Common use of Death, Incompetence, Bankruptcy or Liquidation of an Additional Member Clause in Contracts

Death, Incompetence, Bankruptcy or Liquidation of an Additional Member. In the event of the death, incompetence or bankruptcy of an Additional Member, or the bankruptcy, termination, liquidation or dissolution of any partnership, trust, corporation or other entity which is an Additional Member, (a) no Dissolution Event and Winding Up Period of the Company shall be effected thereby and the Company and its business shall be continued until the Termination of the Company as provided for in this Agreement, and (b) upon satisfaction of the conditions of Sections 7.2 (Transfer), the estate or successor in interest in the Company of such deceased, incompetent, bankrupt, terminated, liquidated or dissolved Additional Member shall succeed to the interest of such Additional Member and shall be deemed a Member for any and all purposes hereunder.