Withdrawal of a Member. A Member may withdraw from the Company only by Assigning his or her Shares in accordance with this Article X or having all of his or her Shares redeemed or repurchased in accordance with a Share Repurchase Program, if any. The withdrawal of a Member shall not dissolve or terminate the Company. In the event of the withdrawal of any such Member because of death, legal incompetence, dissolution or other termination, the estate, legal representative or successor of such Member shall be deemed to be the Assignee of the Shares of such Member and may become a Substitute Member upon compliance with the provisions of Section 10.3.
Appears in 5 contracts
Samples: Limited Liability Company Operating Agreement (CNL Strategic Capital, LLC), Limited Liability Company Operating Agreement (CNL Strategic Capital, LLC), Limited Liability Company Operating Agreement (CNL Strategic Capital, LLC)
