Death, Dissolution, Legal Incompetency or Bankruptcy of a Member. The death, dissolution, declaration of legal incompetence or Bankruptcy of a Member will not terminate or dissolve the Company. The deceased, dissolved, incompetent or Bankrupt Member’s Interest will pass to a successor in interest of the Member, who will succeed to the deceased, dissolved, incompetent or Bankrupt Member’s entire interest in the Company and, subject to the applicable provisions of Article XIV of this Agreement, and the Company’s purchase rights under Article XV of this Agreement, will become a Member of the Company with the same Percentage Interest, the same rights to distributions made by the Company, the same obligations and the same share of the Company’s Profits and Losses as the deceased, dissolved, incompetent or Bankrupt Member.
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Samples: Operating Agreement (Viking Energy Group, Inc.), Operating Agreement (Viking Energy Group, Inc.), Operating Agreement (Viking Energy Group, Inc.)
Death, Dissolution, Legal Incompetency or Bankruptcy of a Member. The death, dissolution, declaration of legal incompetence or Bankruptcy of a Member will not terminate or dissolve the Company. The deceased, dissolved, incompetent or Bankrupt Member’s Interest will pass to a successor in interest of the Member, who will succeed to the deceased, dissolved, incompetent or Bankrupt Member’s entire interest in the Company and, subject to the applicable provisions of Article XIV of this Agreement, and the Company’s purchase rights under Article XV of this Agreement, will become a Member of the Company with the same Percentage Interest, the same rights to distributions made by the Company, the same obligations and the same share of the Company’s Profits and Losses as the deceased, dissolved, incompetent or Bankrupt Member.
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