Involuntary Withdrawal definition
Involuntary Withdrawal means, with respect to any Member, the occurrence of any of the following events:
Involuntary Withdrawal means any Withdrawal of a General Partner caused by death, adjudication of insanity or incompetence, Bankruptcy, or the removal of a General Partner pursuant to Section 13.2 hereof.
Involuntary Withdrawal means, with respect to the Member, the bankruptcy, insolvency, liquidation or dissolution of the Member under applicable federal or state law.
Examples of Involuntary Withdrawal in a sentence
In the event of an Involuntary Withdrawal, the withdrawing Partner’s ownership interest shall be valued and sold to the Partnership at a valuation that is to be estimated by a third (3rd) party firm specializing in such assessments.
Immediately upon the occurrence of an Involuntary Withdrawal, the successor of the Withdrawn Member shall thereupon become an Interest Holder but shall not become a Member.
No Member shall have the right to withdraw from the Company, except in the case of an Involuntary Withdrawal.
The Company may exercise the Call Option by providing written notice of the exercise thereof (the “Call Notice”) to such Member within ninety (90) days after the Involuntary Withdrawal.
Failure to disclose any potential conflicts of interest will be deemed an Involuntary Withdrawal by the offending Member and may be treated accordingly by the remaining Members.
More Definitions of Involuntary Withdrawal
Involuntary Withdrawal means, with respect to any Member, the occurrence of any of the events set forth in Act Section 4A-606(3) through (9).
Involuntary Withdrawal. As to any (i) individual shall mean such individual's death, incapacity or adjudication of incompetence, (ii) corporation shall mean its dissolution or revocation of its charter (unless such revocation is promptly corrected upon notice thereof), (iii) partnership shall mean the dissolution and commencement of winding up of its affairs, (iv) trust shall mean the termination of the trust (but not the substitution of trustees), (v) estate shall mean the distribution by the fiduciary of the estate's complete interest in the Partnership and (vi) any Partner shall mean the Bankruptcy of such Partner.
Involuntary Withdrawal means, with respect to a Partner, the occurrence of any of the following events:
Involuntary Withdrawal means, with respect to any Member, the occurrence of any of the following events:
(i) the Member makes an assignment for the benefit of creditors;
(ii) the Member files a voluntary petition of bankruptcy;
(iii) the Member is adjudged bankrupt or insolvent or there is entered against the Member an order for relief in any bankruptcy or insolvency proceeding;
(iv) the Member files a petition or answer seeking the reorganization, arrangement, composition, readjustment, liquidation, dissolution, or similar relief for the Member under any statute, law, or regulation;
(v) the Member seeks, consents to, or acquiesces in the appointment of a trustee for, receiver for, or liquidation of the Member or of all or any substantial part of the Member's properties or assets;
(vi) the Member files an answer or other pleading admitting or failing to contest the material allegations of a petition filed against the Member in any proceeding described in Subsections (i) through (v);
(vii) any proceeding against the Member seeking reorganization, arrangement, composition, readjustment, liquidation, dissolution, or similar relief under any statute, law, or regulation, continues for ninety (90) calendar days after the commencement thereof, or the appointment of a trustee, receiver, or liquidator for the Member or all or any substantial part of the Member's properties without the Member's agreement or acquiescence, which appointment is not vacated or stayed for ninety (90) calendar days or, if the appointment is stayed, for ninety (90) calendar days after the expiration of the stay during which period the appointment is not vacated;
(viii) if the Member is an individual, the Member's death or adjudication by a court of competent jurisdiction as incompetent to manage the Member's person or property;
(ix) if the Member is acting as a Member by virtue of being a trustee of a trust, the termination of the trust;
(x) if the Member is a partnership or another limited liability company, the dissolution and commencement of winding up of the partnership or limited liability company; or
(xi) if the Member is a corporation, the dissolution or liquidation of the corporation or the revocation of its charter.
Involuntary Withdrawal means any involuntary withdrawal caused by the death, adjudication of insanity.
Involuntary Withdrawal means, with respect to any Member, the occurrence of any of the events set forth in Sections 1705.15(C) through (J) of the Act.
Involuntary Withdrawal. As to any (i) individual shall mean such individual’s death, incapacity or adjudication of incompetence, (ii) corporation shall mean its dissolution or revocation of its charter (unless such revocation is promptly corrected upon notice thereof), (iii) partnership shall mean the dissolution and commencement of winding up of its affairs, (iv) trust shall mean the termination of the trust (but not the substitution of trustees), (v) estate shall mean the distribution by the fiduciary of the estate’s complete interest in the Partnership and (vi) any Partner shall mean the Bankruptcy of such Partner. IRS: The Internal Revenue Service, which administers the internal revenue laws of the United States. LB Closing Date: January 31, 1997.