Common use of Substitution of a Member Clause in Contracts

Substitution of a Member. (a) Except as provided in Section 8.5(c) or with respect to any Transfer permitted by Sections 8.3 or 8.4, no transferee (by conveyance, foreclosure, operation of Law or otherwise) of all or any portion of an Interest shall become a substituted Member without the unanimous approval of the Management Committee, which approval may be withheld in the sole discretion of each Representative. A transferee of an Interest that receives unanimous approval to become a Member shall succeed to all of the rights and interest of its transferor in the Company. A transferee of a Member that does not receive unanimous approval to become a Member shall not become a Member and shall have no rights under this Agreement or the Act applicable to a Member.

Substitution of a Member. (a) Except as provided in Section 8.5(c) or with respect to any Transfer permitted by Sections 8.3 or 8.4), no transferee (by conveyance, foreclosure, operation of Law or otherwise) of all or any portion of an Interest shall become a substituted Member without the unanimous approval of the Representatives of the Management Committee, which approval may be withheld in the sole discretion of each such Representative. A transferee of an Interest that receives unanimous approval to become a Member shall succeed to all of the rights and interest of its transferor in the Company. A transferee of a Member that does not receive unanimous approval to become a Member shall not become a Member Member, and shall have no rights under this Agreement or the Act applicable to a Member.

Substitution of a Member. (a) Except as provided in Section 8.5(c) or with respect to any Transfer permitted by Sections 8.3 or 8.48.7(c), no transferee (by conveyance, foreclosure, operation of Law or otherwise) of all or any portion of an Interest shall become a substituted Member without the unanimous approval of the Representatives of the Management Committee, which approval may be withheld in the sole discretion of each such Representative. A transferee of an Interest that receives unanimous approval to become a Member shall succeed to all of the rights and interest of its his transferor in the Company. A transferee of a Member that does not receive unanimous approval to become a Member shall not become a Member Member, and shall have no rights under this Agreement or the Act applicable to a Member.

Substitution of a Member. (a) Except as provided in Section 8.5(c) or with respect to any Transfer permitted by Sections 8.3 or 8.4), no transferee (by conveyance, foreclosure, operation of Law or otherwise) of all or any portion of an Interest shall become a substituted Member without the unanimous approval of the Representatives of the Management Committee, which approval may be withheld in the sole discretion of each such Representative. A transferee of an Interest that receives unanimous approval to become a Member shall succeed to all of the rights and interest of its his transferor in the Company. A transferee of a Member that does not receive unanimous approval to become a Member shall not become a Member Member, and shall have no rights under this Agreement or the Act applicable to a Member.