Common use of Death or Adjudication of Incompetency Clause in Contracts

Death or Adjudication of Incompetency. If the Company is continued in accordance with Section 11.1(B) below following the death or adjudication of incompetency of a Member, such Member's Interest shall not be terminated or repurchased and the successor-in-interest or legal representative of such Member shall thereafter be the Member with respect to such Interest and such successor-in-interest shall be substituted as a Member upon compliance with the terms and conditions of Section 10.2.

Appears in 7 contracts

Samples: Limited Liability Company Agreement (Interactive Voice Media (Sacramento) Corp.), Limited Liability Company Agreement (Interactive Voice Media (Sacramento) Corp.), Limited Liability Company Agreement (Interactive Voice Media (Sacramento) Corp.)

AutoNDA by SimpleDocs

Death or Adjudication of Incompetency. If the Company is continued in accordance with Section 11.1(B) below following the death or adjudication of incompetency of a Member, such Member's Interest shall not be terminated or repurchased and the 'successor-in-interest or legal representative of such Member shall thereafter be the Member with respect to such Interest and such successor-in-interest shall be substituted as a Member upon compliance with the terms and conditions of Section 10.2.

Appears in 1 contract

Samples: Limited Liability Company Agreement (Interactive Voice Media (Sacramento) Corp.)

AutoNDA by SimpleDocs
Time is Money Join Law Insider Premium to draft better contracts faster.