Common use of Events of Withdrawal Clause in Contracts

Events of Withdrawal. An event of Withdrawal of a Member occurs when any of the following occurs: [a] with respect to any Member, upon the Transfer of all of such Member’s Units (which may only be done as otherwise permitted under this Agreement and which Transfer is treated as a resignation); [b] with respect to any Member, upon the voluntary withdrawal, retirement or resignation of the Member by Notice to the Company; [c] with respect to any Member that is a corporation, upon filing of articles of dissolution of the corporation; [d] with respect to any Member that is a partnership, a limited liability company or a similar entity, upon dissolution and liquidation of such entity (but not solely by reason of a technical termination under § 708(b)(1)(B) of the Code); or [e] with respect to any Member, the Bankruptcy of the Member. Within 10 days following the happening of any event of Withdrawal with respect to a Member, such Member must give Notice of the date and the nature of such event to the Company.

Events of Withdrawal. An event of Withdrawal of a Member occurs when any of the following occurs: [a] with respect to any Member, upon the Transfer of all of such Member’s 's Units (which may only be done as otherwise permitted under this Agreement and which Transfer is treated as a resignation); [b] with respect to any Member, upon the voluntary withdrawal, retirement or resignation of the Member by Notice to the Company; [c] with respect to any Member that is a corporation, upon filing of articles of dissolution of the corporation; [d] with respect to any Member that is a partnership, a limited liability company or a similar entity, upon dissolution and liquidation of such entity (but not solely by reason of a technical termination under § ss. 708(b)(1)(B) of the Code); or [e] with respect to any Member, the Bankruptcy of the Member. Within 10 days following the happening of any event of Withdrawal with respect to a Member, such Member must give Notice of the date and the nature of such event to the Company.