Substitute Member definition

Substitute Member means a Person who is admitted as a Member of the Company pursuant to Section 2.7 as a result of a Transfer of Shares to such Person.

Substitute Member means a transferee of a Member’s Membership Interest who has complied with the requirements under Article 10 of this Agreement and is a Member of the Company.

Substitute Member means any individual or entity admitted as a Member pursuant to Section 8.4.

Examples of Substitute Member in a sentence

As promptly as practicable after the admission of any Person as a Member, the books and records of the Company shall be changed to reflect such admission of a Substitute Member or Additional Member.
A Substitute Member shall enjoy the same rights, and be subject to the same obligations, as the Transferor; provided that such Transferor shall not be relieved of any obligation or liability hereunder arising prior to the consummation of such Transfer but shall be relieved of all future obligations with respect to the Units so Transferred.
In the event any Person becomes a Substitute Member in accordance with the provisions of this Agreement, such Substitute Member shall succeed to the Capital Account of the former Member (the “Transferor Member”) to the extent such Capital Account relates to the Transferred Units.
In the event of any admission of a Substitute Member or Additional Member pursuant to this Section 3.02(a), this Agreement shall be deemed amended to reflect such admission, and any formal amendment of this Agreement (including the Member Schedule) in connection therewith shall only require execution by the Company and such Substitute Member or Additional Member, as applicable, to be effective.
Unless and until an Assignee becomes a Substitute Member, such Assignee shall have no rights with respect to such Units other than those rights with respect to allocations and distributions.

Substitute Member means any Assignee of Shares who is admitted to the Company as a Member pursuant to Section 10.3 of this Agreement.

Substitute Member. Any transferee of a Member's Interests who is admitted as a Member in the Company pursuant to Article 17 or 18.

Substitute Member has the meaning specified in Section 7.1.

Substitute Member means any Person who is an assignee of a Unit and who has been admitted as a Member with respect to such Unit pursuant to the procedures set forth in Section 9.2.

Substitute Member means any Person admitted to the Company pursuant to Section 14.2.

Substitute Member shall have the meaning set forth in Section 13.06.

Substitute Member has the meaning provided in Section 9.5.