Marital Dissolution Sample Clauses
Marital Dissolution. If, in connection with the divorce or dissolution of the marriage of a Member, any court issues a decree or order that transfers, confirms, or awards a Membership Interest, or any portion thereof, to that Member’s spouse (an “Award”), then, notwithstanding that such transfer would constitute an unpermitted Transfer under this Agreement, that Member shall have the right to purchase from his or her former spouse the Membership Interest, or portion thereof, that was so transferred, and such former spouse shall sell the Membership Interest or portion thereof to that Member, at the Enterprise Value set forth in Section 11.7 as adjusted for marketability and minority discounts. If the Member fails to consummate the purchase within one hundred eighty (180) days after the court Award (the “Expiration Date”), the Company and the other Members shall have the option to purchase from the former spouse the Membership Interest or portion thereof under Section 11.3.2 of this Agreement; provided that the option period shall commence on the later of (1) the day following the Expiration Date, or (2) the date of actual notice of the Award. In the event such Membership Interest is not purchased pursuant to this Section 11.5, the former spouse shall be treated as a Transferee, having all of the rights associated with the Member’s Transferable Interest, but shall not become a Member and shall not have the right to: (i) become a Member without the unanimous approval of all Members; (ii) exercise any Membership Rights; or (iii) act as an agent of the Company. The Membership Rights which would have been transferred if such Membership Interests were transferred to a Member, shall be distributed to the Members in proportion to their Membership Interests.
Marital Dissolution. Any decree of dissolution, separate maintenance agreement or other property settlement between a Shareholder and his or her Spouse shall provide that the entire marital property interest of the Spouse in the Shares of the Shareholder shall be granted to the Shareholder as part of the division of the property of the marriage and the Spouse shall release and the Shareholder shall accept any marital property interest of such Spouse in the Shares. If payment for such Shares is ordered by the Court or demanded by the Spouse, no consideration shall be required, but if the Shareholder volunteers consideration for said release of interest it shall be no greater than the lesser of either the value of the Spouse's marital property interest in such Shares or the book value of the Spouse's marital property interest in such Shares.
Marital Dissolution. Upon the dissolution of the marital relationship of Lisc▇▇▇ ▇▇ execution of a binding agreement or issuance of an order with respect to marital property of Lisc▇▇▇, ▇▇sc▇▇▇ ▇▇▇ his spouse shall use their best efforts to cause the Converted Lisc▇▇▇ ▇▇▇res held by either of them, including the former spouse's interest therein, if any (community or otherwise), to be distributed or transferred to Lisc▇▇▇. ▇▇ such distribution or transfer cannot be accomplished for any reason, Lisc▇▇▇ ▇▇▇ll purchase the Converted Lisc▇▇▇ ▇▇▇res of his former spouse and such former spouse shall sell the Converted Lisc▇▇▇ ▇▇▇res to Lisc▇▇▇ ▇▇ the same terms and at the same price as set forth in this Agreement with respect to a sale by Lisc▇▇▇ ▇▇ the Litt▇▇▇. ▇f such distribution or sale does not occur for any reason whatsoever within 180 days after division of the community, the Litt▇▇▇ ▇▇▇ll have the right and
Marital Dissolution