Common use of Dissolution or Bankruptcy of a Member Clause in Contracts

Dissolution or Bankruptcy of a Member. Upon the dissolution of a Member or a Member becoming a Bankrupt Member, such Member's successors shall have all the rights of a Member (except as provided by the last sentence of this Section 11.5) for the purpose of settling or managing such Member's estate, including such power as such Member possessed to substitute a successor as a transferee of such Member's interest in the Company and to join with such transferee in making the application to substitute such transferee as a Member. However, such successors will not have the right to become a Substitute Member in the place of their predecessor in interest unless all of the other Members shall so consent as provided in Section 11.4(b) hereof.