Substituted Member definition

Substituted Member means a Person that is admitted as a Member to the Company pursuant to Section 12.01.

Substituted Member means a Person who is admitted as a Member of the Company pursuant to Sections 4.5 or 4.7 in place of and with all rights of a Member and who is shown as a Member on the books and records of the Company.

Substituted Member means any Person admitted to the Company as a substituted Member pursuant to the provisions of Article 9.

Examples of Substituted Member in a sentence

• The Manager may permit the modification of any of the representations and warranties contained in Section 1.10(a), Section 1.10(b), and Section 1.10(c), as applicable, to any Member (including any Additional Member or Substituted Member or any transferee of either); provided, that such representations and warranties, as modified, shall be set forth in either (i) a Unit Designation applicable to the Units held by such Member or (ii) a separate writing addressed to the Company.

• Any transferee of all or a portion of a Unit (whether or not admitted as a Substituted Member) shall take subject to and assume, by operation of Law or express agreement, all of the obligations of the transferor Member under this Agreement with respect to such Transferred Unit.

• Any Member who Transfers all of its Units in a Transfer (i) permitted pursuant to this Article VII where such transferee was admitted as a Substituted Member or (ii) to the Manager, whether or not pursuant to Section 10.1, shall cease to be a Member but shall continue to have the obligations of a former Member that are expressly set forth in this Agreement.

• No transferee, whether by a voluntary Transfer, by operation of Law or otherwise, shall have any rights under this Agreement unless and until admitted as a Substituted Member.

• A transferee of Units of a Member, other than a Related-Party Transferee, may be admitted as a Substituted Member only with the consent of the Company.

More Definitions of Substituted Member

Substituted Member means any Person admitted as a substituted Member pursuant to this Agreement.

Substituted Member means a Person who is admitted as a Member to the Company pursuant to Section 7.5 with all the rights of a Member and who is shown as a Member on the Schedule of Members.

Substituted Member has the meaning set forth in Section 12.01.

Substituted Member means any transferee or assignee of Common Shares that is admitted to the Company as a Member pursuant to Section 13.3.

Substituted Member has the meaning given that term in Section 7.3 hereof.

Substituted Member means any Person admitted as a Member pursuant to Section 11.2(b).

Substituted Member shall have the meaning set forth in Section 8.2.