Assignee Rights. The assignee has the right:
Assignee Rights. An Assignee shall not be entitled to any Member rights except the right to receive Distributions and Allocations of Net Income and Net Loss. The Assignee shall have a Capital Account and shall have Adjusted Invested Capital in the same amount as when its Percentage Interest was held by the assigning Member. The Assignee may become a Member pursuant to the procedures set forth in Section 9.3 below.
Assignee Rights. Each Lender agrees that if the assignee of either Lender is a creditor of such Lender to whom such Lender has granted a security interest in this Agreement, then following the occurrence of an event of default (however defined) under or with respect to the indebtedness held by such assignee or the occurrence of an event which with the giving of notice or the passage of time or both would constitute such an event of default, all rights (but not the obligations) of the assignor Lender under this Agreement shall thereafter be exercisable solely by such assignee except to the extent such assignee may otherwise consent in writing.
Assignee Rights. An assignment, if permitted under this Operating Agreement, entitles the assignee to an Economic Interest only, and to receive, to the extent assigned, the distributions to which the assignor would be entitled. In the absence of unanimous consent, an assignee is not entitled to participate in the management and affairs of the Company or to exercise any other rights of a Member. An assignee of a Membership Interest may be admitted as a Member only as permitted under Article VII.
Assignee Rights. A Disposition made in conformance with Section 3.3 shall be effective as of the date of the Disposition and shall be shown on the books and records of the Company. All items of income, gain, loss, deduction and credit shall be allocated between the Disposing Member and the assignee according to Section 706 of the Code. Distributions with respect to Units Disposed in a Disposition made before the effective date of such Disposition shall be paid to the Disposing Member, and distributions with respect to Units Disposed in a Disposition made after such date shall be paid to the assignee. Unless and until a Person that acquires Units through a Disposition becomes a Member in accordance with Section 3.3(d), such Person shall not be entitled to any of the rights granted to a Member hereunder or under applicable law, other than the rights granted specifically to assignees pursuant to this Section 3.3(f) and to have the other rights granted to assignees as required by the TBOC; provided that, without relieving any Disposing Member from any such limitations or obligations and as more fully described in Section 3.3(g), such Person shall be bound by any limitations and obligations of a Member contained herein by which a Member would be bound on account of the ownership of Units (including the obligation, if any, to make and return Capital Contributions on account of such Units or to Dispose of such Units pursuant to Section 3.3(c), Section 3.6 or Article XII).
Assignee Rights
