Common use of Bankruptcy of a Member Clause in Contracts

Bankruptcy of a Member. The Bankruptcy of any Member (other than the Managing Member) shall not cause a dissolution of the Company, but the rights of such Member to share in the Net Profits or Net 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 such assignee(s) become a Substituted Member without the written consent of the Managing Member.

Bankruptcy of a Member. The Bankruptcy bankruptcy of any Member (other than the Managing Member) shall not cause a dissolution of the Company, but and the rights of such Member to share in the Net Profits Income or Net Losses Loss 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(s) successor or assign become a Substituted Member without the written consent of the Managing Substitute Member, except in accordance with Article IX.

Bankruptcy of a Member. The Bankruptcy of any a Member (other than the Managing Member) shall not cause a dissolution of the Company under the Act. Upon the Bankruptcy of a Member, the non-Bankrupt Member shall have the sole right to manage the Company, but and the Bankrupt Member shall not have any right to participate in the management or operation of the Company. Rather, the rights of such the Bankrupt Member shall be limited to the right to share in the Net Profits or Net Losses profits and 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 extent provided in this Agreement, and the Company shall continue as a limited liability company. However, in no event shall such assignee(s) become a Substituted Member without the written consent of the Managing Member.

Bankruptcy of a Member. The Bankruptcy of any Member (other than the Managing Member) shall not cause a dissolution of the Company, but and the rights of such Member to share in the Net Profits Income or Net Losses Loss 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(s) successor or assign become a Substituted Member without the written consent of the Managing Substitute Member, except in accordance with Article IX.