Examples of Substituted Member in a sentence
A Person shall be admitted to the Company as a Substituted Member only upon the aforementioned consent of the Manager and the furnishing to the Manager of (i) evidence of acceptance in form satisfactory to the Manager of all of the terms and conditions of this Agreement, including, without limitation, the power of attorney granted in Section 2.4 and (ii) such other documents reasonably requested by the Manager in order to effect such Person’s admission as a Substituted Member.
The Class A Members’ failure or refusal to permit a transferee of any such interests to become a Substituted Member shall not give rise to any cause of action against the Company, any Member or the Class A Members.
The Class A Members shall, however, have the right to consent to the admission of a transferee of the interest of a Member pursuant to this Section 11.3 as a Substituted Member, which consent may be given or withheld by the Class A Members.
The admission of any Person as a Substituted Member shall become effective on the date upon which the name of such Person is 49 recorded on the books and records of the Company, following the consent of the Manager to such admission.
If the Class A Members do not consent to the admission of any permitted transferee as a Substituted Member, as described in Section 11.3, such transferee shall be considered an Assignee for purposes of this Agreement.