Assignee of Member’s Interest. If, pursuant to a Transfer of an Interest by operation of law (or pursuant to a Transfer that the Company is required to recognize notwithstanding any contrary provisions of this Agreement), a person or entity acquires an Interest, but is not admitted as a Substituted Member pursuant to Section 10.3, such person or entity: (a) shall be an assignee of a Member’s Interest, as provided in the Act; (b) shall have no right to participate in the business and affairs of the Company or to exercise any rights of a Member under this Agreement or the Act; and (c) shall share in distributions from the Company with respect to the transferred Interest, on the same basis as the transferring Member.
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Samples: Operating Agreement (Columbia Equity Trust, Inc.), Operating Agreement (Columbia Equity Trust, Inc.), Operating Agreement (Columbia Equity Trust, Inc.)
Assignee of Member’s Interest. If, pursuant to a Transfer of an Interest by operation of law (or pursuant to a Transfer that the Company is required to recognize notwithstanding any contrary provisions of this Agreement), a person or entity acquires an Interest, but is not admitted as a Substituted Member pursuant to Section 10.3, such person or entity:
(a) shall be an assignee of a Member’s Interest, as provided in the Act;
(b) shall have no right to participate in the business and affairs of the Company or to exercise any rights of a Member under this Agreement or the Act; and
(c) shall share in distributions from the Company with respect to the transferred Interest, on the same basis as the transferring Member.
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