Effect of Bankruptcy, Dissolution or Termination of a Member. Except as required by the Act, the bankruptcy, dissolution, liquidation or termination of a Member shall not cause the termination or dissolution of the Company, and the business of the Company shall continue. Upon any such occurrence, the trustee, receiver, executor, administrator, committee or conservator of such Member shall have all the nights of an assignee of the Units of such Member for the purpose of settling or managing the former Member’s estate or property. The Transfer by such trustee, receiver, executor, administrator, committee or conservator of any Member of any Unit shall be subject to all of the restrictions hereunder to which such Transfer would have been subject if such Transfer had been made by such bankrupt, dissolved, liquidated or terminated Member.
Appears in 4 contracts
Samples: Limited Liability Company Agreement (T-Mobile Puerto Rico Holdings LLC), Limited Liability Company Agreement (Suncom Wireless Property Co, L.L.C.), Limited Liability Company Agreement (Suncom Wireless Property Co, L.L.C.)
Effect of Bankruptcy, Dissolution or Termination of a Member. Except as required by the LLC Act, the bankruptcy, dissolution, liquidation or termination of a Member shall not cause the termination or dissolution of the Company, and the business of the Company shall continue. Upon any such occurrence, the trustee, receiver, executor, administrator, committee or conservator of such Member shall have all the nights rights of an assignee of the Units of such Member for the purpose of settling or managing the former Member’s estate or property. The Transfer by such trustee, receiver, executor, administrator, committee or conservator of any Member of any Unit shall be subject to all of the restrictions hereunder to which such Transfer would have been subject if such Transfer had been made by such bankrupt, dissolved, liquidated or terminated Member.
Appears in 3 contracts
Samples: Limited Liability Company Agreement (Metropcs Networks California, LLC), Limited Liability Company Agreement (Suncom Wireless Property Co, L.L.C.), Limited Liability Company Agreement (Suncom Wireless Property Co, L.L.C.)
Effect of Bankruptcy, Dissolution or Termination of a Member. Except as required by the LLC Act, the bankruptcy, dissolution, liquidation or termination of a Member shall not cause the termination or dissolution of the Company, and the business of the Company shall continue. Upon any such occurrence, the trustee, receiver, executor, administrator, committee or conservator of such Member shall have all the nights rights of an assignee of the Units of such Member for the purpose of settling or managing the former Member’s estate or property. The Transfer by such trustee, receiver, executor, administrator, committee or conservator of any Member of any Unit shall be subject to all of the restrictions hereunder to which such Transfer would have been subject if such Transfer had been made by such bankrupt, dissolved, liquidated or terminated Member.. ARTICLES VII DISSOLUTION OF THE COMPANY 7.1
Appears in 1 contract
Samples: Limited Liability Company Agreement (Triton PCS Holdings Co LLC)
