Examples of Dissociation in a sentence
If the Member Transfers all of his, her or its Membership Interests, the Transfer will constitute an event of Dissociation.
Upon the occurrence of an Event of Dissociation: (a) the Member’s right to participate in the Company’s governance, receive information concerning the Company’s affairs and inspect the Company’s books and records will terminate and (b) unless the Dissociation resulted from the Transfer of the Member’s Membership Interests, the Member will be entitled to receive the Distributions to which the Member would have been entitled as of the effective date of the Dissociation had the Dissociation not occurred.
Without limiting the generality of the foregoing, unless the language or context clearly indicates a different intent, the provisions of this Agreement pertaining to the Company’s governance and financial affairs and the rights of the Members upon Dissociation and dissolution will supersede the provisions of the Act relating to the same matters.
The Member will remain liable for any obligation to the Company that existed prior to the effective date of the Dissociation, including any costs or damages from the Member’s breach of this Agreement.
The effect of such Dissociation on the remaining Members who do not sell or dissociate will be to increase their percentage share of the remaining assets of the Company, and thus their proportionate share of its future earnings, losses and distributions.