Effect of Transfers. Upon any Transfer approved by the Board of Managers, the transferee of the transferred Units shall be entitled to receive the distributions and allocations to which the transferring Member would be entitled with respect to such transferred Units, but shall not be entitled to exercise any of the other rights of a Member with respect to such transferred Units, including, without limitation, the right to vote, unless and until such transferee is admitted to the Company as a Substituted Member pursuant to Section 11.5 hereof.
Appears in 3 contracts
Sources: Limited Liability Company Agreement (NB Crossroads Private Markets Fund IV Holdings LLC), Limited Liability Company Agreement (NB Crossroads Private Markets Fund IV (TI) - Client LLC), Limited Liability Company Agreement (NB Crossroads Private Markets Fund IV (TE) - Client LLC)
Effect of Transfers. Upon any Transfer approved by the Board of Managers, the transferee of the transferred Units Membership Interest shall be entitled to receive the distributions and allocations to which the transferring Member would be entitled with respect to such transferred UnitsMembership Interest, but shall not be entitled to exercise any of the other rights of a Member with respect to such transferred UnitsMembership Interest, including, without limitation, the right to vote, unless and until such transferee is admitted to the Company as a Substituted Member pursuant to Section 11.5 hereof11.5.
Appears in 3 contracts
Sources: Limited Liability Company Agreement, Limited Liability Company Agreement (UST Global Private Markets Fund, LLC), Operating Agreement (Excelsior Buyout Investors LLC)