DEATH, INCOMPETENCY, AND BANKRUPTCY OF A MEMBER. In the event of death, incompetence, and bankruptcy of a Member, unless the Company exercises its rights under Section VIII-V, the successor to the interest of the Member(whether a member of his estate, a bankruptcy trustee, or otherwise) shall only be entitled to receive distributions made from the Company and Member’s Allocable share of taxable income, gain, loss, deduction, and credit (the "Economic Rights") unless the Majority of the Members decide to induct the successor as a fully substituted Member in accordance to the provisions of Section VIII-III.
Appears in 4 contracts
Samples: Limited Liability Company Operating Agreement, Limited Liability Company Operating Agreement, Limited Liability Company Operating Agreement
