Common use of EFFECT OF BANKRUPTCY, DEATH, INCOMPETENCE OR TERMINATION OF A MEMBER Clause in Contracts

EFFECT OF BANKRUPTCY, DEATH, INCOMPETENCE OR TERMINATION OF A MEMBER. The occurrence of an Event of Bankruptcy as to a Member, the death of a Member or a final adjudication that a Member is incompetent (which term shall include, but not be limited to, insanity) shall not, in and of itself, cause the dissolution of the Company, and the business of the Company shall continue. If an order for relief in a bankruptcy proceeding is entered against an individual Member, the trustee or receiver of his estate or, if he dies, his executor, administrator or trustee, or, if he is finally adjudicated incompetent, his committee, guardian or conservator, shall have the rights of such Member for the purpose of settling or managing his estate property and such power as the bankrupt, deceased or incompetent Member possessed to assign all or any part of his Membership Interest and to join with the assignee in satisfying conditions precedent to the admission of the assignee as a Substitute Member.

EFFECT OF BANKRUPTCY, DEATH, INCOMPETENCE OR TERMINATION OF A MEMBER. The occurrence of an Event of Bankruptcy as to a Member, the death of a Member or a final adjudication that a Member is incompetent (which term shall include, but not be limited to, insanity) shall not, in and of itself, not cause the termination or dissolution of the Company, and the business of the Company shall continue. If continue if an order for relief in a bankruptcy proceeding is entered against an individual a Member, the trustee or receiver of his estate or, if he such Member dies, his such Member’s executor, administrator or trustee, or, if he such Member is finally adjudicated incompetent, his such Member’s committee, guardian or conservator, shall have the rights of such Member for the purpose of settling or managing his such Member’s estate property and such power as the bankrupt, deceased or incompetent Member possessed to assign all or any part of his Membership Interest such Member’s Units and to join with the assignee in satisfying conditions precedent to the admission of the assignee as a Substitute Member.

EFFECT OF BANKRUPTCY, DEATH, INCOMPETENCE OR TERMINATION OF A MEMBER. The Except as otherwise provided herein, the occurrence of an Event of Bankruptcy as to a Member, the death of a Member or a final adjudication that a Member is incompetent (which term shall include, but not be limited to, insanity) shall not, in and of itself, not cause the termination or dissolution of the Company, and the business of the Company shall continue. If continue if an order for relief in a bankruptcy proceeding is entered against an individual a Member, the trustee or receiver of his estate or, if he dies, his executor, administrator or trustee, or, if he is finally adjudicated incompetent, his committee, guardian or conservator, shall have the rights of such Member for the purpose of settling or managing his estate property and such power as the bankrupt, deceased or incompetent Member possessed to assign all or any part of his Membership Interest its Member Units and to join with the assignee in satisfying conditions precedent to the admission of the assignee as a Substitute Member.

EFFECT OF BANKRUPTCY, DEATH, INCOMPETENCE OR TERMINATION OF A MEMBER. The occurrence of an Event of Bankruptcy as to a Member, the death of a Member or a final adjudication that a Member is incompetent (which term shall include, but not be limited to, insanity) shall not, in and of itself, not cause the termination or dissolution of the Company, and the business of the Company shall continue. If continue if an order for relief in a bankruptcy proceeding is entered against an individual a Member, the trustee or receiver of his estate or, if he such Member dies, his such Member's executor, administrator or trustee, or, if he such Member is finally adjudicated incompetent, his such Member's committee, guardian or conservator, shall have the rights of such Member for the purpose of settling or managing his such Member's estate property and such power as the bankrupt, deceased or incompetent Member possessed to assign all or any part of his Membership Interest such Member's Units and to join with the assignee in satisfying conditions precedent to the admission of the assignee as a Substitute Member. 10.6.