Effect of Transfers. Upon any Transfer approved by the Board of Managers, the transferee of the transferred Membership Interest shall be entitled to receive the distributions and allocations to which the transferring Member would be entitled with respect to such transferred Membership Interest, but shall not be entitled to exercise any of the other rights of a Member with respect to such transferred Membership Interest, including, without limitation, the right to vote, unless and until such transferee is admitted to the Company as a Substituted Member pursuant to Section 11.5.
Appears in 6 contracts
Samples: Limited Liability Company Agreement (Excelsior Private Markets Fund III (TE), LLC), Limited Liability Company Agreement (Excelsior Private Markets Fund III (TI), LLC), Limited Liability Company Agreement (Excelsior Private Markets Fund III (Master), LLC)
Effect of Transfers. Upon any Transfer approved by the Board of ManagersPermitted Transfer, the transferee of the transferred Membership Interest shall be entitled to receive the distributions and allocations to which the transferring Member would be entitled with respect to such transferred Membership Interest, but shall not be entitled to exercise any of the other rights of a Member with respect to such transferred Membership Interest, including, without limitation, the right to vote, unless and until such transferee is admitted to the Company as a Substituted Member pursuant to Section 11.59.5.
Appears in 6 contracts
Samples: Limited Liability Company Agreement (Fortress Brookdale Investment Fund LLC), Limited Liability Company Operating Agreement (Excelsior Venture Partners Iii LLC), Limited Liability Company Operating Agreement (Excelsior Venture Partners Fund Iii LLC)
Effect of Transfers. Upon any Transfer approved by the Board of ManagersDirectors, the transferee of the transferred Membership Interest shall be entitled to receive the distributions and allocations to which the transferring Member Limited Partner would be entitled with respect to such transferred Membership Interest, but shall not be entitled to exercise any of the other rights of a Member Limited Partner with respect to such transferred Membership Interest, including, without limitation, the right to vote, unless and until such transferee is admitted to the Company Fund as a Substituted Member Limited Partner pursuant to Section 11.511.6 hereof.
Appears in 5 contracts
Samples: Limited Partnership Agreement (NB Crossroads Private Markets Fund v Holdings LP), Limited Partnership Agreement (NB Crossroads Private Markets Fund v (TE) LP), Limited Partnership Agreement (NB Crossroads Private Markets Fund v (TI) Advisory LP)
Effect of Transfers. Upon any Transfer approved by the Board of ManagersDirectors, the transferee of the transferred Membership Interest shall be entitled to receive the distributions and allocations to which the transferring Member Limited Partner would be entitled with respect to such transferred Membership Interest, but shall not be entitled to exercise any of the other rights of a Member Limited Partner with respect to such transferred Membership Interest, including, without limitation, the right to vote, unless and until such transferee is admitted to the Company Fund as a Substituted Member Limited Partner pursuant to Section 11.511.6 hereof.
Appears in 4 contracts
Samples: Limited Partnership Agreement (NB Crossroads Private Markets Fund VII LP), Limited Partnership Agreement (NB Crossroads Private Markets Fund VI LP), Limited Partnership Agreement (NB Crossroads Private Markets Fund VI Custody LP)
Effect of Transfers. Upon any Transfer approved by the Board of Managers, the transferee of the transferred Membership Interest shall be entitled to receive the distributions and allocations to which the transferring Member would be entitled with respect to such transferred Membership Interest, but shall not be entitled to exercise any of the other rights of a Member with respect to such transferred Membership Interest, including, without limitation, the right to vote, unless and until such transferee is admitted to the Company as a Substituted Member pursuant to Section 11.5.
Appears in 3 contracts
Samples: Limited Liability Company Agreement, Limited Liability Company Agreement (UST Global Private Markets Fund, LLC), Operating Agreement (Excelsior Buyout Investors LLC)
