Effect of Transfers. Upon any Transfer approved by the 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, Operating Agreement (Excelsior Buyout Investors LLC), Limited Liability Company Agreement (UST Global Private Markets Fund, LLC)
Effect of Transfers. Upon any Transfer approved by the Board of Managers, the transferee of the transferred Membership Interest Units shall be entitled to receive the distributions and allocations to which the transferring Member would be entitled with respect to such transferred Membership InterestUnits, but shall not be entitled to exercise any of the other rights of a Member with respect to such transferred Membership InterestUnits, including, without limitation, the right to vote, unless and until such transferee is admitted to the Company as a Substituted Member pursuant to Section 11.511.5 hereof.
Appears in 3 contracts
Samples: Limited Liability Company Agreement (NB Crossroads Private Markets Fund IV (TI) - Client LLC), Limited Liability Company Agreement (NB Crossroads Private Markets Fund IV (TE) - Client LLC), Limited Liability Company Agreement (NB Crossroads Private Markets Fund IV Holdings LLC)
