Common use of RIGHTS OF ASSIGNEES OF MEMBERSHIP INTERESTS Clause in Contracts

RIGHTS OF ASSIGNEES OF MEMBERSHIP INTERESTS. (l) Subject to the provisions of Sections 9.2 and 9.3, except as required by operation of law, the Company shall not be obligated for any purposes whatsoever to recognize the assignment by any Member of his Membership Interest until the Company has received notice thereof. If the Manager, in its sole and absolute discretion, does not consent (subject to Section 9.2(a), Section 9.3(a)(i) and Section 9.3(b)) to the admission of any transferee of any Membership Interest as a Substitute Member in connection with a Transfer permitted by Section 9.2, such transferee shall be considered an assignee for the purposes of this Agreement. An assignee shall be entitled to all the rights of an assignee of a limited liability company interest under the Act, including the right to receive distributions attributable to the Units assigned, but such assignee shall not be entitled to effect a consent or vote on any matter presented to the Members for approval or, except as waived by the Manager, effect a Redemption Right with respect to such Units (such right to consent or vote or effect a Redemption Right, to the extent provided in this Agreement or under the Act, fully remaining with the transferor Member).

RIGHTS OF ASSIGNEES OF MEMBERSHIP INTERESTS. (la) Subject to the provisions of Sections 9.2 and 9.3, except as required by operation of law, the Company shall not be obligated for any purposes whatsoever to recognize the assignment by any Member of his Membership Interest until the Company has received notice thereof. If the Manager, in its sole and absolute discretion, does not consent (subject to Section 9.2(a), Section 9.3(a)(i) and Section 9.3(b)) to 9.3(a)(i))to the admission of any transferee of any Membership Interest as a Substitute Member in connection with a Transfer permitted by Section 9.2, such transferee shall be considered an assignee for the purposes of this Agreement. An assignee shall be entitled to all the rights of an assignee of a limited liability company interest under the Act, including the right to receive distributions attributable to the Units assigned, but such assignee shall not be entitled to effect a consent or vote on any matter presented to the Members for approval or, except as waived by the Manager, effect a Redemption Right with respect to such Units (such right to consent or vote or effect a Redemption Right, to the extent provided in this Agreement or under the Act, fully remaining with the transferor Member).

RIGHTS OF ASSIGNEES OF MEMBERSHIP INTERESTS. (la) Subject to the provisions of Sections 9.2 and 9.3, except as required by operation of law, the Company shall not be obligated for any purposes whatsoever to recognize the assignment by any Member of his Membership Interest until the Company has received notice thereof. If the Manager, in its sole and absolute discretion, does not consent (subject to Section 9.2(a), Section 9.3(a)(i) and Section 9.3(b)) to the admission of any transferee of any Membership Interest as a Substitute Member in connection with a Transfer permitted by Section 9.2, such transferee shall be considered an assignee for the purposes of this Agreement. An assignee shall be entitled to all the rights of an assignee of a limited liability company interest under the Act, including the right to receive distributions attributable to the Units assigned, but such assignee shall not be entitled to effect a consent or vote on any matter presented to the Members for approval or, except as waived by the Manager, effect a Redemption Right with respect to such Units (such right to consent or vote or effect a Redemption Right, to the extent provided in this Agreement or under the Act, fully remaining with the transferor Member).