Assignee Not Substituted Member Sample Clauses
The "Assignee Not Substituted Member" clause establishes that if a party assigns its rights or interests under an agreement, the assignee does not automatically become a substitute member or participant in the original party's place. In practice, this means that while the assignee may receive certain economic benefits or rights, they do not gain full membership status or voting rights unless additional requirements are met, such as approval by other members or compliance with specific procedures. This clause ensures that control over membership or participation remains with the existing group, preventing unwanted or automatic changes in membership due to assignments.
Assignee Not Substituted Member. A person who is the assignee of all or any fraction of the Units of a Member, but does not become a Substituted Member and desires to make a further assignment of such Units, shall be subject to all the provisions of this Article 9 to the same extent and in the same manner as any Member desiring to make an assignment of such Member's Units.