Successors and Substitute Members. Upon the Bankruptcy Event, termination, liquidation or dissolution of a Member which is a partnership, trust, corporation, limited liability company or other entity or the Bankruptcy 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.
Appears in 2 contracts
Samples: Limited Liability Company Agreement (K-Sea Tranportation Partners Lp), Limited Liability Company Agreement (K-Sea Transportation Partners Lp)
Successors and Substitute Members. Upon the Bankruptcy EventBankruptcy, termination, liquidation or dissolution of a Member which is a partnership, trust, corporation, limited liability company or other entity or the Bankruptcy EventBankruptcy, 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.
Appears in 2 contracts
Samples: Limited Liability Company Agreement (Acl Capital Corp), Limited Liability Company Agreement (Vertex Aerospace Inc)
