Successor Member Sample Clauses
The Successor Member clause defines the process by which a new member may replace an existing member in an organization, partnership, or similar entity. Typically, this clause outlines the conditions under which a successor can be appointed, such as upon resignation, death, or incapacity of a current member, and may specify approval requirements or procedures for the transition. Its core function is to ensure continuity and stability in the entity’s membership by providing a clear mechanism for succession, thereby minimizing disruptions and potential disputes.
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Successor Member. Notwithstanding the definition of “Sole Member” in this Agreement or any other provision of this Agreement to the contrary, and without the necessity of any further act by any person, upon the Lender’s enforcement of the Security Interest, whether by judicial enforcement, by disposition (whether public or private), strict foreclosure or otherwise pursuant to applicable law, (i) the Lender, successful bidder or other person who becomes entitled to the Sole Member’s limited liability company interest (a) shall thereupon and thereby succeed to the Member’s Total Rights, (b) shall concurrently and automatically replace the Sole Member as the sole member of the Company, and such replacement sole member of the Company shall be deemed admitted as a “member” of the Company immediately before the Sole Member ceases to be a member, (c) shall have power and authority to remove any and all Designated Managers (as hereinafter defined), for any reason or for no reason, and without necessity of any advance notice, and (d) shall have power and authority unilaterally to amend, restate or amend and restate this provision.
Successor Member. The Successor Member of the Company is listed on Schedule I of this Agreement and the address of such Successor Member is as set forth on such Schedule I. As of the date hereof, there are no other Members of the Company and no other Person has any right to take part in the ownership of the Company.
Successor Member. ▇▇▇▇▇ Corning Cultured Stone, LLC, a Delaware limited liability company.