Death of Member. Upon the death of the Member, the Company shall be dissolved. By separate written documentation, the Member shall designate and appoint the individual who will wind down the Company’s business and transfer or distribute the Member's Interests and Capital Account as designated by the Member or as may otherwise be required by law.
Death of Member. (a) Upon the death of any Member, the estate or personal representative of the deceased Member shall have the option to request the Company repurchase the deceased Member’s Interest subject to and in accordance with the applicable Code and Treasury Regulations regarding Publicly Traded Partnerships. If the estate or personal representative makes such a request, the Company may elect, in its sole discretion and subject to Section 10.4(b) below, to purchase the deceased Member’s Interest at the Redemption Value of such Interest in effect at the date of death as determined in accordance with Section 10.10 below, and on the terms and conditions set forth in Section 10.5 and Section 10.6 below. This request may be made by the deceased Member’s estate or personal representative by providing written notice to the Company within one hundred twenty (120) days after the date of death; provided, however, the Company will not repurchase such interest earlier than sixty (60) days after receipt of the written notice from the estate or personal representative requesting the purchase.
Death of Member a. Upon the death of a Member, the remaining LLC members shall cause a prompt preparation of financial statements for the LLC as of the end of the month in which the Member died which shall be the effective date of death for the deceased Member for accounting purposes under this agreement. For purposes of this section, if LLC Units are titled in the name of a revocable trust, the trustee of said revocable trust shall be treated as the Member.
Death of Member. If a Member dies the survivor or survivors where he was a joint Holder, and his personal representatives where he was a sole Holder or the only survivor of joint Holders, shall be the only persons recognised by the Company as having any title to his interest in the Shares; but nothing herein contained shall release the estate of a deceased Member from any liability (whether sole or joint) in respect of any Share which had been held by him.
Death of Member. 21.1. In the event that a member dies while in the employ of the Board, the member’s estate or beneficiary shall be provided with a cheque in the amount of ten thousand dollars ($10,000) within two (2) business days of the request being made, provided that the member’s beneficiary or estate provides a written agreement to repay the full amount upon receipt of the member’s group life insurance benefit, which is detailed in article 11.2. (2003 AA)
Death of Member. (i) Upon the Company’s receipt of notice of the death of a Member, the Company shall have an option to purchase all, but not less than all, of the deceased Member’s Units for the appraised value as determined in Section 9.3(b) above and upon the other terms and conditions provided in Sections 9.3(c) and 9.3(d) by giving an Acceptance Notice to the decedent’s estate and his or her executors, administrators, legal representatives and/or such parties’ successors in interest (the “Personal Representative”). The Personal Representative shall have a period of twelve months to respond to the offer from the Company.
Death of Member. In the event of and concurrently upon the death of a Member such Member’s Units shall be redeemed by the Company and in exchange the Company shall pay to the estate of the deceased Member a sum of money equal to the Buy-Out Price. The Buy-Out Price will be paid in accordance with the terms of Sections 4.07 and 4.08.
Death of Member. Commencing upon the death of a Member, the surviving Members shall, for a period of ninety (90) days, have the option to purchase all or any portion of the deceased Member’s Membership Interest at Fair Value (determined as of the date of the death of the Member); provided, however, the exercise of said option shall require the unanimous consent of the Managers. Upon the expiration of ninety (90) days after the death of a Member, the Company shall be obligated to purchase all, and not less than all, of the deceased Member’s Membership Interest at Fair Value which the surviving Members do not elect to purchase pursuant to the option granted in the preceding sentence. The spouse and executors or administrators of the deceased Member shall sell all of the deceased Member’s Membership Interest to the Company and/or the other Members in accordance with the option or obligation established by this section.
Death of Member. If upon the death of a member the member’s interest in the Company passes by will, trust, or intestate succession to a member’s immediate family, such legatee or distributee, by assuming in writing the terms of the Subscription Agreement and Occupancy Agreement within 60 days after such member’s death, and by paying all amounts due thereunder, may become a member of the Company. If a member dies and an obligation is not assumed in accordance with the foregoing, then the Company shall have an option to purchase the membership from the deceased member’s estate or trust in the manner provided in paragraph
Death of Member. Upon the death of a Member, the decedent Member’s Membership Interests shall be transferred in accordance with the decedent Member’s will or according to the applicable intestate provisions.
