Common use of Rights and Interests of Voluntary Transferee; Adjustment of Voting Rights Clause in Contracts

Rights and Interests of Voluntary Transferee; Adjustment of Voting Rights. If a Member transfers its Interest to a third-party Transferee pursuant to this Article, such Transferee shall only succeed to the Member’s Economic Interest unless and until it complies with the provisions of Article 11.4 and is approved by the Manager as a Substitute Member. Until such time, if ever, that the third-party Transferee becomes a Substitute Member, the voting Interests of the Remaining Members (i.e., all Members other than the Selling Member) will be increased proportionate with their Percentage Interests in the Company as if they had purchased the Selling Member’s Interest. The obligations, rights and Interests of the Selling, purchasing, and any Substitute Members shall inure to and be binding upon the heirs, successors and permitted assignees of such Members subject to the restrictions of this Article. A third party Transferee shall have no right of action against the Manager or the Company for not being accepted as a Substitute Member.

Appears in 7 contracts

Samples: Company Agreement (Paradyme Equities, LLC), Company Agreement (Paradyme Equities, LLC), Company Agreement (Paradyme Equities, LLC)

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Rights and Interests of Voluntary Transferee; Adjustment of Voting Rights. If a Member transfers its Interest to a third-third party Transferee pursuant to this Article, such Transferee shall only succeed to the Member’s Economic Interest unless and until it complies with the provisions of Article 11.4 and is approved by the Manager as a Substitute Member. Until such time, if ever, that the third-third party Transferee becomes a Substitute Member, the voting Interests of the Remaining Members (i.e., all Members other than the Selling Member) will be increased proportionate with their Percentage Interests in the Company as if they had purchased the Selling Member’s Interest. The obligations, rights and Interests of the Selling, purchasing, and any Substitute Members shall inure to and be binding upon the heirs, successors and permitted assignees of such Members subject to the restrictions of this Article. A third party Transferee shall have no right of action against the Manager or the Company for not being accepted as a Substitute Member.

Appears in 7 contracts

Samples: Company Agreement (Tulsa Real Estate Fund, LLC), Company Agreement (Tulsa Real Estate Fund, LLC), Company Agreement (111 Crowdfunding LLC)

Rights and Interests of Voluntary Transferee; Adjustment of Voting Rights. If a Series Member transfers its Interest to a third-party Transferee pursuant to this Article, such Transferee shall only succeed to the Series Member’s Economic Interest unless and until it complies with the provisions of Article 11.4 12.4 and is approved by the Series Manager as a Substitute Member. Until such time, if ever, that the third-party Transferee becomes a Substitute Member, the voting Interests of the Remaining Members (i.e., all Members Members, other than the Selling Member) will be increased proportionate with their Percentage Interests in the Company Series as if they had purchased the Selling Member’s Interest. The obligations, rights and Interests of the Selling, purchasing, and any Substitute Members shall inure to and be binding upon the heirs, successors and permitted assignees of such Members Transferee subject to the restrictions of this Article. A third third-party Transferee shall have no right of action against the Company, a Series (its Manager or Members), or the Company Founder for not being accepted as a Substitute Member.. Mythic Collection, LLC Amended and Restated Company Agreement

Appears in 6 contracts

Samples: Series Limited Liability Company Agreement (Mythic Collection, LLC), Series Limited Liability Company Agreement (Mythic Collection, LLC), Series Limited Liability Company Agreement (Mythic Collection, LLC)

Rights and Interests of Voluntary Transferee; Adjustment of Voting Rights. If a Member transfers its Interest to a third-party Transferee pursuant to this Article, such Transferee shall only succeed to the Member’s Economic Interest unless and until it complies with the provisions of Article 11.4 and is approved by the Manager as a Substitute Member. Until such time, if ever, that the third-party Transferee becomes a Substitute Member, the voting Interests of the Remaining Members (i.e., all Members other than the Selling Member) will be increased proportionate with their Percentage Interests in the Company as if they had purchased the Selling Member’s Interest. The obligations, rights and Interests of the Selling, purchasing, and any Substitute Members shall inure to and be binding upon the heirs, successors and permitted assignees of such Members subject to the restrictions of this Article. A third third-party Transferee shall have no right of action against the Manager or the Company for not being accepted as a Substitute Member.

Appears in 4 contracts

Samples: Limited Liability Company Agreement (Mission First Capital LLC), Limited Liabiltiy Company Agreement (Mission First Capital LLC), Operating Agreement

Rights and Interests of Voluntary Transferee; Adjustment of Voting Rights. If a Series Member transfers its Interest to a third-party Transferee pursuant to this Article, such Transferee shall only succeed to the Member’s Series Member?s Economic Interest unless and until it complies with the provisions of Article 11.4 12.4 and is approved by the Series Manager as a Substitute Member. Until such time, if ever, that the third-party Transferee becomes a Substitute Member, the voting Interests of the Remaining Members (i.e., all Members Members, other than the Selling Member) will be increased proportionate with their Percentage Interests in the Company Series as if they had purchased the Selling Member’s Member?s Interest. The obligations, rights and Interests of the Selling, purchasing, and any Substitute Members shall inure to and be binding upon the heirs, successors and permitted assignees of such Members Transferee subject to the restrictions of this Article. A third third-party Transferee shall have no right of action against the Company, a Series (its Manager or Members), or the Company Founder for not being accepted as a Substitute Member.

Appears in 1 contract

Samples: Limited Liability Company Agreement (VV Markets LLC)

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Rights and Interests of Voluntary Transferee; Adjustment of Voting Rights. If a Series Member transfers its Interest to a third-party Transferee pursuant to this Article, such Transferee shall only succeed to the Series Member’s Economic Interest unless and until it complies with the provisions of Article 11.4 12.4 and is approved by the Series Manager as a Substitute Member. Until such time, if ever, that the third-party Transferee becomes a Substitute Member, the voting Interests of the Remaining Members (i.e., all Members Members, other than the Selling Member) will be increased proportionate with their Percentage Interests in the Company Series as if they had purchased the Selling Member’s Interest. The obligations, rights and Interests of the Selling, purchasing, and any Substitute Members shall inure to and be binding upon the heirs, successors and permitted assignees of such Members Transferee subject to the restrictions of this Article. A third third-party Transferee shall have no right of action against the Company, a Series (its Manager or Members), or the Company Founder for not being accepted as a Substitute Member.

Appears in 1 contract

Samples: Series Limited Liability Company Agreement (VV Markets LLC)

Rights and Interests of Voluntary Transferee; Adjustment of Voting Rights. If a Series Member transfers its Interest to a third-party Transferee pursuant to this Article, such Transferee shall only succeed to the Series Member’s 's Economic Interest unless and until it complies with the provisions of Article 11.4 12.4 and is approved by the Series Manager as a Substitute Member. Until such time, if ever, that the third-party Transferee becomes a Substitute Member, the voting Interests of the Remaining Members (i.e., all Members Members, other than the Selling Member) will be increased proportionate with their Percentage Interests in the Company Series as if they had purchased the Selling Member’s 's Interest. The obligations, rights and Interests of the Selling, purchasing, and any Substitute Members shall inure to and be binding upon the heirs, successors and permitted assignees of such Members Transferee subject to the restrictions of this Article. A third third-party Transferee shall have no right of action against the Company, a Series (its Manager or Members), or the Company Founder for not being accepted as a Substitute Member.

Appears in 1 contract

Samples: Series Limited Liability Company Agreement (VV Markets LLC)

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