Examples of Substitute Member in a sentence

The admission of a Substitute Member, without more, shall not release the Member originally assigning the Membership Interest from any liability to the Company that may have existed prior to such admission of the substitute Member.
If so admitted, the Substitute Member has all the rights and powers and is subject to all the restrictions and liabilities of the Member originally assigning the Membership Interest.
Except as otherwise provided in Section 12.1, an Assignee of a Membership Interest shall be admitted as a Substitute Member and admitted to all the rights of the Member who initially assigned the Membership Interest only with the approval of the Board and a majority of the Members as provided in Section 6.4. The Board and the Members may grant or withhold the approval of such admission for any reason in or their sole and absolute discretion.

More Definitions of Substitute Member

Substitute Member means a transferee of a Member’s Membership Interest who has complied with the requirements under Article 10 of this Agreement and is a Member of the Company.

Substitute Member means any individual or entity admitted as a Member pursuant to Section 8.4.

Substitute Member means a Person who is admitted to the Company as a Member pursuant to Section 13.1 hereof, and who is named as a Member on Schedule A to this Agreement.

Substitute Member has the meaning specified in Section 7.1.

Substitute Member. Any transferee of a Member's Interests who is admitted as a Member in the Company pursuant to Article 17 or 18.

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 means a Person that acquires a Membership Interest and that has been admitted as a Member pursuant to Article VIII of this Agreement.