Involuntary Withdrawals. (a)The Managing Member shall have the right, but shall not be obligated, to terminate the participation of a Non-Managing Member in the Company in whole or in part at any time without notice (i) if the Managing Member reasonably believes that such Non-Managing Member acquired an interest in the Company as a result of a misrepresentation, or (ii) if such Non-Managing Member’s continued participation in the Company may, in the reasonable judgment of the Managing Member, put the Company or its other Non-Managing Members at a material tax, legal, regulatory, or pecuniary disadvantage including, by way of example and without limitation: (A) causing non-compliance with any matter set forth in Section 2.03., (B) causing a violation under any law or any contractual provision to which the Company or its property or the Managing Member is subject; or (C) causing the Company to be in violation of (in the reasonable judgment of the Managing Member), to potentially violate or otherwise cause concerns under, the anti-money laundering program and related responsibilities of the Company or the Managing Member. In addition to the foregoing, the Managing Member shall have the right, but shall not be obligated, to terminate the participation of a Non-Managing Member in the Company in whole or in part at any time upon ninety (90) days’ prior written notice if such Non-Managing Member’s continued participation in the Company would, in the reasonable judgment of the Managing Member, put the Company or its other Non-Managing Members at a material administrative disadvantage. No such involuntary withdrawal shall give rise to any claim or cause of action by any Non-Managing Member. The Member receiving such notice shall be treated for all purposes and in all respects as a Member who has requested withdrawal of all of its Capital Accounts under Section 4.03.
Involuntary Withdrawals. The Company shall not be dissolved upon the occurrence of an Involuntary Withdrawal of a Member.
Involuntary Withdrawals. Involuntary withdrawals will be treated similarly to voluntary withdrawals except that, in the case of discipline-related involuntary withdrawals (i.e., expulsion), the official date of withdrawal will be set by the School and communicated, in writing, to Parent. In the event of a health / medical-related involuntary withdrawal or extended absence (defined as an absence of more than five (5) consecutive school days), Xxxxxx agrees to inform the School’s Principal and Director of Enrollment Management in writing as soon as practical. Parent’s failure to communicate with the School about a health / medical-related involuntary withdrawal or extended absence shall be grounds for an involuntary withdrawal. The School reserves the right to continue to charge tuition and fees until formal notification of a health / medical-related withdrawal or extended absence is received.
Involuntary Withdrawals. The General Partner may, following good-faith consultation with the Investor Limited Partner as to alternatives to withdrawal, require such Limited Partner to withdraw all or any portion of its Capital Account at any time, including during any period during which the Partnership has suspended (i) the determination of the Net Asset Value of the Partnership and/or the Capital Account and/or (ii) the withdrawals at the option of the Limited Partners (either in whole or in part), upon prior written notice. The Partner receiving such notice shall be treated for all purposes and in all respects as a Partner that has given notice of withdrawal of all or part of its Capital Account(s), as the case may be, under Section 6.01.
