Substitute Member definition

Substitute Member means a Person who is admitted as a Member of the Company pursuant to Section 2.7 as a result of a Transfer of Shares to such Person.

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Substitute Member means any Assignee of Shares who is admitted to the Company as a Member pursuant to Section 10.3 of this Agreement.

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.

Examples of Substitute Member in a sentence

• A Member shall cease to be a Member of the Company generally or as a member of the Company associated with a Series (i) by having all of such Member’s Shares (or its Shares in such Series, as applicable) repurchased pursuant to the Repurchase Plan or (ii) in connection with the assignment of all of its Shares (or its Shares in such Series, as applicable) and the admission of a Substitute Member in accordance with this Agreement, and otherwise may not resign as a Member.

• Failure or refusal of the Board of Directors to admit an Assignee as a Substitute Member shall in no way affect the right of such Assignee to receive distributions and the share of the Series II Profits or Series II Losses for tax purposes to which its, his or her predecessor in interest would have been entitled in accordance with this Agreement.

More Definitions of Substitute Member

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

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 has the meaning specified in Section 7.1.

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 shall have the meaning set forth in Section 13.06.

Substitute Member means any Transferee that has been admitted as a Member of the Company pursuant to Section 9.10(c) by virtue of such Transferee receiving all or a portion of a Member’s Units from a Member.

Substitute Member means a Person who is admitted as a Member of the Company pursuant to Section 3.5(d) as a result of a transfer of Shares to such Person.