Common use of Ceasing to be a Member Clause in Contracts

Ceasing to be a Member. Any Person admitted as a Member pursuant to Section 3.2 or 3.3 or Article IV shall cease to be a Member, and shall cease to have the rights of a Member, under this Agreement at such time such Person no longer owns, beneficially and of record, any Membership Units, but such Person shall remain bound by the terms of Article X and Article XII and shall remain liable under this Agreement to the extent expressly set forth herein.

Appears in 1 contract

Sources: Investment and Option Agreement (NRG Energy, Inc.)

Ceasing to be a Member. Any Person admitted as a Member pursuant to Section 3.2 or 3.3 or Article IV shall cease to be a Member, and shall cease to have the rights of a Member, under this Agreement at such time such Person no longer owns, beneficially and of record, any Membership Units, but such Person shall remain bound by the terms of Article X and Article XII and shall remain liable under this Agreement to the extent expressly set forth hereinXII.

Appears in 1 contract

Sources: Operating Agreement (NRG Energy, Inc.)