Common use of Status of Third Party Transferee Clause in Contracts

Status of Third Party Transferee. Except as otherwise provided, no third party transferee of an Interest shall, without the prior written consent of all of the Members, acquire the status of a substituted Member of the Company under the Delaware Act or this Agreement, but shall have solely the economic rights to share in the Company's allocations of Profits and Losses and distributions with respect to the transferred Interest. In the event a substitute Member is admitted to the Company in accordance with this Section 10.2, such substitute Member shall be responsible for the payment of all fees and expenses associated with the transfer and such substitution as the Management Committee may deem reasonable and appropriate.