Admission of Assignees as Substitute Members. An Assignee will become a substitute Member only if and when each of the following conditions is satisfied:
Admission of Assignees as Substitute Members. An Assignee of all or any portion of the Interests of a Member shall become a Substitute Member of the Company only if and when all of the following conditions are satisfied:
Admission of Assignees as Substitute Members. 7.7.1 An Assignee shall become a Substitute Member only if all of the requirements of this Article 7 have been met and when each of the following conditions are satisfied:
Admission of Assignees as Substitute Members. No assignee of all or any part of an Interest of a Member in the Fund shall be admitted to the Fund as a Substitute Member unless and until Equity Program Operating Agreement 25 the Manager has consented to such substitution in its sole and absolute discretion. Unless and until an assignee of an Interest becomes a Substitute Member, such assignee shall not be entitled to exercise any vote, consent or any other right or entitlement with respect to such Interest. In the event of the admission of an assignee as a Substitute Member, all references herein to the assigning Member shall be deemed to apply to such Substitute Member, and such Substitute Member shall succeed to all rights and obligations of the assigning Member hereunder. A Person shall be deemed admitted to the Fund as a Substitute Member at the time that the foregoing provisions are satisfied. The Manager shall revise the Schedule of Members to reflect such admission. No attempted Assignment and no substitution shall be recognized by the Fund unless effected in accordance with and as permitted by this Agreement.
Admission of Assignees as Substitute Members. An assignee of all or any portion of a Member's Membership Interest shall become a Substitute Member of the Company only if and when both of the following conditions are satisfied: (a) each Member consents in writing to such admission, which consent may be given or withheld, or made subject to such conditions as are determined by each Member, in its sole and absolute discretion; and (b) the Members receive written instruments (including, without limitation, such assignee's consent to be bound by this Agreement as a Member) that are in a form satisfactory to them, as determined in their sole and absolute discretion.
Admission of Assignees as Substitute Members. Upon the Transfer by a Member of a Membership Interests to an Assignee in accordance with this Agreement (other than a permitted Transfer by a Rollover Equityholder pursuant to Section 7.1 with respect to (b) and (c) below), such Assignee shall be admitted as a Substitute Member only if and when each of the following conditions in clauses (a) through (c) below are satisfied:
Admission of Assignees as Substitute Members. No assignee of all or any portion of the Membership Units of a Member in the Operating Company shall be admitted to the Operating Company as a Substitute Member unless and until the Managing Member has consented to such substitution in its discretion. Unless and until an assignee of a Membership Unit becomes a Substitute Member, such assignee shall not be entitled to exercise any vote, consent or any other right or entitlement with respect to such Membership Unit. In the event of the admission of an assignee as a Substitute Member, all references herein to the assigning Member shall be deemed to apply to such Substitute Member, and such Substitute Member shall succeed to all rights and obligations of the assigning Member hereunder. A Person shall be deemed admitted to the Operating Company as a Substitute Member at the time that the foregoing provisions are satisfied. No attempted Assignment and no substitution shall be recognized by the Operating Company unless effected in accordance with and as permitted by this Agreement.
Admission of Assignees as Substitute Members. 7.4.1 A transferee of any Units shall become a Substitute Member only if and when each of the following conditions are satisfied:
Admission of Assignees as Substitute Members. Except as otherwise provided in Section 8.2 and Section 8.4(b), an Assignee of all or any portion of the Units of a Member shall become a Substitute Member of the Company only if and when the Managing Member consents in writing to such admission. The Managing Member may, in its discretion, determine that an Assignee shall become a Substitute Member but shall not be entitled to any voting rights in respect of the Transferring Member’s Units (which Transferred Units would then be considered non-voting Units for all purposes hereunder).
Admission of Assignees as Substitute Members. 7.4.1. An Assignee shall become a Substitute Member upon (a) receipt by the Company of a written instrument (including such Assignee’s consent to be bound by this Agreement as a Substitute Member) in form and substance satisfactory to the Management Committee in its discretion and (b) upon the written consent of the Management Committee (which consent may be given or withheld in its discretion), and upon such admission, the books and records of the Company shall be amended as appropriate.
