Common use of Disassociation Clause in Contracts

Disassociation. (a) If an event of disassociation occurs with respect to any Member as provided in Section 7▇-▇▇-▇▇▇ of the Act, the disassociating Member shall cease to be a Member, and to the extent the disassociating Member continues to hold Units such Person shall be treated for all purposes as an unadmitted transferee, holding Financial Rights but no Governance Rights, with respect to such Units. The disassociating Member shall have no right to receive the fair value of such Units as a result of the event of disassociation. (b) No Member has the power to withdraw by voluntary act from the Company.

Disassociation. (a) If an event of disassociation occurs with respect to any Member as provided in Section 7▇-▇▇-▇▇▇ of the Act, the disassociating Member shall cease to be a Member, and to the extent the disassociating Member continues to hold Voting Units all of such Person Voting Units shall be treated for all purposes as an unadmitted transferee, holding Financial Rights but no Governance Rights, with respect to such automatically converted into Nonvoting Units. The disassociating Member shall have no right to receive the fair value of such Units as a result of the event of disassociation. (b) No Member has the power to withdraw by voluntary act from the Company.