Substitute Member. An Assignee who has been admitted to all of the rights of membership pursuant to this Operating Agreement.
Substitute Member. The term "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. No Assignee shall have the right to become a substitute Member (a “Substitute Member”) upon Transfer of any Units to it unless all the following conditions are satisfied:
Substitute Member. If the Sole Member assigns all or any part of its Interest pursuant to Section 8.1, the assignee shall be admitted to the Company as a member of the Company upon the assignee's obtaining the consent of the Manager to such admission and the assignee's executing a counterpart of this Agreement, provided that prior notice is given to Xxxxx'x Investors Service, Inc. and Standard & Poor's Ratings Services. If the Sole Member assigns all of its interest pursuant to Section 8.1, the Sole Member shall cease to be a member of the Company immediately after the admission of the assignee to the Company as member of the Company and the Company shall be continued without dissolution.
Substitute Member. The transferee of a Membership Interest shall be automatically admitted to the Company as a substitute Member, upon its compliance with this Article. Unless a transferee of a Membership Interest is admitted as a substitute Member under this Section 7.5, it shall have none of the powers of a Member hereunder and shall have only such rights of an assignee under the Delaware Act as are consistent with the other terms and provisions of this Agreement.
Substitute Member. 7.3.1 No Transferee of a Member’s Interest will be admitted to the Company with respect to any Series as a substitute Member without the consent of the Manager. Furthermore, Mammoth Private Capital, LLC no Transferee, including those transfers permissible under Section 7.1, will be considered admitted as a substitute Member unless and until such assignee executes and delivers to the Manager such number of counterpart signature pages to this Agreement as the Manager may require, which the Manager will also execute. A Transferee inures to the Capital Account and allocations of capital of the Transferor, and the Transferee will succeed to such Capital Account of the Transferor, and the balance thereof maintained as to the Transferor shall become the balance in the maintained as to the Transferee.
Substitute Member. No Person taking or acquiring, by whatever means, the Interest of any Member, shall be admitted as a Substitute Member without the prior approval of the Board of Managers at the time the proposed Transfer is being considered for approval. In addition, no Person shall be admitted as a Substitute Member unless such Person:
Substitute Member. Upon the occurrence of any event that causes the last remaining member of the Company to cease to be a member or that causes the Member to cease to be a member of the Company to the fullest extent permitted by law, the personal representative of such member is hereby authorized to, within ninety (90) days after the occurrence of the event that terminated the continued membership of such member in the Company, agree in writing (l) to continue the Company; and (2) to the admission of the personal representative or its nominee or designee, as the case may be, as a substitute member of the Company, effective as of the occurrence of the event that terminated the continued membership of the last remaining member or the Member in the Company.
Substitute Member. 7 62. Taxable Year.................................................7 63.
