Common use of Successors and Substitute Members Clause in Contracts

Successors and Substitute Members. Upon the Bankruptcy, termination, liquidation or dissolution of a Member which is a partnership, trust, corporation, limited liability company or other entity or the Bankruptcy, death or Incapacity of a Member who is an individual, the estate or successor in interest of such Member shall thereupon succeed to the rights of such Member as a Unitholder only to receive allocations and distributions hereunder and may become a substitute Member only upon the terms and conditions set forth in Section 3.2(b) hereof.

Successors and Substitute Members. Upon the BankruptcyBankruptcy Event, termination, liquidation or dissolution of a Member which is a partnership, trust, corporation, limited liability company or other entity or the BankruptcyBankruptcy Event, death or Incapacity of a Member who is an individual, the estate or successor in interest of such Member shall thereupon succeed to the rights of such Member as a Unitholder only to receive allocations and distributions hereunder and may become a substitute Member only upon the terms and conditions set forth in Section 3.2(b) hereof.

Successors and Substitute Members. Upon the Bankruptcybankruptcy, termination, liquidation or dissolution of a Member which is a partnership, trust, corporation, limited liability company or other entity or the Bankruptcybankruptcy, death or Incapacity incapacity of a Member who is an individual, the estate or successor in interest of such Member shall thereupon succeed only to the rights of such Member as a Unitholder only to receive allocations and distributions hereunder (but not the other rights hereunder) and may become a substitute Member only upon the terms and conditions set forth in Section 3.2(b) hereofapproval of the Board.

Successors and Substitute Members. Upon the Bankruptcybankruptcy, termination, liquidation or dissolution of a Member which is a partnership, trust, corporation, limited liability company or other entity or the Bankruptcybankruptcy, death or Incapacity incapacity of a Member who is an individual, the estate or successor in interest of such Member shall thereupon succeed only to the rights of such Member as a Unitholder only to receive allocations and distributions hereunder (but not the other rights hereunder) and may become a substitute Member only upon the terms and conditions set forth in Section 3.2(b) hereofapproval of the Board.