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.
Appears in 6 contracts
Samples: Operating Agreement (General Growth Properties, Inc.), Operating Agreement (New GGP, Inc.), Operating Agreement (New GGP, Inc.)
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.
Appears in 2 contracts
Samples: Limited Liability Company Operating Agreement (MMA Capital Holdings, Inc.), Limited Liability Company Operating Agreement (MMA Capital Holdings, Inc.)
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.
Appears in 1 contract
Samples: Limited Liability Company Operating Agreement (Mma Capital Management, LLC)