Springing Member definition

Springing Member means a Person who has signed the limited liability company agreement of a given Delaware limited liability company, which agreement provides that, upon the withdrawal, dissolution or disassociation of the last remaining member of such limited liability company (subject to applicable Gaming Laws), such Person shall become a member of such limited liability company having no economic interest therein.

Springing Member means a Person who is not a member of the Company but who has signed this Agreement in order that, upon the conditions described in Section 2.10, such Person can become the Special Member without any delay in order that at all times the Company shall have at least one member.

Springing Member has the meaning set forth in Section 8.1(b).

Examples of Springing Member in a sentence

• The Springing Member should be somebody you trust, where he received a BSEE and MBA in Finance.

• No Springing Member may resign from the Company or transfer its rights as Springing Member unless a successor Springing Member has been admitted to the Company as Springing Member by executing a counterpart to this Agreement; provided, however, the Springing Member shall automatically cease to be a Member of the Company upon the admission to the Company of a substitute Member, appointed by the personal representative of the Person that had been the last remaining Member.

• If you do not want to have a Springing Member, either personally or by mail, some changes could fall within the reporting requirements for an LLC.

• Except as otherwise expressly provided by the Act, the debts, obligations and liabilities of the Company, whether arising in contract, tort or otherwise, shall be the debts, obligations and liabilities solely of the Company, and none of the Members, any Springing Member or any Independent Director shall be obligated personally for any such debt, obligation or liability of the Company solely by reason of being a Member, Springing Member or Independent Director of the Company.

More Definitions of Springing Member

Springing Member means a Person who is not a member of the Company but who has signed this Agreement in order that, upon the conditions described in Section 5(c), such Person can become the Special Member without any delay in order that at all times the Company shall have at least one member.

Springing Member means each Person who executes a counterpart to this Agreement agreeing to become a member of the Company with no economic interest in the Company upon the dissolution, withdrawal or other event that causes the last remaining Member of the Company to become disassociated from the Company in order that at all times the Company shall have at least one member.

Springing Member. Springing Member means, upon such person's admission to the Company as a member of the Company pursuant to Section 8.2, a Person acting as Springing Member, in such Person's capacity as a member of the Company. A Springing Member shall only have the rights and duties expressly set forth in this Agreement.

Springing Member shall have the meaning set forth in Section 3.1.24(v)

Springing Member means Springing Member 1 or Springing Member 2.

Springing Member has the meaning set forth in Section 5(d).

Springing Member means each of Springing Member 1 and Springing Member 2.