Common use of Substitution of a Member Clause in Contracts

Substitution of a Member. (a) No transferee (by conveyance, operation of law or otherwise) of the whole or any portion of a Member's interest in the Company shall become a substitute Member without the written consent of all of the Members, which consent may be withheld in the sole discretion of each Member. A transferee of a Member who receives unanimous consent to become a Member shall succeed to all the rights and interest of his transferor in the Company. A transferee of a Member who does not receive unanimous consent to become a Member shall be entitled only to the distributions to which his transferor would otherwise be entitled and shall have no right to participate in the management of the business and affairs of the Company or to become a Member.

Substitution of a Member. (a) No transferee (by conveyance, foreclosure, operation of law or otherwise) of the whole all or any portion of a Member's interest in the Company Membership Interest shall become a substitute substituted Member without the written consent of all of the MembersBoard, which consent may be withheld in the sole discretion of each Memberthe Board. A transferee of a Member Membership Interest who receives unanimous the requisite consent to become a Member shall succeed to all of the rights and interest of his its transferor in the Company. A transferee of a Member who does not receive unanimous the requisite consent to become a Member shall not have any right to vote, shall be entitled only to the distributions to which his its transferor otherwise would otherwise be have been entitled and shall have no other right to participate in the management of the business and affairs of the Company or to become a Member.