Former Members definition
Examples of Former Members in a sentence
The Company Interests set forth on Schedule 3.5 constitute all of the issued and outstanding equity interests in the Company as of the date hereof, and such Company Interests are owned by the applicable Former Members listed on Schedule 3.5. The Company Interests listed on Schedule 3.5 constitute all of the interests in and to the Company that are held by each Former Member.
The failure of any Remaining Member to submit a notice within the applicable period shall constitute an election on the part of the Member not to purchase any of the Former Member's Interest.
No part of the funds of the Trust other than such part as may be required to pay taxes, administration expenses and fees, shall be reduced by any amendment or be otherwise used for or diverted to purposes other than the exclusive benefit of Members, retired Members, Former Members, and their Beneficiaries, except as otherwise provided in Section 10.9 and under applicable law.
Each Remaining Member so electing to purchase shall be entitled to purchase a portion of the Former Member's Interest in the same proportion that the Percentage Interest of the Remaining Member bears to the aggregate of the Percentage Interests of all of the Remaining Members electing to purchase the Former Member's Interest.
The promissory note executed by each purchasing Remaining Member shall be secured by a pledge of that portion of the Former Member's Interest purchased by such Remaining Member.