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.
Appears in 4 contracts
Samples: Limited Liability Company Agreement (Sentio Healthcare Properties Inc), Limited Liability (Sentio Healthcare Properties Inc), Limited Liability Company Agreement (Sentio Healthcare Properties Inc)
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 7.58.6, 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.
Appears in 2 contracts
Samples: Limited Liability Company Agreement (Cornerstone Healthcare Plus Reit, Inc.), Limited Liability Company Agreement (Cornerstone Healthcare Plus Reit, Inc.)
Substitute Member. The transferee of a Member's Membership Interest shall in the Company may be automatically admitted to the Company as a substitute Member, upon its Member only if such transfer is made in compliance with this ArticleSection 7.1 or 7.2. Unless a transferee of a Membership Interest is admitted as a substitute Member under this Section 7.57.4, 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.
Appears in 1 contract
Samples: Limited Liability Company Operating Agreement (Capital Senior Living Corp)
