Examples of Deceased Member in a sentence
NOTIFICATION OF PREAUTHORIZED DEPOSITS: Deposits to Deceased Member Accounts: The right to receive recurring direct deposits made to my account (such as Social Security deposits) ceases after death.
At the closing of any transaction contemplated hereby, the Agreed Value shall be paid by the Remaining Members, as the case may be, in cash or by confirmed wire transfer of immediately available funds, and the Member Representative of the Deceased Member selling its Units shall deliver all certificates evidencing such Units, duly assigned, together with such other assignments and powers of attorney as may be reasonably required by the Remaining Members.
In the event that one of the Members should die at any time while this Agreement is in force and effect, the Series or the Remaining Members, as determined by the Remaining Members, shall have the option to purchase from the Member Representative of the Deceased Member all Units owned by the Deceased Member for the Agreed Value.
If the Personal Representative of the Deceased Member does not exercise its Put Option by notice to the Company within such ninety (90) day period or if a Personal Representative is not appointed within such ninety (90) day period, then the Company shall have the option within one hundred and twenty (120) days from date the Deceased Member’s date of death to elect to purchase the Deceased Member’s membership interest for the Purchase Value (determined as set forth in Subsection 8.4(b)).
In the event neither the Remaining Members nor the Company exercises the option to purchase the Deceased Member’s Membership Units as contemplated herein, the heirs of the Deceased Member shall assume ownership of the Deceased Member’s Membership Units, subject to the provisions of Section 17 below.