Common use of Effect of Admission as a Substitute Member Clause in Contracts

Effect of Admission as a Substitute Member. A transferee who has become a substitute member of the Company has all the rights, powers, and benefits of, and is subject to the obligations, restrictions, and liabilities of the transferor Member under, the Certificate, this Agreement, and the Act. Upon admission of a transferee as a substitute member of the Company, the transferor of the Interest so held by the substitute member of the Company shall cease to be a Member of the Company; provided, however, that the transferor of the Membership Interest shall continue to be bound by the provisions of Section 6.3 for a period of two years following such transfer.

Effect of Admission as a Substitute Member. A transferee who has become a substitute member of the Company Member has all the rights, powers, powers and benefits of, and is subject to the obligations, restrictions, restrictions and liabilities of the transferor Member under, the Certificate, this Agreement, Agreement and the Act. Upon admission of a transferee as a substitute member of the CompanyMember, the transferor of the Membership Interest so held by the substitute member of the Company Member shall cease to be a Member of the Company; provided, however, that the transferor of the Membership Interest shall continue to be bound by the provisions of Section 6.3 12.6 for a period of two years following such transfer.