Substitute Members. If a Transferee of Membership Units does not become (and until any such Transferee becomes) a substitute Member in accordance with the provisions of Section 6.1 hereof, such Person shall not be entitled to exercise or receive any of the rights, powers or benefits of a Member other than the right to receive distributions which the assigning Member has Transferred to such Person. The Company shall admit as a substitute Member any Person that acquires Membership Units by Transfer from any Member pursuant to Section 6.1 hereof, but only upon the receipt of an executed instrument satisfactory to the Company whereby such assignee becomes a party to this Agreement as a Member.
Appears in 12 contracts
Samples: Liability Company Agreement (Acme Television LLC), Limited Liability Company Agreement (Acme Television LLC), Limited Liability Company Agreement (Acme Television LLC)
Substitute Members. If a Transferee of Membership Units does not become (and until any such Transferee becomes) a substitute Member in accordance with the provisions of Section 6.1 6.01 hereof, such Person shall not be entitled to exercise or receive any of the rights, powers or benefits of a Member other than the right to receive distributions which the assigning Member has Transferred to such Person. The Company shall admit as a substitute Member any Person that acquires Membership Units by Transfer from any Member pursuant to Section 6.1 6.01 hereof, but only upon the receipt of an executed instrument satisfactory to the Company whereby such assignee becomes a party to this Agreement as a Member.
Appears in 3 contracts
Samples: Limited Liability Company Agreement (Acme Television LLC), Liability Company Agreement (Acme Television LLC), Acme Intermediate Holdings LLC
Substitute Members. If a Transferee of Membership Units does not become (and until any such Transferee becomes) a substitute Member in accordance with the provisions of Section 6.1 6.01 hereof, such Person shall not be entitled to exercise or receive any of the rights, powers or benefits of a Member other than the right to receive distributions which the assigning Member has Transferred to such Person. The Company shall may admit as a substitute Member any Person that acquires Membership Units by Transfer from any Member pursuant to Section 6.1 6.01 hereof, but only upon the receipt of an executed instrument satisfactory to the Company Board of Advisors whereby such assignee becomes a party to this Agreement as a Member.
Appears in 1 contract
Samples: Limited Liability Company Agreement (Acme Television LLC)
