Effect of Admission. The transferee of Units transferred pursuant to this Article 9 that is admitted to the Company as a substituted Member shall succeed to the rights and liabilities of the transferor Member with respect to such interest and, after the effective date of such admission, the Commitment and Undrawn Commitment of the transferor with respect to the applicable class of Unit being transferred shall become the applicable Commitment and Undrawn Commitment, respectively, of the transferee, to the extent of the Units transferred. If a transferee is not admitted to the Company as a substituted Member, (a) such transferee shall have no right to participate with the Members in any votes taken or consents granted or withheld by the Members hereunder; and (b) the transferor shall remain liable to the Company for all contributions and other amounts payable with respect to the transferred interest to the same extent as if no Transfer had occurred.
Effect of Admission. Each transferee of the Member and each Additional Member shall join and agree to be bound by this Operating Agreement as a condition to admission to Membership, through execution of the Joinder Agreement attached hereto as Schedule II.
Effect of Admission. The transferee of Shares transferred pursuant to this Article 10 that is admitted to the Fund as a substituted Member shall succeed to the rights and liabilities of the transferor Member with respect to such interest and, after the effective date of such admission, the Capital Contribution of the transferor with respect to the applicable class of Share being transferred shall become the Capital Contribution of the transferee, to the extent of the Shares transferred. If a transferee is not admitted to the Fund as a substituted Member, (i) such transferee shall have no right to participate with the Members in any votes taken or consents granted or withheld by the Members hereunder, and (ii) the transferor shall remain liable to the Fund for all contributions and other amounts payable with respect to the transferred interest to the same extent as if no Transfer had occurred.
Effect of Admission. The transferee of an Interest transferred pursuant to this Article 11 that is admitted to the Company as a substituted Member shall succeed to the rights and liabilities of the transferor Member with respect to such Interest and, after the effective date of such admission, the Commitment, Aggregate Contribution and Unreturned Contribution of the transferor with respect to the applicable class of Interest being transferred shall become the applicable Commitment, Aggregate Contribution and Unreturned Contribution, respectively, of the transferee, to the extent of the Interest transferred. If a transferee is not admitted to the Company as a substituted Member, (a) such transferee shall have no right to participate with the Members in any votes taken or consents granted or withheld by the Members hereunder, and (b) the transferor shall remain liable to the Company for all contributions and other amounts payable with respect to the transferred Interest to the same extent as if no Transfer had occurred.
Effect of Admission. The transferee of Units transferred pursuant to this Article 9 that is admitted to the Company as a substituted Member shall succeed to the rights and liabilities of the transferor Member with respect to such interest and, after the effective date of such admission, the Capital Contribution of the transferor with respect to the applicable class of Unit being transferred shall become the Capital Contribution of the transferee, to the extent of the Units transferred. Each Member agrees that, notwithstanding the transfer of all or any fraction of its Units, as between it and the Company it shall remain liable for its Capital Contribution prior to the time, if any, when the purchaser, assignee or transferee of such Units, or fraction thereof, becomes a holder of such Units. If a transferee is not admitted to the Company as a substituted Member, (i) such transferee shall have no right to participate with the Members in any votes taken or consents granted or withheld by the Members hereunder, and (ii) the transferor shall remain liable to the Company for all contributions and other amounts payable with respect to the transferred interest to the same extent as if no Transfer had occurred.
Effect of Admission. The transferee of an interest in the Partnership transferred in accordance with the provisions of this Article 11 shall be admitted to the Partnership as a substitute Limited Partner shall succeed to the rights and liabilities of the transferor Limited Partner and, after the effective date of such admission, the Subscription, Contribution and Capital Account of the transferor shall become the Subscription, Contribution and Capital Account, respectively, of the transferee, to the extent of the interest transferred.
Effect of Admission. The transferee of Units transferred pursuant to this Article IX that is admitted to the Partnership as a Substitute Limited Partner shall succeed to the rights and liabilities of the transferor Limited Partner with respect to such Units and, after the effective date of such admission, the Capital Account of the transferor shall become the Capital Account of the transferee, to the extent of the Units transferred. If a transferee is not admitted to the Partnership as a Substitute Limited Partner, (i) such transferee shall have no right to participate with the Limited Partners in any votes taken or consents granted or withheld by the Limited Partners hereunder, and (ii) the transferor or, in the case of a Permitted Transfer, the estate, legal representative or other successor of the original owner, shall remain liable to the Partnership for all amounts payable with respect to the transferred Units to the same extent as if no Transfer had occurred.
Effect of Admission. The admission of a new member shall not cause a dissolution or termination of the Company. The withdrawal of a member from the Company shall cause a dissolution of the Company only if required by Section 8.1(c).
Effect of Admission. This agreement shall remain in full force and effect after Admission and all other matters, arrangements or transactions referred to in or contemplated by this agreement in respect of all obligations, agreements, covenants and undertakings contained in this agreement which have not been done, observed or performed at or prior to Admission.
Effect of Admission. Upon the admission of an Additional Member, the Members shall adopt a written operating agreement as provided by the Act.
