Continuation of the LLC Sample Clauses

The Continuation of the LLC clause defines the conditions under which a limited liability company (LLC) may continue to exist following certain triggering events, such as the withdrawal, death, or bankruptcy of a member. Typically, this clause outlines the procedures for the remaining members to vote on whether to continue the business and may specify required notice periods or voting thresholds. Its core practical function is to ensure the LLC can maintain operations and avoid automatic dissolution, thereby providing stability and continuity for the business and its stakeholders.
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Continuation of the LLC. The parties hereto agree that the assignment of the Units by the Assignor, the admission of the Assignee as a Member of the LLC and the withdrawal of the Assignor as a Member of the LLC shall not dissolve the LLC and the business of the LLC shall continue without dissolution.
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Continuation of the LLC. To the extent permitted by applicable law, the Shareholders may continue the business of the LLC upon the occurrence of any event which constitutes an event of dissolution of an LLC under the Act by electing to do so within ninety (90) days after the occurrence of any of such event. Any such election shall be made by Shareholders whose capital contributions to the LLC represent at least a majority of the capital contributions made by all Shareholders.
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Continuation of the LLC. Notwithstanding the occurrence of an event specified in Section 10.01(b), the LLC shall not be dissolved and its business and affairs shall not be discontinued or wound up, and the LLC shall remain in existence as a limited liability company under the laws of the State of Delaware, if the remaining Member elects, within 90 days after such occurrence, to continue the LLC and its business without dissolution or winding up; provided, however, that such remaining Member shall, automatically and with no further action being necessary on the part of any Person, be deemed to have so elected to continue the LLC and its business without dissolution or winding up unless such remaining Member expressly elects in writing, within such 90-day period, not to continue the LLC and its business.
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Continuation of the LLC. The occurrence of an Event of Withdrawal shall not dissolve the LLC if within ninety (90) days after the occurrence of such Event of Withdrawal, the business of the LLC is continued by the agreement of remaining Member(s) holding not less than a majority in interest (as defined in Revenue Procedure 94.46 or any successor thereto) of the remaining Member(s).
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Continuation of the LLC. Notwithstanding the foregoing provisions of Section 13.1, upon the occurrence of a Dissolution Event, the remaining Members have the right to avoid dissolution of the LLC and elect to continue the business of the LLC on the same terms as this Agreement. Such right can be exercised by the vote of the Members to continue the business of the LLC within ninety (90) days after the occurrence of a Dissolution Event. Expenses incurred in the continuance of the LLC shall be deemed expenses of the LLC. If there is only one remaining Member at or after the occurrence of the Dissolution Event, such remaining Member shall have the right to continue the LLC hereunder as a single member LLC.
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Related to Continuation of the LLC

  • Continuation of the Company The Company shall not be dissolved upon the occurrence of any event that is deemed to terminate the continued membership of a Member, but rather the Company shall continue without dissolution, and its affairs shall not be required to be wound up.

  • CONTINUATION OF COMPANY In the event of an occurrence described in Section 1.04, if there is at least (1) one remaining Member, the remaining Member has the right to continue the business of the Company. The remaining Member’s successor, assignee, or transferee may continue the business of the Company, provided the successor, assignee, or transferee consents to the continuation in writing and submits any necessary filings to the office of the Secretary of State.

  • Continuation of Terms Upon any reorganization, consolidation, merger or transfer (and any dissolution following any transfer) referred to in this Section 3, this Warrant shall continue in full force and effect and the terms hereof shall be applicable to the Other Securities and property receivable on the exercise of this Warrant after the consummation of such reorganization, consolidation or merger or the effective date of dissolution following any such transfer, as the case may be, and shall be binding upon the issuer of any Other Securities, including, in the case of any such transfer, the person acquiring all or substantially all of the properties or assets of the Company, whether or not such person shall have expressly assumed the terms of this Warrant as provided in Section 4. In the event this Warrant does not continue in full force and effect after the consummation of the transaction described in this Section 3, then only in such event will the Company's securities and property (including cash, where applicable) receivable by the Holder of the Warrants be delivered to the Trustee as contemplated by Section 3.2.

  • Continuation of Agreement This Agreement shall become effective for each Fund as of the date first set forth above and shall continue in effect for each Fund until August 1, 2010, unless sooner terminated as hereinafter provided, and shall continue in effect from year to year thereafter for each Fund only as long as such continuance is specifically approved at least annually (i) by either the Board of Directors or by the vote of a majority of the outstanding voting securities of such Fund, and (ii) by the vote of a majority of the Directors, who are not parties to the Agreement or interested persons of any such party, cast in person at a meeting called for the purpose of voting on such approval. The annual approvals provided for herein shall be effective to continue this Agreement from year to year if given within a period beginning not more than 90 days prior to August 1st of each applicable year, notwithstanding the fact that more than 365 days may have elapsed since the date on which such approval was last given.

  • Continuation of Services The Contractor shall work with the current Subcontractor prior to cancellation date to ensure all consumer needs are identified and appropriate placements and transportation needs, as applicable, have been arranged. The Subcontractor shall maintain communication with the Contractor on the process of transferring consumers until all consumers are placed.