Common use of Effect of Disassociation Clause in Contracts

Effect of Disassociation. Immediately on mailing of a notice of Disassociation sent by the Manager to a Members last known address, unless the reason for Disassociation can be and is cured within sixty (60) days, a Member will cease to be a Member of the Company and shall henceforth be known as a Disassociated Member. Any successor in Interest who succeeds to a Members Interest by operation of law (per Article 1.2) shall henceforth be known as an Involuntary Transferee. Subsequently, the Disassociated Members right to vote or participate in management decisions (as summarized in Article 7.4) will be automatically terminated. A Disassociated Member (or its legal successor) will continue to receive only the Disassociated Members Economic Interest in the Company, unless the Disassociated member/Involuntary Transferee elects to sell its Interest to the Manager or Members (Purchasing Members) or to a third party buyer (Voluntary Transferee) following the procedures describe in Article 11.5; and/or a Voluntary or Involuntary Transferee seek admission and is approve by the Manager as a Substitute Member (per Article 11.4). Until such time, if ever, that the Manager approves the transfer of the entire Disassociated Members Membership Interest to the Purchasing members or a Substitute Member, the voting interests of the Remaining Members will be proportionately increase as necessary to absorb the Disassociated Members voting Interests. If a Members objects to Disassociation, they will be bound to resolve the dispute in accordance with the Internal Dispute Resolution Procedure described in Article 13, unless the reason for the Disassociation can be resolved within sixty (60) days to the satisfaction of the Manager, in which Xxxxxxx Homes Xxxxxxx Loans | 40 Company Operating Agreement case their full Membership Interest will be reinstated. If there is no Involuntary Transferee, and no third party buyer is found and the Manger or remaining Members do not wish to purchase the Disassociated Members Interest, the Disassociated Member will only be entitled to receive its Economic Interests (no voting rights), indefinitely, until such time as the Company is dissolved.

Appears in 8 contracts

Samples: Subscription Agreement (Gilmore Homes - Gilmore Loans, LLC), Subscription Agreement (Gilmore Homes - Gilmore Loans, LLC), Subscription Agreement (Gilmore Homes - Gilmore Loans, LLC)

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Effect of Disassociation. Immediately on mailing of a notice of Disassociation sent by the Series Manager to a Members Series Member’s last known address, unless the reason for Disassociation can be and is cured within sixty (60) days, a Member Person will cease to be a Member of the Company Series and shall henceforth be known as a Disassociated Member. Any successor in Interest who succeeds to a Members Series Member’s Interest by operation of law (per Article 1.213.2) shall henceforth be known as an Involuntary Transferee. Subsequently, the Disassociated Members Member’s right to vote or participate in management decisions (as summarized in Article 7.4) will be automatically terminated. A Disassociated Member (or its legal successor) will continue to receive only the Disassociated Members Member’s Economic Interest in the CompanySeries, unless the Disassociated memberMember/Involuntary Transferee elects to sell its Interest to the Manager or Members (Purchasing Members) or to a third party buyer (Voluntary Transferee) following the procedures describe described in Article 11.512.8; and/or a Voluntary or Involuntary Transferee seek seeks admission and is approve approved by the Series Manager as a Substitute Member (per Article 11.412.7). Until such time, if ever, that the Series Manager approves the transfer of the entire Disassociated Members Membership Member’s Interest to the Purchasing members Members or a Substitute Member, the voting interests Interests of the Remaining Members will be proportionately increase increased as necessary to absorb the Disassociated Members Member’s voting Interests. If a Members Member objects to Disassociation, they will be bound to resolve the dispute in accordance with the Internal Dispute Resolution Procedure described in Article 1314, unless the reason for the Disassociation can be resolved within sixty (60) days to the satisfaction of the Series Manager, in which Xxxxxxx Homes Xxxxxxx Loans | 40 Company Operating Agreement case their full Membership Interest will be reinstated. If there is no Involuntary Transferee, and no third third-party buyer is found and the Manger Series Manager or remaining Remaining Members do not wish to purchase the Disassociated Members Member’s Interest, the Disassociated Member will only be entitled to receive its Economic Interests Interest (no voting rights), indefinitely, until such time as the Company or such Series is dissolved.. Mythic Collection, LLC Amended and Restated Company Agreement

Appears in 6 contracts

Samples: Series Limited Liability Company Agreement (Mythic Collection, LLC), Series Limited Liability Company Agreement (Mythic Collection, LLC), Series Limited Liability Company Agreement (Mythic Collection, LLC)

Effect of Disassociation. Immediately on mailing of a notice of Disassociation sent by the Manager to a Members Member’s last known address, unless the reason for Disassociation can be and is cured within sixty (60) days, a Member will cease to be a Member of the Company and shall henceforth be known as a Disassociated Member. Any successor in Interest who succeeds to a Members Member’s Interest by operation of law (per Article 1.212.2) shall henceforth be known as an Involuntary Transferee. Subsequently, the Disassociated Members Member’s right to vote or participate in management decisions (as summarized in Article 7.4) will be automatically terminated. A Disassociated Member (or its legal successor) will continue to receive only the Disassociated Members Member’s Economic Interest in the Company, unless the Disassociated memberMember/Involuntary Transferee elects to sell its Interest to the Manager or Members (Purchasing Members) or to a third party buyer (Voluntary Transferee) following the procedures describe described in Article 11.5; and/or a Voluntary or Involuntary Transferee seek seeks admission and is approve approved by the Manager as a Substitute Member (per Article 11.4). Until such time, if ever, that the Manager approves the transfer of the entire Disassociated Members Member’s Membership Interest to the Purchasing members Members or a Substitute Member, the voting interests of the Remaining Members will be proportionately increase increased as necessary to absorb the Disassociated Members Member’s voting Interests. If a Members Member objects to Disassociation, they will be bound to resolve the dispute in accordance with the Internal Dispute Resolution Procedure described in Article 13, unless the reason for the Disassociation can be resolved within sixty (60) days to the satisfaction of the Manager, in which Xxxxxxx Homes Xxxxxxx Loans | 40 Company Operating Agreement case their full Membership Interest will be reinstated. If there is no Involuntary Transferee, and no third party buyer is found and the Manger Manager or remaining Remaining Members do not wish to purchase the Disassociated Members Member’s Interest, the Disassociated Member will only be entitled to receive its Economic Interests Interest (no voting rights), indefinitely, until such time as the Company is dissolved.

Appears in 5 contracts

Samples: Company Agreement (Paradyme Equities, LLC), Company Agreement (Paradyme Equities, LLC), Company Agreement (Paradyme Equities, LLC)

Effect of Disassociation. Immediately on mailing of a notice of Disassociation sent by the Manager to a Members Member’s last known address, unless the reason for Disassociation can be and is cured within sixty (60) days, a Member will cease to be a Member of the Company and shall henceforth be known as a Disassociated Member. Any successor in Interest who succeeds to a Members Member’s Interest by operation of law (per Article 1.212.2) shall henceforth be known as an Involuntary Transferee. Tulsa Real Estate Fund, LLC 29 Company Agreement Subsequently, the Disassociated Members Member’s right to vote or participate in management decisions (as summarized in Article 7.4) will be automatically terminated. A Disassociated Member (or its legal successor) will continue to receive only the Disassociated Members Member’s Economic Interest in the Company, unless the Disassociated memberMember/Involuntary Transferee elects to sell its Interest to the Manager or Members (Purchasing Members) or to a third party buyer (Voluntary Transferee) following the procedures describe described in Article 11.5; and/or a Voluntary or Involuntary Transferee seek seeks admission and is approve approved by the Manager as a Substitute Member (per Article 11.4). Until such time, if ever, that the Manager approves the transfer of the entire Disassociated Members Member’s Membership Interest to the Purchasing members Members or a Substitute Member, the voting interests of the Remaining Members will be proportionately increase increased as necessary to absorb the Disassociated Members Member’s voting Interests. If a Members Member objects to Disassociation, they will be bound to resolve the dispute in accordance with the Internal Dispute Resolution Procedure described in Article 13, unless the reason for the Disassociation can be resolved within sixty (60) days to the satisfaction of the Manager, in which Xxxxxxx Homes Xxxxxxx Loans | 40 Company Operating Agreement case their full Membership Interest will be reinstated. If there is no Involuntary Transferee, and no third party buyer is found and the Manger Manager or remaining Remaining Members do not wish to purchase the Disassociated Members Member’s Interest, the Disassociated Member will only be entitled to receive its Economic Interests Interest (no voting rights), indefinitely, until such time as the Company is dissolved.

Appears in 5 contracts

Samples: Company Agreement (Tulsa Real Estate Fund, LLC), Company Agreement (Tulsa Real Estate Fund, LLC), Company Agreement (Tulsa Real Estate Fund, LLC)

Effect of Disassociation. Immediately on mailing of a notice of Disassociation sent by the Manager General Partner to a Members Limited Partner’s last known address, unless the reason for Disassociation can be and is cured within sixty (60) days, a Member Limited Partner will cease to be a Member Limited Partner of the Company and shall henceforth be known as a Disassociated MemberLimited Partner. Any successor in Interest who succeeds to a Members Limited Partner’s Interest by operation of law (per Article 1.212.2) shall henceforth be known as an Involuntary Transferee. Subsequently, the Disassociated Members Limited Partner’s right to vote or participate in management decisions (as summarized in Article 7.4) will be automatically terminated. A Disassociated Member Limited Partner (or its legal successor) will continue to receive only the Disassociated Members Limited Partner’s Economic Interest in the Company, unless the Disassociated memberLimited Partner/Involuntary Transferee elects to sell its Interest to the Manager General Partner or Members Limited Partners (Purchasing MembersLimited Partners) or to a third party buyer (Voluntary Transferee) following the procedures describe described in Article 11.5; and/or a Voluntary or Involuntary Transferee seek seeks admission and is approve approved by the Manager General Partner as a Substitute Member Limited Partner (per Article 11.4). Until such time, if ever, that the Manager General Partner approves the transfer of the entire Disassociated Members Membership Limited Partner’s Limited Partnership Interest to the Purchasing members Limited Partners or a Substitute MemberLimited Partner, the voting interests of the Remaining Members Limited Partners will be proportionately increase increased as necessary to absorb the Disassociated Members Limited Partner’s voting Interests. If a Members Limited Partner objects to Disassociation, they will be bound to resolve the dispute in accordance with the Internal Dispute Resolution Procedure described in Article 13, unless the reason for the Disassociation can be resolved within sixty (60) days to the satisfaction of the ManagerGeneral Partner, in which Xxxxxxx Homes Xxxxxxx Loans | 40 Company Operating Agreement case their full Membership Limited Partnership Interest will be reinstated. If there is no Involuntary Transferee, and no third third-party buyer is found and the Manger General Partner or remaining Members Remaining Limited Partners do not wish to purchase the Disassociated Members Limited Partner’s Interest, the Disassociated Member Limited Partner will only be entitled to receive its Economic Interests Interest (no voting rights), indefinitely, until such time as the Company is dissolved.

Appears in 3 contracts

Samples: Limited Partnership Agreement (Keystone Investors-Urban Node Fund II, LP), Limited Partnership Agreement (Keystone Investors-Urban Node Fund II, LP), Limited Partnership Agreement (Keystone Investors-Urban Node Fund II, LP)

Effect of Disassociation. Immediately on mailing of a notice of Disassociation sent by the Manager to a Members Member’s last known address, unless the reason for Disassociation can be and is cured within sixty (60) days, a Member will cease to be a Member of the Company and shall henceforth be known as a Disassociated Member. Any successor in Interest who succeeds to a Members Member’s Interest by operation of law (per Article 1.212.2) shall henceforth be known as an Involuntary Transferee. Subsequently, the Disassociated Members Member’s right to vote or participate in management decisions (as summarized in Article 7.4) will be automatically terminated. A Disassociated Member (or its legal successor) will continue to receive only the Disassociated Members Member’s Economic Interest in the Company, unless the Disassociated memberMember/Involuntary Transferee elects to sell its Interest to the Manager or Members (Purchasing Members) or to a third third-party buyer (Voluntary Transferee) following the procedures describe described in Article 11.5; and/or a Voluntary or Involuntary Transferee seek seeks admission and is approve approved by the Manager as a Substitute Member (per Article 11.4). Until such time, if ever, that the Manager approves the transfer of the entire Disassociated Members Member’s Membership Interest to the Purchasing members Members or a Substitute Member, the voting interests of the Remaining Members will be proportionately increase increased as necessary to absorb the Disassociated Members Member’s voting Interests. If a Members Member objects to Disassociation, they will be bound to resolve the dispute in accordance with the Internal Dispute Resolution Procedure described in Article 13, unless the reason for the Disassociation can be resolved within sixty (60) days to the satisfaction of the Manager, in which Xxxxxxx Homes Xxxxxxx Loans | 40 Company Operating Agreement case their full Membership Interest will be reinstated. If there is no Involuntary Transferee, and no third third-party buyer is found and the Manger Manager or remaining Remaining Members do not wish to purchase the Disassociated Members Member’s Interest, the Disassociated Member will only be entitled to receive its Economic Interests Interest (no voting rights), indefinitely, until such time as the Company is dissolved.

Appears in 3 contracts

Samples: Limited Liability Company Agreement (Mission First Capital LLC), Limited Liabiltiy Company Agreement (Mission First Capital LLC), Limited Liabiltiy Company Agreement (Mission First Capital LLC)

Effect of Disassociation. Immediately on mailing of a notice of Disassociation sent by the Manager to a Members Member’s last known address, unless the reason for Disassociation can be and is cured within sixty (60) days, a Member will cease to be a Member of the Company and shall henceforth be known as a Disassociated Member. Any successor in Interest who succeeds to a Members Member’s Interest by operation of law (per Article 1.212.2) shall henceforth be known as an Involuntary Transferee. Subsequently, the Disassociated Members Member’s right to vote or participate in management decisions (as summarized in Article 7.4) will be automatically terminated. A Disassociated Member (or its legal successor) will continue to receive only the Disassociated Members Member’s Economic Interest in the Company, unless the Disassociated memberMember/Involuntary Transferee elects to sell its Interest to the Manager or Members (Purchasing Members) or to a third party buyer (Voluntary Transferee) following the procedures describe described in Article 11.5; and/or a Voluntary or Involuntary Transferee seek seeks admission and is approve approved by the Manager as a Substitute Member (per Article 11.4). Until such time, if ever, that the Manager approves the transfer of the entire Disassociated Members Member’s Membership Interest to the Purchasing members Members or a Substitute Member, the voting interests of the Remaining Members will be proportionately increase increased as necessary to absorb the Disassociated Members Member’s voting Interests. If a Members Member objects to Disassociation, they will be bound to resolve the dispute in accordance with the Internal Dispute Resolution Procedure described in Article 13, unless the reason for the Disassociation can be resolved within sixty (60) days to the satisfaction of the Manager, in which Xxxxxxx Homes Xxxxxxx Loans | 40 Company Operating Agreement case their full Membership Interest will be reinstated. If there is no Involuntary Transferee, and no third party buyer is found and the Manger Manager or remaining Remaining Members do not wish to purchase the Disassociated Members Member’s Interest, the Disassociated Member will only be entitled to receive its Economic Interests Interest (no voting rights), indefinitely, until such time as the Company is dissolved.. Paradyme Equities, LLC 31 Company Agreement

Appears in 2 contracts

Samples: Company Agreement (Paradyme Equities, LLC), Company Agreement (Paradyme Equities, LLC)

Effect of Disassociation. Immediately on mailing of a notice of Disassociation sent by the Series Manager to a Members Series Member’s last known address, unless the reason for Disassociation can be and is cured within sixty (60) days, a Member Person will cease to be a Member of the Company Series and shall henceforth be known as a Disassociated Member. Any successor in Interest who succeeds to a Members Series Member’s Interest by operation of law (per Article 1.213.2) shall henceforth be known as an Involuntary Transferee. Subsequently, the Disassociated Members Member’s right to vote or participate in management decisions (as summarized in Article 7.4) will be automatically terminated. A Disassociated Member (or its legal successor) will continue to receive only the Disassociated Members Member’s Economic Interest in the CompanySeries, unless the Disassociated memberMember/Involuntary Transferee elects to sell its Interest to the Manager or Members (Purchasing Members) or to a third party buyer (Voluntary Transferee) following the procedures describe described in Article 11.512.8; and/or a Voluntary or Involuntary Transferee seek seeks admission and is approve approved by the Series Manager as a Substitute Member (per Article 11.412.7). Until such time, if ever, that the Series Manager approves the transfer of the entire Disassociated Members Membership Member’s Interest to the Purchasing members Members or a Substitute Member, the voting interests Interests of the Remaining Members will be proportionately increase increased as necessary to absorb the Disassociated Members Member’s voting Interests. If a Members Member objects to Disassociation, they will be bound to resolve the dispute in accordance with the Internal Dispute Resolution Procedure described in Article 1314, unless the reason for the Disassociation can be resolved within sixty (60) days to the satisfaction of the Series Manager, in which Xxxxxxx Homes Xxxxxxx Loans | 40 Company Operating Agreement case their full Membership Interest will be reinstated. If there is no Involuntary Transferee, and no third third-party buyer is found and the Manger Series Manager or remaining Remaining Members do not wish to purchase the Disassociated Members Member’s Interest, the Disassociated Member will only be entitled to receive its Economic Interests Interest (no voting rights), indefinitely, until such time as the Company or such Series is dissolved.

Appears in 1 contract

Samples: Series Limited Liability Company Agreement (VV Markets LLC)

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Effect of Disassociation. Immediately on mailing of a notice of Disassociation sent by the Series Manager to a Members Series Member?s last known address, unless the reason for Disassociation can be and is cured within sixty (60) days, a Member Person will cease to be a Member of the Company Series and shall henceforth be known as a Disassociated Member. Any successor in Interest who succeeds to a Members Series Member?s Interest by operation of law (per Article 1.213.2) shall henceforth be known as an Involuntary Transferee. Subsequently, the Disassociated Members Member?s right to vote or participate in management decisions (as summarized in Article 7.4) will be automatically terminated. A Disassociated Member (or its legal successor) will continue to receive only the Disassociated Members Member?s Economic Interest in the CompanySeries, unless the Disassociated memberMember/Involuntary Transferee elects to sell its Interest to the Manager or Members (Purchasing Members) or to a third party buyer (Voluntary Transferee) following the procedures describe described in Article 11.512.8; and/or a Voluntary or Involuntary Transferee seek seeks admission and is approve approved by the Series Manager as a Substitute Member (per Article 11.412.7). Until such time, if ever, that the Series Manager approves the transfer of the entire Disassociated Members Membership Member?s Interest to the Purchasing members Members or a Substitute Member, the voting interests Interests of the Remaining Members will be proportionately increase increased as necessary to absorb the Disassociated Members Member?s voting Interests. If a Members Member objects to Disassociation, they will be bound to resolve the dispute in accordance with the Internal Dispute Resolution Procedure described in Article 1314, unless the reason for the Disassociation can be resolved within sixty (60) days to the satisfaction of the Series Manager, in which Xxxxxxx Homes Xxxxxxx Loans | 40 Company Operating Agreement case their full Membership Interest will be reinstated. If there is no Involuntary Transferee, and no third third-party buyer is found and the Manger Series Manager or remaining Remaining Members do not wish to purchase the Disassociated Members Member?s Interest, the Disassociated Member will only be entitled to receive its Economic Interests Interest (no voting rights), indefinitely, until such time as the Company or such Series is dissolved.

Appears in 1 contract

Samples: Limited Liability Company Agreement (VV Markets LLC)

Effect of Disassociation. Immediately on mailing of a notice of Disassociation sent by the Series Manager to a Members Series Member's last known address, unless the reason for Disassociation can be and is cured within sixty (60) days, a Member Person will cease to be a Member of the Company Series and shall henceforth be known as a Disassociated Member. Any successor in Interest who succeeds to a Members Series Member's Interest by operation of law (per Article 1.213.2) shall henceforth be known as an Involuntary Transferee. Subsequently, the Disassociated Members Member's right to vote or participate in management decisions (as summarized in Article 7.4) will be automatically terminated. A Disassociated Member (or its legal successor) will continue to receive only the Disassociated Members Member's Economic Interest in the CompanySeries, unless the Disassociated memberMember/Involuntary Transferee elects to sell its Interest to the Manager or Members (Purchasing Members) or to a third party buyer (Voluntary Transferee) following the procedures describe described in Article 11.512.8; and/or a Voluntary or Involuntary Transferee seek seeks admission and is approve approved by the Series Manager as a Substitute Member (per Article 11.412.7). Until such time, if ever, that the Series Manager approves the transfer of the entire Disassociated Members Membership Member's Interest to the Purchasing members Members or a Substitute Member, the voting interests Interests of the Remaining Members will be proportionately increase increased as necessary to absorb the Disassociated Members Member's voting Interests. If a Members Member objects to Disassociation, they will be bound to resolve the dispute in accordance with the Internal Dispute Resolution Procedure described in Article 1314, unless the reason for the Disassociation can be resolved within sixty (60) days to the satisfaction of the Series Manager, in which Xxxxxxx Homes Xxxxxxx Loans | 40 Company Operating Agreement case their full Membership Interest will be reinstated. If there is no Involuntary Transferee, and no third third-party buyer is found and the Manger Series Manager or remaining Remaining Members do not wish to purchase the Disassociated Members Member's Interest, the Disassociated Member will only be entitled to receive its Economic Interests Interest (no voting rights), indefinitely, until such time as the Company or such Series is dissolved.

Appears in 1 contract

Samples: Series Limited Liability Company Agreement (VV Markets LLC)

Effect of Disassociation. Immediately on mailing of a notice of Disassociation sent by the Manager to a Members Member’s last known address, unless the reason for Disassociation can be and is cured within sixty (60) days, a Member will cease to be a Member of the Company and shall henceforth be known as a Disassociated Member. Any successor in Interest who succeeds to a Members Member’s Interest by operation of law (per Article 1.212.2) shall henceforth be known as an Involuntary Transferee. Subsequently, the Disassociated Members Member’s right to vote or participate in management decisions (as summarized in Article 7.4) will be automatically terminated. A Disassociated Member (or its legal successor) will continue to receive only the Disassociated Members Member’s Economic Interest in the Company, unless the Disassociated memberMember/Involuntary Transferee elects to sell its Interest to the Manager or Members (Purchasing Members) or to a third third- party buyer (Voluntary Transferee) following the procedures describe described in Article 11.5; and/or a Voluntary or Involuntary Transferee seek seeks admission and is approve approved by the Manager as a Substitute Member (per Article 11.4). Until such time, if ever, that the Manager approves the transfer of the entire Disassociated Members Member’s Membership Interest to the Purchasing members Members or a Substitute Member, the voting interests of the Remaining Members will be proportionately increase increased as necessary to absorb the Disassociated Members Member’s voting Interests. If a Members Member objects to Disassociation, they will be bound to resolve the dispute in accordance with the Internal Dispute Resolution Procedure described in Article 13, unless the reason for the Disassociation can be resolved within sixty (60) days to the satisfaction of the Manager, in which Xxxxxxx Homes Xxxxxxx Loans | 40 Company Operating Agreement case their full Membership Interest will be reinstated. If there is no Involuntary Transferee, and no third third-party buyer is found and the Manger Manager or remaining Remaining Members do not wish to purchase the Disassociated Members Member’s Interest, the Disassociated Member will only be entitled to receive its Economic Interests Interest (no voting rights), indefinitely, until such time as the Company is dissolved.

Appears in 1 contract

Samples: Operating Agreement

Effect of Disassociation. Immediately on mailing of a notice of Disassociation sent by the Manager to a Members Member’s last known address, unless the reason for Disassociation can be and is cured within sixty (60) days, a Member will cease to be a Member of the Company and shall henceforth be known as a Disassociated Member. Any successor in Interest who succeeds to a Members Member’s Interest by operation of law (per Article 1.212.2) shall henceforth be known as an Involuntary Transferee. Paradyme Equities, LLC Company Agreement Subsequently, the Disassociated Members Member’s right to vote or participate in management decisions (as summarized in Article 7.4) will be automatically terminated. A Disassociated Member (or its legal successor) will continue to receive only the Disassociated Members Member’s Economic Interest in the Company, unless the Disassociated memberMember/Involuntary Transferee elects to sell its Interest to the Manager or Members (Purchasing Members) or to a third party buyer (Voluntary Transferee) following the procedures describe described in Article 11.5; and/or a Voluntary or Involuntary Transferee seek seeks admission and is approve approved by the Manager as a Substitute Member (per Article 11.4). Until such time, if ever, that the Manager approves the transfer of the entire Disassociated Members Member’s Membership Interest to the Purchasing members Members or a Substitute Member, the voting interests of the Remaining Members will be proportionately increase increased as necessary to absorb the Disassociated Members Member’s voting Interests. If a Members Member objects to Disassociation, they will be bound to resolve the dispute in accordance with the Internal Dispute Resolution Procedure described in Article 13, unless the reason for the Disassociation can be resolved within sixty (60) days to the satisfaction of the Manager, in which Xxxxxxx Homes Xxxxxxx Loans | 40 Company Operating Agreement case their full Membership Interest will be reinstated. If there is no Involuntary Transferee, and no third party buyer is found and the Manger Manager or remaining Remaining Members do not wish to purchase the Disassociated Members Member’s Interest, the Disassociated Member will only be entitled to receive its Economic Interests Interest (no voting rights), indefinitely, until such time as the Company is dissolved.

Appears in 1 contract

Samples: Company Agreement (Paradyme Equities, LLC)

Effect of Disassociation. Immediately on mailing of a notice of Disassociation sent by the Manager to a Members Member’s last known address, unless the reason for Disassociation can be and is cured within sixty (60) days, a Member will cease to be a Member of the Company and shall henceforth be known as a Disassociated Member. Any successor in Interest who succeeds to a Members Member’s Interest by operation of law (per Article 1.212.2) shall henceforth be known as an Involuntary Transferee. Subsequently, the Disassociated Members Member’s right to vote or participate in management decisions (as summarized in Article 7.4) will be automatically terminated. A Disassociated Member (or its legal successor) will continue to receive only the Disassociated Members Member’s Economic Interest in the Company, unless the Disassociated memberMember/Involuntary Transferee elects to sell its Interest to the Manager or Members (Purchasing Members) or to a third party buyer (Voluntary Transferee) following the procedures describe described in Article 11.5; and/or a Voluntary or Involuntary Transferee seek seeks admission and is approve approved by the Manager as a Substitute Member (per Article 11.4). Tulsa Real Estate Fund, LLC 29 Company Agreement Until such time, if ever, that the Manager approves the transfer of the entire Disassociated Members Member’s Membership Interest to the Purchasing members Members or a Substitute Member, the voting interests of the Remaining Members will be proportionately increase increased as necessary to absorb the Disassociated Members Member’s voting Interests. If a Members Member objects to Disassociation, they will be bound to resolve the dispute in accordance with the Internal Dispute Resolution Procedure described in Article 13, unless the reason for the Disassociation can be resolved within sixty (60) days to the satisfaction of the Manager, in which Xxxxxxx Homes Xxxxxxx Loans | 40 Company Operating Agreement case their full Membership Interest will be reinstated. If there is no Involuntary Transferee, and no third party buyer is found and the Manger Manager or remaining Remaining Members do not wish to purchase the Disassociated Members Member’s Interest, the Disassociated Member will only be entitled to receive its Economic Interests Interest (no voting rights), indefinitely, until such time as the Company is dissolved.

Appears in 1 contract

Samples: Company Agreement (Tulsa Real Estate Fund, LLC)

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