Common use of Bankruptcy of Member Clause in Contracts

Bankruptcy of Member. (a) The Bankruptcy, insolvency, termination, dissolution, liquidation or other cessation or assignment for the benefit of creditors by, any Member (each a “Bankruptcy Event”), or, except as otherwise permitted in accordance with Article 8, the withdrawal of any Member, shall dissolve the Venture, unless within 90 days after notice is given to the other Member of the occurrence of such event, the remaining Member elects to continue the business of the Venture. The Member suffering a Bankruptcy Event (or its legal representative) or withdrawing from the Venture, except as otherwise permitted in accordance with Article 8, is hereby deemed to Consent to the continuation of the business of the Venture. In the event of a Bankruptcy Event with respect to XX XXXX or a withdrawal of XX XXXX as the Manager of the Venture, the Venture shall file an amendment to the Venture’s Certificate removing XX XXXX as the Manager of the Venture. (b) For purposes of this Agreement, the “Bankruptcy” a Member shall be deemed to have occurred upon the happening of any of the following: (i) the filing of an application by the Member for, or a consent to, the appointment of a trustee of its assets, (ii) the filing by the Member of a voluntary petition for relief as a debtor under the United States Bankruptcy Code or the filing of a pleading in any court of record admitting in writing its inability to pay its debts as they come due, (iii) the making by the Member of a general assignment for the benefit of creditors or (iv) the expiration of 60 days following the entry of an order, judgment or decree by any court of competent jurisdiction adjudicating the Member a bankrupt or appointing a trustee of its assets.

Bankruptcy of Member. (a) The Bankruptcy, insolvency, termination, dissolution, liquidation or other cessation or assignment for the benefit of creditors by, by any Member (each the occurrence of the foregoing with respect to any Person, a “Bankruptcy Event”), or, except as otherwise permitted in accordance with Article 89, the withdrawal of any Member, shall dissolve the Venture, unless within 90 ninety (90) days after notice is given to the other Member of the occurrence of such event, the remaining Member elects to continue the business of the Venture. The Member suffering a Bankruptcy Event (or its legal representative) or withdrawing from the Venture, except as otherwise permitted in accordance with Article 89, is hereby deemed to Consent to the continuation of the business of the Venture. In the event of a Bankruptcy Event with respect to XX XXXX BH Redwood or a withdrawal of XX XXXX BH Redwood as the Manager of the Venture, the Venture shall file an amendment to the Venture’s Certificate removing XX XXXX BH Redwood as the Manager manager of the VentureVenture and changing the name of the Venture to remove any references to “Behringer Harvard”. (b) For purposes of this Agreement, the “Bankruptcy” of a Member shall be deemed to have occurred upon the happening of any of the following: (i) the filing of an application by the Member for, or a consent toto or acquiescence in, the appointment of a trustee of its assets, (ii) the filing by the Member of a voluntary petition for relief as a debtor under the United States Bankruptcy Code or the filing of a pleading in any court of record admitting in writing its inability to pay its debts as they come due, (iii) the making by the Member of a general assignment for the benefit of creditors or (iv) the expiration of 60 sixty (60) days following the entry of an order, judgment or decree by any court of competent jurisdiction adjudicating the Member a bankrupt or appointing a trustee of its assets.

Bankruptcy of Member. (a) The Bankruptcy, insolvency, termination, dissolution, liquidation or other cessation or assignment for the benefit of creditors by, by any Member (each the occurrence of the foregoing with respect to any Person, a “Bankruptcy Event”), or, except as otherwise permitted in accordance with Article 89, the withdrawal of any Member, shall dissolve the Venture, unless within 90 ninety (90) days after notice is given to the other Member Members of the occurrence of such event, the remaining Member elects Members elect to continue the business of the Venture. The Member suffering a Bankruptcy Event (or its legal representative) or withdrawing from the Venture, except as otherwise permitted in accordance with Article 89, is hereby deemed to Consent to the continuation of the business of the Venture. In the event of a Bankruptcy Event with respect to XX XXXX BH Waterford or a withdrawal of XX XXXX BH Waterford as the Manager of the Venture, the Venture shall file an amendment to the Venture’s Certificate removing XX XXXX BH Waterford as the Manager manager of the VentureVenture and changing the name of the Venture to remove any references to “Behringer Harvard”. (b) For purposes of this Agreement, the “Bankruptcy” of a Member shall be deemed to have occurred upon the happening of any of the following: (i) the filing of an application by the Member for, or a consent toto or acquiescence in, the appointment of a trustee of its assets, (ii) the filing by the Member of a voluntary petition for relief as a debtor under the United States Bankruptcy Code or the filing of a pleading in any court of record admitting in writing its inability to pay its debts as they come due, (iii) the making by the Member of a general assignment for the benefit of creditors or (iv) the expiration of 60 sixty (60) days following the entry of an order, judgment or decree by any court of competent jurisdiction adjudicating the Member a bankrupt or appointing a trustee of its assets.

Bankruptcy of Member. (a) The Bankruptcy, insolvency, termination, dissolution, liquidation or other cessation or assignment for the benefit of creditors by, any Member (each a “Bankruptcy Event”), or, except as otherwise permitted in accordance with Article 8, the withdrawal of any Member, shall dissolve the Venture, unless within 90 days after notice is given to the other Member of the occurrence of such event, the remaining Member elects to continue the business of the Venture. The Member suffering a Bankruptcy Event (or its legal representative) or withdrawing from the Venture, except as otherwise permitted in accordance with Article 8, is hereby deemed to Consent to the continuation of the business of the Venture. In the event of a Bankruptcy Event with respect to XX XXXX BHMF Member or a withdrawal of XX XXXX BHMF Member as the Manager of the Venture, the Venture shall file an amendment to the Venture’s Certificate removing XX XXXX BHMF Member as the Manager of the Venture. (b) For purposes of this Agreement, the “Bankruptcy” a Member shall be deemed to have occurred upon the happening of any of the following: (i) the filing of an application by the Member for, or a consent Consent to, the appointment of a trustee of its assets, (ii) the filing by the Member of a voluntary petition for relief as a debtor under the United States Bankruptcy Code or the filing of a pleading in any court of record admitting in writing its inability to pay its debts as they come due, (iii) the making by the Member of a general assignment for the benefit of creditors or (iv) the expiration of 60 days following the entry of an order, judgment or decree by any court of competent jurisdiction adjudicating the Member a bankrupt or appointing a trustee of its assets.