Rights of Unadmitted Transferees Sample Clauses

The "Rights of Unadmitted Transferees" clause defines the limitations and entitlements of individuals or entities who acquire an interest in a company or partnership but have not been formally admitted as full members or partners. Typically, such transferees may be entitled to receive distributions or economic benefits associated with the transferred interest, but they do not gain voting rights or participation in management decisions until formal admission procedures are completed. This clause ensures that control and decision-making authority remain with the original members or partners, while still allowing for the transfer of economic interests, thereby maintaining organizational stability and clarity regarding governance.
POPULAR SAMPLE Copied 1 times
Rights of Unadmitted Transferees. A Person who acquires one or more Shares in the Company but who is not already a Shareholder or who is not admitted as a substituted or additional Shareholder pursuant to Section 6.6 hereof shall be entitled only to distributions with respect to such Shares, and shall have no right to any information or accounting of the affairs of the Company, shall not be entitled to inspect the books or records of the Company, and shall not have any of the rights of a Shareholder under this Operating Agreement or of a member under the Act. A Person who acquires one or more Shares in the Company but who is not already a Shareholder or who is not admitted as a substituted Shareholder pursuant to Section 6.6 hereof shall have no right to Transfer said Shares except in compliance with the provisions of this Article VI.
View Source
Rights of Unadmitted Transferees. Subject to Section 8.4.7, a Person who becomes a Transferee of Interest but who is not admitted as a Partner pursuant to Section 8.3 shall be entitled only to allocations and Distributions with respect to such Interest in accordance with this Agreement. Such Person shall have no Partnership Rights, no right to appoint Representatives, no voting rights, no right to participate in the management of the business or to see books and records and shall not have any of the rights of a Partner under this Agreement.
View SourceView Similar (2)
Rights of Unadmitted Transferees. If the assignee or transferee of an interest in the Partnership does not become a Substituted Partner, such assignee or transferee shall only be entitled to the share of profits, Preferred Return or other compensation by way of income or return of contributions to which the Partner whose interest is being transferred would have been entitled to pursuant to this Agreement. The unadmitted Partner shall have no right to participate in the business or management of the Partnership, shall have no right to become a Partner, shall, to the extent permitted by applicable law, have no right to any information or accounting as to the affairs of the Partnership, shall not be entitled to inspect the books or records of the Partnership and shall not have any of the rights of a Partner under the DRULPA or this Agreement.
View Source
Rights of Unadmitted Transferees. The transferee of all or any portion of a Membership Interest or Assignee Interest who is not admitted as a Substitute Member pursuant to Section 13.7 hereof is a Holder, and the Transferred Membership Interest is an Assignee Interest. Notwithstanding the foregoing, if the transferee of a Membership Interest is a Member and the Transfer was a Permitted Transfer, such transferee shall receive and shall be entitled to exercise all of the Governance Rights incident to the Transferred Membership Interest, and none of the restrictions and limitations set forth in this Section 13.6 shall apply to such transferee.
View Source
Rights of Unadmitted Transferees 
View Source

Related to Rights of Unadmitted Transferees

  • Rights of Unadmitted Assignees A Person who acquires Units but who is not admitted as a substituted Member pursuant to Section 9.8 hereof shall be entitled only to the Membership Economic Interests with respect to such Units in accordance with this Agreement, and shall not be entitled to the Membership Voting Interest with respect to such Units. In addition, such Person shall have no right to any information or accounting of the affairs of the Company, shall not be entitled to inspect the books or records of the Company, and shall not have any of the rights of a Member under the Act or this Agreement.

  • Permitted Transferees The rights of a Holder hereunder may be assigned (but only with all related obligations as set forth below) in connection with a Transfer of Registrable Securities to a Permitted Transferee of that Holder. Without prejudice to any other or similar conditions imposed hereunder with respect to any such Transfer, no assignment permitted under the terms of this Section 4.4 will be effective unless the Permitted Transferee to which the assignment is being made, if not a Holder, has delivered to the Company a written acknowledgment and agreement in form and substance reasonably satisfactory to the Company that the Permitted Transferee will be bound by, and will be a party to, this Agreement. A Permitted Transferee to whom rights are transferred pursuant to this Section 4.4 may not again transfer those rights to any other Permitted Transferee, other than as provided in this Section 4.4.

  • Permitted Transferee 25 Person ......................................................................................25

  • Transfers to Permitted Transferees Prior to the transfer of Units to a Permitted Transferee (other than a transfer in connection with or subsequent to a Sale of the Company), the Executive shall deliver to Investors a written agreement of the proposed transferee (a) evidencing such Person's undertaking to be bound by the terms of this Agreement and (b) acknowledging that the Units transferred to such Person will continue to be Units for purposes of this Agreement in the hands of such Person. Any transfer or attempted transfer of Units in violation of any provision of this Agreement or the Securityholders Agreement shall be void, and Investors shall not record such transfer on its books or treat any purported transferee of such Units as the owner of such Units for any purpose.

  • Permitted Transfers The provisions of Section 8.1 shall not apply to (a) a transfer or an assignment of this Lease in connection with the sale of substantially all the original Tenant’s assets if: (I) such sale of assets occurs on an arms’-length basis, to an unrelated third party, and is for a bona fide business purpose and not primarily to transfer Tenant’s interest in this Lease; and (II) upon the consummation of the transfer or assignment, the transferee or assignee is, in the sole, but reasonable determination of Landlord (and its lender, if applicable), capable of satisfying all of Tenant’s obligations hereunder; (b) an assignment of this Lease to a successor to Tenant by merger, consolidation, reorganization or similar corporate restructuring or to an entity that controls, is controlled by, or is under common control with, Tenant; or (c) a subletting of the Premises or any part thereof. In the case of an assignment or sublease that is expressly permitted pursuant to (a) or (c) of this Section 8.3, Tenant shall nevertheless be required to provide Landlord with notice of such assignment or sublease and a true and complete copy of the fully-executed documentation pursuant to which the assignment or sublease, as applicable, has been effectuated within ten (10) business days after the effective date of such assignment or sublease. Any permitted transferee under (a) of this Section 8.3 shall execute and deliver to Landlord any and all documentation reasonably required by Landlord in order to evidence assignee’s assumption of all obligations of Tenant hereunder and to evidence the assignee’s compliance (or ability to comply) with (a)(II) above. Notwithstanding anything to the contrary contained in this Section 8.3, in no event may Tenant assign, mortgage, transfer, pledge or sublease this Lease to any entity whatsoever if, at the time of such assignment, mortgage, transfer, pledge or sublease, a Default has occurred and remains continuing under this Lease.