Common use of ADMISSION OF A SUCCESSOR DIRECTOR Clause in Contracts

ADMISSION OF A SUCCESSOR DIRECTOR. (a) The admission of any successor Director pursuant to Sections 12.01, 12.02, or 12.03, as the case may be, shall be effective only if and after the following conditions are satisfied: (i) the designation of such Person as successor Director shall occur, and for all purposes, shall be deemed to have occurred, prior to the withdrawal or removal of the withdrawing or removed (ii) the Fund Interests of the Investors shall not be affected by the admission of such successor Director or the transfer of the Director's Fund Interest. (b) A Director shall not have the right to transfer or assign its Fund Interest, except that a Director may: (i) transfer its Fund Interest to a successor Director pursuant to Section 12.01 or 12.02; (ii) substitute instead as a successor Director any Person that has, by merger, consolidation, or otherwise, acquired substantially all of its assets and continued its business; and (iii) pledge or grant an interest in its right to receive payments and distributions under this Agreement. Each Investor other than a Director hereby consents to the admission of any additional or successor Director pursuant to this Section 12.05(b), and no further consent or approval shall be required; and (c) Notwithstanding anything to the contrary in this Article 12, a Director's Fund Interest shall at all times be subject to the restrictions on transfer set forth in Section 13.01.

ADMISSION OF A SUCCESSOR DIRECTOR. (a) The admission of any successor Director pursuant to Sections 12.01, 12.02, or 12.03Director, as the case may be, shall be effective only if and after the following conditions are satisfied: (i) the designation of such Person as successor Director shall occur, and for all purposes, shall be deemed to have occurred, prior to the withdrawal or removal of the withdrawing or removedremoved Director, or transfer of the withdrawing or removed Director's Fund Interest, as the case may be; and (ii) the Fund Interests of the Investors Members shall not be affected by the admission of such successor Director or the transfer of the Director's Fund Interest. (b) A Director shall not have the right to transfer or assign its his Fund Interest, except that a Director may: (i) transfer its his Fund Interest to a successor Director pursuant to Section 12.01 11.1 or 12.0211.3; (ii) substitute instead as a successor Director any Person that has, by merger, consolidation, or otherwise, acquired substantially all of its assets and continued its business; and (iii) pledge or grant an interest in its right to receive payments and distributions under this Agreement. Each Investor Member other than a Director hereby consents to the admission of any additional or successor Director pursuant to this Section 12.05(b11.5(b), and no further consent or approval shall be required; and (c) Notwithstanding anything to the contrary in this Article 12, 11 a Director's Fund Interest shall at all times be subject to the restrictions on transfer set forth in Section 13.01.Article 9

ADMISSION OF A SUCCESSOR DIRECTOR. (a) The admission of any successor Director pursuant to Sections 12.01, 12.02, or 12.03, as the case may be, shall be effective only if and after the following conditions are satisfied: (i) the designation of such Person as successor Director shall occur, and for all purposes, shall be deemed to have occurred, prior to the withdrawal or removal of the withdrawing or removedremoved Director, or transfer of the withdrawing or removed Director's Fund Interest pursuant to Sections 12.01, 12.02, or 12.03, as the case may be; and (ii) the Fund Interests of the Investors shall not be affected by the admission of such successor Director or the transfer of the Director's Fund Interest. (b) A Director shall not have the right to transfer or assign its Fund Interest, except that a Director may: (i) transfer its Fund Interest to a successor Director pursuant to Section 12.01 or 12.02; (ii) substitute instead as a successor Director any Person that has, by merger, consolidation, or otherwise, acquired substantially all of its assets and continued its business; and (iii) pledge or grant an interest in its right to receive payments and distributions under this Agreement. Each Investor other than a Director hereby consents to the admission of any additional or successor Director pursuant to this Section 12.05(b), and no further consent or approval shall be required; and (c) Notwithstanding anything to the contrary in this Article 12, a Director's Fund Interest shall at all times be subject to the restrictions on transfer set forth in Section 13.01.

ADMISSION OF A SUCCESSOR DIRECTOR. (a) The admission of any successor Director pursuant to Sections 12.0111.01, 12.0211.02, or 12.0311.03, as the case may be, shall be effective only if and after the following conditions are satisfied: (i) the designation of such Person as successor Director shall occur, and for all purposes, shall be deemed to have occurred, prior to the withdrawal or removal of the withdrawing or removedremoved Director, or transfer of the withdrawing or removed Director's Fund Interest pursuant to Sections 11.01, 11.02, or 11.03, as the case may be; and (ii) the Fund Interests of the Investors shall not be affected by the admission of such successor Director or the transfer of the Director's Fund Interest. (b) A Director shall not have the right to transfer or assign its Fund Interest, except that a Director may: (i) transfer its Fund Interest to a successor Director pursuant to Section 12.01 11.01 or 12.0211.02; (ii) substitute instead as a successor Director any Person that has, by merger, consolidation, or otherwise, acquired substantially all of its assets and continued its business; and (iii) pledge or grant an interest in its right to receive payments and distributions under this Agreement. Each Investor other than a Director hereby consents to the admission of any additional or successor Director pursuant to this Section 12.05(b11.05(b), and no further consent or approval shall be required; and (c) Notwithstanding anything to the contrary in this Article 1211, a Director's Fund Interest shall at all times be subject to the restrictions on transfer set forth in Section 13.0112.01.