Bankruptcy, Dissolution, Etc. of Interest Holders. Upon the occurrence of any of the events set forth in Sections 18-304 or 18-705 of the Act, the successor-in-interest of such Member shall have all of the rights of a Member for the purposes of managing such Member’s affairs and, if the Interest Holder was a Member, automatically become a substitute Member in place of the Member.
Appears in 8 contracts
Sources: Limited Liability Company Agreement (Triad of Oregon, LLC), Limited Liability Company Agreement (Triad of Oregon, LLC), Limited Liability Company Agreement (Hospital of Fulton, Inc.)