Member Cessation Event definition

Member Cessation Event has the meaning set forth in Section 5c.

Member Cessation Event shall have the meaning prescribed in Section 2.2 of this Agreement.

Member Cessation Event means any event that causes the Member to cease to be a member of the LLC other than upon continuation of the LLC without dissolution upon (a) an assignment by the Member of its Interests and the admission of the transferee as a member if permitted pursuant to this Agreement and the Loan Documents, or (b) the resignation of the Member and the prior or simultaneous admission of an additional member of the LLC, if permitted pursuant to Section 4.7 of this Agreement and the Loan Documents.

Examples of Member Cessation Event in a sentence

• If, however, at the time of a Member Cessation Event, Springing Member 1 has died or is otherwise no longer able to step into the role of Special Member, then in such event, Springing Member 2 shall, concurrently with the Member Cessation Event, and without any action of any Person and simultaneously with the Member Cessation Event, automatically be admitted to the Company as Special Member and shall continue the Company without dissolution.

• If, at the time of a Member Cessation Event, Independent Manager One has died or is otherwise no longer able to step into the role of Special Member, then, in such event, the other Independent Manager shall, concurrently with the Member Cessation Event, and without any action of any Person and simultaneously with the Member Cessation Event, automatically be admitted to the LLC as a Special Member and shall continue the LLC without dissolution.

• If, however, at the time of a Member Cessation Event, Springing Member 1 has died or is otherwise no longer able or is unwilling to step into the role of Special Member, then in such event, Springing Member 2 shall, concurrently with the Member Cessation Event, and without any action of any Person and simultaneously with the Member Cessation Event, automatically be admitted to the Company as Special Member and shall continue the Company without dissolution.

• Upon the occurrence of any Member Cessation Event, Independent Manager One shall, without any action of any Person and simultaneously with the Member Cessation Event, automatically be admitted to the LLC as a Special Member and shall continue the LLC without dissolution.

• If, however, at the time of a Member Cessation Event, Springing Member 1 has died or is otherwise no longer able to step into the role of Special Member, then in such event, Springing Member 2 shall, simultaneously with the Member Cessation Event and without any action of any Person automatically be admitted to the Company as a Special Member and shall continue the Company without dissolution.

More Definitions of Member Cessation Event

Member Cessation Event shall have the meaning specified in Section 4.1.3 5(hh).

Member Cessation Event shall have the meaning ascribed to that term in Section 6.4.

Member Cessation Event has the meaning assigned to that term in Section 5(b) hereof.

Member Cessation Event means any event that causes the Member to cease to be the member of Borrower (or of such SPE Component Entity) (other than (A) upon an assignment by Member of all of its limited liability company interest in Borrower (or such SPE Component Entity) and the admission of the transferee in accordance with the Loan Documents and the LLC Agreement, or (B) the resignation of Member and the admission of an additional member of Borrower (or of such SPE Component Entity) in accordance with the terms of the Loan Documents and the LLC Agreement).

Member Cessation Event means an event that causes the Member to cease to be a member of the Silver Note Issuer (other than (i) upon an assignment by the Member of all of its limited liability company interest in the Silver Note Issuer and the admission of the transferee pursuant to the Silver LLC Agreement, or (ii) the resignation of the Member and the admission of an additional member of the Silver Note Issuer pursuant to the Silver LLC Agreement);

Member Cessation Event shall have the meaning set forth in Section 6.9. “Membership Interest” means the Member’s entire limited liability company interest in the Company. “Mortgage” means that certain Deed of Trustand Security Agreement by the Property Owner for the benefit of Xxxxxx dated as of the date hereof, as amended on or prior to the date hereof, as the same may be further amended, restated, replaced, supplemented or otherwise modified in accordance with the Loan Agreement.

Member Cessation Event shall have the meaning given thereto in Section 5(c) of this Agreement.