Common use of Bankruptcy; Death; Etc Clause in Contracts

Bankruptcy; Death; Etc. None of the Bankruptcy, death, disability, declaration of incompetence or incapacity, or dissolution of a Member shall dissolve the Company, but the rights of a Member to share in the Profits and Losses of the Company and to receive distributions of Company funds shall, on the happening of such an event, devolve upon the Member’s estate, legal representative or successor in interest, as the case may be, subject to this Agreement, and the Company shall continue as a limited liability company under the Law. The Member’s estate, representative or successor in interest shall be entitled to receive distributions and allocations with respect to such Member’s interest in the Company and shall be liable for all of the obligations of the Member. Furthermore, the Member’s estate, representative or successor in interest shall have no right to any information or accounting of the affairs of the Company, shall not be entitled to inspect the books or records of the Company and shall not be entitled to any of the rights of a member under the Law or this Agreement unless such estate, representative or successor in interest is admitted to the Company as a Substitute Member in accordance with Section 14.2.

Bankruptcy; Death; Etc. None of Neither the Bankruptcy, death, disability, disability nor declaration of incompetence or incapacity, or dissolution incapacity of a Member Limited Partner shall dissolve the CompanyPartnership, but the rights of a Member Limited Partner to share in the Profits and Losses of the Company Partnership and to receive distributions of Company Partnership funds shall, on the happening of such an event, devolve upon the MemberLimited Partner’s estate, legal representative or successor in interest, as the case may be, subject to this Agreement, and the Company Partnership shall continue as a limited liability company partnership under the LawAct. The MemberLimited Partner’s estate, representative or successor in interest shall be entitled to receive distributions and allocations with respect to such MemberLimited Partner’s interest in the Company Partnership and shall be liable for all of the obligations of the MemberLimited Partner. Furthermore, the MemberLimited Partner’s estate, representative or successor in interest shall have no right to any information or accounting of the affairs of the CompanyPartnership, shall not be entitled to inspect the books or records of the Company Partnership, and shall not be entitled to any of the rights of a member general partner or limited partner under the Law Act or this Agreement unless such estate, representative or successor in interest is admitted to the Company Partnership as a Substitute Member Substituted Limited Partner in accordance with Section 14.211.3.