Common use of Bankruptcy of a Member Clause in Contracts

Bankruptcy of a Member. Except as provided in Section 10.1, the Bankruptcy of any Member shall not cause a dissolution of the Company, and the rights of such Member to share in the profits or losses of the Company and to receive distributions of Company funds shall, on the happening of such event, devolve on its successors or assigns, subject to the terms and conditions of this Agreement, and the Company shall continue as a limited liability company. However, in no event shall any such assignee become a substitute Member or succeed to any right to vote or participate in the management of the business, property and affairs of the Company or to exercise any rights of a Member, unless such assignee shall otherwise be entitled to become a Substitute Member under the terms of this Agreement.

Bankruptcy of a Member. Except as provided in Section 10.1, the Bankruptcy of any Member shall not cause a dissolution of the Company, and the rights of such Member to share in the profits or losses of the Company and to receive distributions of Company funds shall, on the happening of such event, devolve on its successors or assigns, subject to the terms and conditions of this Agreement, and the Company shall continue as a limited liability company. However, in no event shall any such assignee become a substitute Member or succeed to any right to vote or participate in the management of the business, property and affairs of the Company or to exercise any rights of a Member, unless such assignee shall otherwise be entitled to become a Substitute Member under the terms of this Agreement...