Common use of Status of Members Clause in Contracts

Status of Members. Notwithstanding anything to the contrary contained in Section 18-304 of the Act, no Member and no Special Member shall cease to be a member of the Company upon the happening of any of the following events (each such event referred to as “Bankruptcy”): (1) the Members or Special Member makes an assignment for the benefit of creditors; (2) the Member or Special Member files a voluntary petition in bankruptcy; (3) the Member or Special Member is adjudged a bankrupt or insolvent, or has entered against it an order for relief, in any bankruptcy or insolvency proceeding; (4) the Member or Special Member files a petition or answer seeking for itself any reorganization, arrangement, composition, readjustment, liquidation or similar relief under any statute, law or regulations; (5) the Member or Special Member files an answer or other pleading admitting or failing to contest the material allegation of a petition filed against it in any proceeding of the nature described in the preceding paragraphs; (6) the Member or Special Member seeks, consents to or acquiesces in the appointment of a trustee, receiver or liquidator of the Member or Special Member or of all or any substantial part of its properties; or (7) (i) after 120 days after the commencement of any proceeding against the Member or Special Member seeking the reorganization, arrangement, composition, readjustment, liquidation or similar relief under any statute, law or regulation, the proceeding has not been dismissed, (ii) if within 90 days after the appointment without its consent or acquiescence of a trustee, receiver or liquidator of the Member or Special Member or of all or any substantial part of its properties, the appointment is not vacated or stayed, or (iii) within 90 days after the expiration of any such stay, the appointment is not vacated.

Status of Members. Notwithstanding anything to the contrary contained in Section 18-304 4A-606 of the Act, no Member and no Special Member shall cease to be a member of the Company upon the happening of any of the following events (each such event referred to as “Bankruptcy”): (1) the Members or Special such Member makes an assignment for the benefit of creditors; (2) the Member or Special such Member files a voluntary petition in bankruptcy; (3) the Member or Special such Member is adjudged a bankrupt or insolvent, or has entered against it an order for relief, in any bankruptcy or insolvency proceeding; (4) the Member or Special such Member files a petition or answer seeking for itself any reorganization, arrangement, composition, readjustment, liquidation liquidation, dissolution or similar relief under any statute, law or regulations; (5) the Member or Special such Member files an answer or other pleading admitting or failing to contest the material allegation allegations of a petition filed against it in any proceeding of the nature described in the preceding paragraphs; (6) the Member or Special such Member seeks, consents to or acquiesces in the appointment of a trustee, receiver or liquidator of the Member or Special such Member or of all or any substantial part of its properties; or (7) (i) after 120 days after the commencement of any proceeding against the Member or Special such Member seeking the reorganization, arrangement, composition, readjustment, liquidation liquidation, dissolution or similar relief under any statute, law or regulation, the proceeding has not been dismissed, (ii) if within 90 days after the appointment without its consent or acquiescence of a trustee, receiver or liquidator of the Member or Special such Member or of all or any substantial part of its properties, the appointment is not vacated or stayed, or (iii) within 90 days after the expiration of any such stay, the appointment is not vacated.

Status of Members. Notwithstanding anything to the contrary contained in Section 18-304 of the Act, no Member and no Special Member shall cease to be a member of the Company upon the happening of any of the following events (each such event referred to as “Bankruptcy”): (1) the Members or Special Member makes an assignment for the benefit of creditors; (2) the Member or Special Member files a voluntary petition in bankruptcy; (3) the Member or Special Member is adjudged a bankrupt or insolvent, or has entered against it an order for relief, in any bankruptcy or insolvency proceeding; (4) the Member or Special Member files a petition or answer seeking for itself any reorganization, arrangement, composition, readjustment, liquidation or similar relief under any statute, law or regulations;: (5) the Member or Special Member files an answer or other pleading admitting or failing to contest the material allegation of a petition filed against it in any proceeding of the nature described in the preceding paragraphs; (6) the Member or Special Member seeks, consents to or acquiesces in the appointment of a trustee, receiver or liquidator of the Member or Special Member or of all or any substantial part of its properties; or (7) (i) after 120 days after the commencement of any proceeding against the Member or Special Member seeking the reorganization, arrangement, composition, readjustment, liquidation or similar relief under any statute, law or regulation, the proceeding has not been dismissed, (ii) if within 90 days after the appointment without its consent or acquiescence of a trustee, receiver or liquidator of the Member or Special Member or of all or any substantial part of its properties, the appointment is not vacated or stayed, or (iii) within 90 days after the expiration of any such stay, the appointment is not vacated.

Status of Members. Notwithstanding anything to the contrary contained in Section 18-304 of the Act, no Member and no Special Member shall cease to be a member of the Company upon the happening of any of the following events (each such event referred to as “Bankruptcy”): (1) the Members or Special such Member makes an assignment for the benefit of creditors; (2) the Member or Special such Member files a voluntary petition in bankruptcy; (3) the Member or Special such Member is adjudged a bankrupt or insolvent, or has entered against it an order for relief, in any bankruptcy or insolvency proceeding; (4) the Member or Special such Member files a petition or answer seeking for itself any reorganization, arrangement, composition, readjustment, liquidation liquidation, dissolution or similar relief under any statute, law or regulations; (5) the Member or Special such Member files an answer or other pleading admitting or failing to contest the material allegation allegations of a petition filed against it in any proceeding of the nature described in the preceding paragraphs; (6) the Member or Special such Member seeks, consents to or acquiesces in the appointment of a trustee, receiver or liquidator of the Member or Special such Member or of all or any substantial part of its properties; or (7) (i) after 120 days after the commencement of any proceeding against the Member or Special such Member seeking the reorganization, arrangement, composition, readjustment, liquidation liquidation, dissolution or similar relief under any statute, law or regulation, the proceeding has not been dismissed, (ii) if within 90 days after the appointment without its consent or acquiescence of a trustee, receiver or liquidator of the Member or Special such Member or of all or any substantial part of its properties, the appointment is not vacated or stayed, or (iii) within 90 days after the expiration of any such stay, the appointment is not vacated.

Status of Members. Notwithstanding anything to the contrary contained in Section 18-304 of the Act, no Member and no Special Member shall cease to be a member of the Company upon the happening of any of the following events (each such event referred to as “Bankruptcy”): (1) the Members or Special such Member makes an assignment for the benefit of creditors; (2) the Member or Special such Member files a voluntary petition in bankruptcy; (3) the Member or Special such Member is adjudged a bankrupt or insolvent, or has entered against it an order for relief, in any bankruptcy or insolvency proceeding; (4) the Member or Special such Member files a petition or answer seeking for itself any reorganization, arrangement, composition, readjustment, liquidation liquidation, dissolution or similar relief under any statute, law or regulations; (5) the Member or Special such Member files an answer or other pleading admitting or failing to contest the material allegation allegations of a petition filed against it in any proceeding of the nature described in the preceding paragraphs; (6) the Member or Special such Member seeks, consents to or acquiesces in the appointment of a trustee, receiver or liquidator of the Member or Special such Member or of all or any substantial part of its properties; or (7) (i) after 120 days after the commencement of any proceeding against the Member or Special such Member seeking the reorganization, arrangement, composition, readjustment, liquidation liquidation, dissolution or similar relief under any statute, law or regulation, the die proceeding has not been dismissed, (ii) if within 90 days after the appointment without its consent or acquiescence of a trustee, receiver or liquidator of the Member or Special such Member or of all or any substantial part of its properties, the appointment is not vacated or stayed, or (iii) within 90 days after the expiration of any such stay, the appointment is not vacated.