Examples of Affected Member in a sentence
In the event the other members or the Company do not elect to acquire the disabled member’s interest, the Affected Member will, as of the date of disability, (1) automatically cease to be a member (as that term is used in this Agreement and under the Act), and (2) have only the rights of an assignee in accordance with the Act.
The Company may exercise its Purchase Option during the Option Period by providing written notice (the “Exercise Notice”) to the Affected Member (or Affected Member’s personal representatives, heirs, successors, or assigns, as appropriate) at such Affected Member’s notice address prior to the expiration of the Option Period.
Upon the occurrence of a Triggering Event, regardless of whether the Company exercises its Purchase Option, the Affected Member shall forever cease to be a Member of the Company and shall not have the power to exercise any of the rights of a Member of the Company, including the right to participate in the management and conduct of the Company’s business (a “Cessation of Membership”).
Upon such Cessation of Membership, such Affected Member shall be deemed to be an Assignee for all purposes hereunder.
The security interest shall be in a form reasonably satisfactory to the attorney for the Affected Member, or the Affected Member’s legal representative.