a Dissociation Event.

• To exercise such option, Company shall provide written notice to the Dissociated Member or its Legal Representative, as applicable (“Selling Party”) of Company’s election to purchase the Dissociated Member’s Units (“Dissociation Exercise Notice” ).

• Upon a Dissociation Event, the Dissociated Member or its Legal Representative shall provide written notice to the Manager of the occurrence of a Dissociation Event (“Dissociation Event Notice” ).

• If a Member suffers a Dissociation Event, the Dissociated Member shall become an Economic Interest Owner (as defined below) only and shall no longer be entitled to vote or participate in the management or control of the Company or to demand information except as specifically required hereunder with respect to Economic Interest Owners.

More Definitions of Dissociated Member

Dissociated Member has the meaning set forth in Section 3.12.

Dissociated Member means and refer to any Member who ceases to be a Member in the Company by reason of the occurrence of an Event of Dissociation with respect to such Member.

Dissociated Member has the meaning specified in Section 11.01

Dissociated Member means a Member who has suffered a Bankruptcy or ------------------ Dissolution.

Dissociated Member means a former Member of the Company whose membership is terminated under Article XI of this Agreement.

Dissociated Member. A Person who has ceased to be Member as a result of Dissociation under Article hereof.

Dissociated Member means a Person who has ceased to be a Common Member as a result of Dissociation in Article VII. "Distribution" means the distributions to the Members of cash or other assets of the Company made from time to time pursuant to the provisions of this Agreement. "Manager" shall mean, initially, Foxtail Hollow Development, LLC, a Minnesota limited liability company, and any successor appointed in accordance with this Agreement (including the Certificate of Designation). "Membership Interest" means all right, title, and interest of a Member in the Company, including the Member's interest in the capital, income, gain, deductions, loss, and credits of the Company, all as provided in this Agreement and the Act. "Net Income" and "Net Losses" means the profits and losses of the Company, as the case may be, as determined for federal income tax purposes as of the close of the fiscal years of the Company. "Percentage Interest" means, with respect to a Member, the portion of the Company's outstanding Membership Interests owned by the Member, expressed as a percentage. "Permitted Transferees" means another Member or a trust established for the benefit of any Member or his or her immediate family members, the trustee of which is the transferring Member or a transfer back from such trust to the Member that established or granted such trust. "Person" means a natural person, partnership (whether general or limited), limited liability company, trust (including a common law trust, business trust, statutory trust, voting trust, or any other form of trust), estate, association (including any group, organization, co-tenancy, plan, board, council, or committee), corporation, custodian, nominee, or any other individual or entity (or series thereof) in its own or any representative capacity, in each case, whether domestic or foreign. "Property" means any tangible property, real or personal, including money and any legal or equitable interest in such property owned by the Company. "Remaining Members" means in the event of the Dissociation of a Member, all of the Members at the time of such Dissociation other than the Member who is being or has been