Death, Incompetency, Bankruptcy or Expulsion of a Member. On the death, adjudicated incompetence, expulsion or bankruptcy of a Member, the successor in interest to the Member (whether an estate, bankruptcy trustee or otherwise) will receive only the financial right to receive distributions whenever made by the Company, and the Member’s allocable share of taxable income, gain, loss, deduction and credit (the “Financial Rights”) unless and until consent of the managers is achieved to admit the transferee as a fully substituted Member, or in the event of a buy-out in accordance with Article 5.5.
Death, Incompetency, Bankruptcy. If a Member dies, becomes incapacitated or shall be adjudicated insane or incompetent, the Company and the other Members shall have the right to purchase such Member's Units from such Member, such Member's guardian, personal representative, conservator or other person or entity who succeeds to such Member's interest in the Company. If a Member has a receiver appointed for its business or its property, makes an assignment for the benefit of its creditors, any proceedings are commenced by, for or against it under any bankruptcy, insolvency or debtor's relief law, or it states in writing that it is unable to pay its debts as they become due, the Company and the other Members shall have the right to purchase such Member's Units from such Member. The exercise of the purchase rights granted in this Article 8.2 shall be governed by the terms and conditions set forth in Article 8.1 above
Death, Incompetency, Bankruptcy. OR TERMINATION OF A LIMITED PARTNER Upon the death, legal incompetency, insolvency or bankruptcy of any individual Limited Partner, or the bankruptcy or cessation to exist as a legal entity of any Limited Partner not an individual, the Partnership shall not dissolve or terminate and the Legal Representative of such Limited Partner shall have such rights of a Limited Partner as are necessary for the purpose of settling or managing the estate or affairs of the Limited Partner and the same power as said Limited Partner had to constitute a transferee of such Limited Partner a Substitute Limited Partner, but said representative shall not become a Substitute Limited Partner without complying with the requirements of Article 9 hereof.
Death, Incompetency, Bankruptcy. If a Limited Partner dies or becomes an adjudicated incompetent (or equivalent under the laws of any jurisdiction other than the United States) or bankrupt, as the case may be, then for purposes of this Agreement the Representative shall have all the rights of a Limited Partner for the purpose of settling or managing the Units of such Limited Partner, and such power as such Limited Partner possessed to assign all or any part of such Limited Partner's Units and to join with such assignee in satisfying conditions precedent to such assignee becoming a substituted Limited Partner as provided in Section 10.3; provided that the Representative may not become a Limited Partner.
Death, Incompetency, Bankruptcy. If a Limited Partner dies or becomes an adjudicated incompetent (or equivalent under the laws of any jurisdiction other than the United States) or bankrupt, as the case may be, then for purposes of this Agreement the Representative shall have all the rights of a Limited Partner for the purpose of settling or managing the Units of such Limited Partner, and such power as such Limited Partner possessed to assign all or any part of such Limited Partner's Units and to join with such assignee in satisfying conditions precedent to such assignee becoming a substituted Limited Partner as provided in Section 10.3. If a Limited Partner is required in connection with any Government Service to deposit his or her assets in a blind trust or similar discretionary trust, the trustee of such blind trust shall have all the rights of a Limited Partner for the purpose of settling or managing the Units of such Limited Partner, and such power as the Limited Partner possessed to assign all or any part of the Limited Partner's Units and to join with such assignee in satisfying conditions precedent to such assignee becoming a substituted Limited Partner as provided in Section 10.3.
Death, Incompetency, Bankruptcy or Dissolution of a Series B Member. The death, incompetency, bankruptcy, dissolution or other cessation to exist as a legal entity of a Series B Member will not, in and of itself, dissolve the Company or terminate Series B. In any such event, the personal representative (as defined in the Act) of the Series B Member may exercise all of the rights of the Series B Member with respect to Series B for the purpose of settling the Series B Member's estate or administering its property, subject to the terms and conditions of the Master Agreement and this Series Agreement, including any power of an assignee to become a Series B Member pursuant to Section 7.1.
Death, Incompetency, Bankruptcy or Dissolution of a Limited Partner. The death, incompetency, Bankruptcy, dissolution or other cessation to exist as a legal entity of the Limited Partner shall not, in and of itself, dissolve the Partnership. In any such event, the personal representative (as defined in the Act) of such Limited Partner may exercise all of the rights of such Limited Partner for the purpose of settling its estate or administering its property, subject to the terms and conditions of this Agreement, including any power of an assignee to become a Limited Partner.
