Death or Incapacity of Member. The death, incompetency, withdrawal, expulsion, bankruptcy or dissolution of a Member, or the occurrence of any other event which terminates the continued membership of a Member in a Series of the Company, shall not, in and of itself, cause a dissolution of such Series or of the Company. Upon the occurrence of such event, the rights of such Member to share in the Net Income and Net Loss of such Series of the Company, to receive distributions from such Series of the Company and to assign an interest in such Series of the Company pursuant to Section 14 below shall, on the happening of such an event, devolve upon such Member’s executor, administrator, guardian, conservator, or other legal representative or successor, as the case may be, subject to the terms and conditions of this Agreement, and the Company or such Series of the Company shall continue as a limited liability company or a Series thereof. However, in any such event, such legal representative or successor, or any assignee of such legal representative or successor shall be admitted to the Company or such Series of the Company as a Member only in accordance with and pursuant to all of the terms and conditions of Section 14 hereof.
Appears in 4 contracts
Samples: Limited Liability Company Operating Agreement, Limited Liability Company Operating Agreement (HomeStreet, Inc.), Limited Liability Company Operating Agreement (HomeStreet, Inc.)
