Transferees Status Sample Clauses
The "Transferee’s Status" clause defines the legal standing and rights of a party who receives an interest or obligation under a contract, typically through assignment or transfer. In practice, this clause clarifies whether the transferee assumes all the rights, responsibilities, and liabilities of the original party, and may specify any conditions or limitations on the transferee’s role. Its core function is to ensure all parties understand the transferee’s position within the agreement, thereby preventing disputes about the scope of the transferee’s rights and obligations.
Transferees Status. (1) Admission as a Member. A Member who Transfers one or more Membership Interests in a Series has no power to confer on the Transferee the status of a Member. A Transferee may be admitted as a Member only in accordance with the provisions of this Article. A Transferee who wishes to become a Member must submit an application in writing to the Company and provide evidence, as requested by the Company, of compliance with all conditions to admission, as set forth above. Prior to admission, each proposed member must execute and deliver a counterpart of this Agreement, as amended to date, or a separate written agreement to be bound hereby. The Company shall not, without cause, refuse the application for membership of a Transferee who has complied with all the provisions of this Agreement. LIMITED LIABILITY COMPANY OPERATING AGREEMENT FORTE INVESTMENT FUND, LLC
(2) Rights of Non-Member Transferee. A Transferee who is not admitted as a Member in accordance with the provisions of this Article: (i) has no right to vote or otherwise participate in the Company’s or any Series’ governance; (ii) is not entitled to receive information concerning the Company’s or any Series’ affairs or inspect the Company or any Series’ books and records; (iii) with respect to the transferred Membership Interests, is entitled to receive the Distributions to which the Member would have been entitled had the Transfer not occurred; and (iv) is subject to the restrictions imposed by this Article to the same extent as a Member. Any provision of the Agreement permitting or requiring the Members to take action by vote or written approval of a specified percentage of the Membership Interests shall be deemed to mean only Membership Interests then-owned by Members.
Transferees Status. (1) Admission as a Member. A Member who Transfers one or more Membership Interests in a Series has no power to confer on the Transferee the status of a Member. A Transferee may be admitted as a Member only in accordance with the provisions of this Article. A Transferee who wishes to become a Member must submit an application in writing to the Company and provide evidence, as requested by the Company, of compliance with all conditions to admission, as set forth above. Prior to admission, each proposed member must execute and deliver a counterpart of this Agreement, as amended to date, or a separate written agreement to be bound hereby. The Company shall not, without cause, refuse the application for membership of a Transferee who has complied with all the provisions of this Agreement.
Transferees Status. An Employee being involuntarily transferred or reassigned shall be placed where possible in an equivalent position, i.e., one which, among other things, does not involve reduction in rank or in total compensation.
Transferees Status. (i) Admission as a Member. A Member who Transfers one or more Membership Units has no power to confer on the Transferee the status of a Member. A Transferee may be admitted as a Member only in accordance with the provisions of this Article. A Transferee who wishes to become a Member must make application in writing to the LLC and provide evidence, as requested by the LLC, of compliance with all conditions to admission, as set forth above. Prior to admission, each proposed member must execute and deliver a counterpart of this Agreement, as amended to date, or a separate written agreement to be bound hereby. The LLC shall not without cause refuse the application for membership of a Transferee who has complied with all the provisions of this Agreement.
Transferees Status. (1) Admission as a Member. A Member who Transfers one or more Membership Units has no power to confer on the Transferee the status of a Member. A Transferee may be admitted as a Member only in accordance with the provisions of this Article. A Transferee who wishes to become a Member must make application in writing to the Series and provide evidence, as requested by the Series, of compliance with all conditions to admission, as set forth above. Prior to admission, each proposed member must execute and deliver a counterpart of this Agreement, as amended to date, or a separate written agreement to be bound hereby. The Series shall not without cause refuse the application for membership of a Transferee who has complied with all the provisions of this Agreement.
Transferees Status