Common use of Bankruptcy, Dissolution, etc Clause in Contracts

Bankruptcy, Dissolution, etc. of Interest Holders. Upon the occurrence of any of the events set forth in Sections 18-304 or 18-705 of the Act, the successor-in-interest of such Member shall have all of the rights of a Member for the purposes of managing such Member’s affairs and, if the Interest Holder was a Member, automatically become a substitute Member in place of the Member.

Bankruptcy, Dissolution, etc. of Interest Holders. Upon the occurrence of any of the events set forth in Sections 18Section 13.1-304 or 18-705 1040 subsection 6 through 12 of the ActAct with respect to a Member, the successor-in-interest of such Member shall have all of the rights of a Member for the purposes of managing such Member’s affairs and, if the Interest Holder was a Member, automatically become a substitute Member in place of the Member.