Substitute Member. If the Sole Member assigns all or any part of its Interest pursuant to Section 8.1, the assignee shall be admitted to the Company as a member of the Company upon the assignee's obtaining the consent of the Manager to such admission and the assignee's executing a counterpart of this Agreement, provided that prior notice is given to Xxxxx'x Investors Service, Inc. and Standard & Poor's Ratings Services. If the Sole Member assigns all of its interest pursuant to Section 8.1, the Sole Member shall cease to be a member of the Company immediately after the admission of the assignee to the Company as member of the Company and the Company shall be continued without dissolution.
Appears in 4 contracts
Samples: Limited Liability Company Agreement (Ikon Receivables LLC), Limited Liability Company Agreement (Ikon Receivables Funding LLC), Limited Liability Company Agreement (Ikon Receivables Funding LLC)
Substitute Member. If the Sole Member assigns all or ----------------- any part of its Interest pursuant to Section 8.1, the assignee shall be admitted to the Company as a member of the Company upon the assignee's obtaining the consent of the Manager to such admission and the assignee's executing a counterpart of this Agreement, provided that prior notice is given to Xxxxx'x Investors Service, Inc. and Standard & Poor's Ratings Services. If the Sole Member assigns all of its interest pursuant to Section 8.1, the Sole Member shall cease to be a member of the Company immediately after the admission of the assignee to the Company as member of the Company and the Company shall be continued without dissolution.
Appears in 2 contracts
Samples: Limited Liability Company Agreement (Ikon Receivables LLC), Limited Liability Company Agreement (Ikon Receivables Funding LLC)
Substitute Member. If the Sole Member assigns all or any part of its Interest pursuant to Section 8.1, the assignee shall be admitted to the Company as a member of the Company upon the assignee's obtaining the consent of the Manager to such admission and the assignee's executing a counterpart of this Agreement, provided that prior notice is given to Xxxxx'x Moody's Investors Service, Inc. and Standard & Poor's Ratings ServicesServices of any transfer. If the Sole thx Xxxx Member assigns all of its interest pursuant to Section 8.1, the Sole Member shall cease to be a member of the Company immediately after the admission of the assignee to the Company as member of the Company and the Company shall be continued without dissolution.
Appears in 1 contract
Samples: Limited Liability Company Operating Agreement (Greenpoint Mortgage Securities LLC)
