Common use of Succession by Operation of Law Clause in Contracts

Succession by Operation of Law. A. In the event of an Event of Bankruptcy with respect to a Member or the merger, consolidation, dissolution or liquidation of the Member, all of such Member's rights to distributions and allocations by the Company, shall pass to such Member's legal successor, but such legal successor shall not become a Member of the Company without the prior written consent of the other Members, which consent may be granted or withheld in all of the sole and absolute discretion of such other Members.