Right of Assignee to Become a Member Sample Clauses

Right of Assignee to Become a Member. An assignee of a Preferred Security shall become a Preferred Member upon compliance with the provisions of Section 2.7 of this Agreement.
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Right of Assignee to Become a Member. An assignee of a Unit may become a Substitute Member only if the proposed Substitute Member executes an agreement accepting and adopting the terms of the Certificate and this Agreement, and if Members holding a majority of the Units issued and outstanding approve the sale, transfer or assignment to the Substitute Member. A Substitute Member shall be admitted as a Member upon the later to occur of the two (2) events specified in the preceding sentence. An assignee who has become a Substitute Member has, to the extent of the Units assigned, the rights and powers, and is subject to the restrictions and liabilities, of a Member under the Certificate, this Agreement and the Delaware Act. If the assignee purchased or otherwise received all the Units of the transferring Member and the assignee becomes a Substitute Member under this section, the transferring Member will no longer retain any rights or obligations as a Member of the Company, notwithstanding Section 5.5 of this Agreement.
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Right of Assignee to Become a Member. An assignee shall become a Member upon compliance with the provisions of Section 2.7.
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Right of Assignee to Become a Member. An assignee of all or part of an LLC interest may become a member in respect of the assigned LLC interest –
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Related to Right of Assignee to Become a Member

  • Right of Assignment No consent shall be required pursuant to Clause 17.1 in the case of an assignment by a Party to an Affiliate provided that: (a) the Affiliate is technically capable of performing the Party’s obligations under this Agreement; and (b) the assigning Party shall not be relieved of any obligations that such Affiliate fails to perform.

  • Rights of Assignee The Assignee of a Membership Interest shall be entitled to receive distributions and profits and losses attributable to the Membership Interest in the Company, but in no event shall the Assignee have the right to participate in, or interfere with, the management or administration of the Company’s business or affairs or become a substitute Member unless permitted to do so by a unanimous vote of the other Members.

  • Rights of Assignees Subject to Section 8.07, the transferee of any permitted Transfer pursuant to this Article VIII will be an assignee only (“Assignee”), and only will receive, to the extent transferred, the distributions and allocations of income, gain, loss, deduction, credit or similar item to which the Partner which transferred its Units would be entitled, and such Assignee will not be entitled or enabled to exercise any other rights or powers of a Partner, such other rights, and all obligations relating to, or in connection with, such Interest remaining with the transferring Partner. The transferring Partner will remain a Partner even if it has transferred all of its Units to one or more Assignees until such time as the Assignee(s) is admitted to the Partnership as a Partner pursuant to Section 8.10.

  • Notification of Assignment Any assignment that is not undertaken in accordance with the provisions set forth above shall be null and void ab initio. A Party making any assignment shall promptly notify the other Party of such assignment, regardless of whether consent is required. This Agreement shall be binding upon and inure to the benefit of the Parties hereto and their respective successors and permitted assigns.

  • Termination of Assignment Citizens and the Firm may each terminate a specific assignment or all assignments held by the Firm, at any time upon advanced written notice. Citizens may also reassign any matter at any time upon advanced written notice.