Incapacity of Member Sample Clauses
Incapacity of Member. The Incapacity of a Member or occurrence of -------------------- any other event that terminates the continued membership of a Member in the Company shall not dissolve or terminate the Company. In the event of such Incapacity, provided the transfer of the Member's Units complies with Section 7.1, the executor, administrator, guardian, trustee or other personal representative or successor in interest of the Member affected by such Incapacity shall be deemed to be the assignee of such Member's Units and may, subject to Section 7.2, become a substituted Member.
Incapacity of Member. Upon the Incapacity of any Member, its successors or assigns shall have all the rights of the Member for the purpose of settling or managing its affairs and such power as the Member possessed to assign all or any part of its Interest and to join with such assignee in satisfying conditions precedent to such assignee becoming a substituted member; provided, however, that in the event of the Incapacity of any Member, such Member’s successors or assigns shall have no rights to vote or exercise any decision-making authority that may have been conferred upon such Member hereunder unless and until all remaining Members shall have approved and accepted any such substitute or successor Member pursuant hereto. The Incapacity of any Member shall not dissolve the Company.
Incapacity of Member. Upon the Incapacity of a Member, such Member’s Units will automatically be converted to an Economic Interest only, with respect thereto, and such Member (or its executor, administrator, trustee, or receiver, as applicable) will thereby be deemed an Assignee for all purposes hereof with respect to the same Economic Interest as was held by such Member prior to its Incapacity (but without any other rights of a Member unless the holder of such Economic Interest is admitted as a Member pursuant to Section 13.5).