Common use of Rights As Assignee Clause in Contracts

Rights As Assignee. A Person Who acquires Units (other than a Person who was a Member before such acquisition) but who is not admitted to the Company as a Substitute Member shall have only the right to receive the distributions and allocations of Profits and Losses to which the Person would have been entitled under this Agreement with respect to the Transferred Units, hut shall have no right to participate in the management of the Company, no right to inspect the books and records of the Company, no right to vote its/his Units on any matter brought before the Members (except to the extent required by applicable law), and no other rights afforded to Members under this Agreement. Any distribution to such purported transferee may be applied (without limiting any other legal or equilable rights of the Company) to satisfy any debts, obligations, or liabilities for damages that the transferor or transferee may have to the Company.

Rights As Assignee. A Person Who acquires Units (other than a Person who was a Member aMember before such acquisition) but who is not admitted to the Company as a Substitute Member shall have only the right to receive the distributions and allocations of Profits and Losses to which the Person would have been entitled under this Agreement with respect to the Transferred Units, hut shall have no right to participate in the management of the Company, no right to inspect the books and records of the Company, no right to vote its/his Units on any matter brought before the Members (except to the extent required by applicable law), and no other rights afforded to Members under this Agreement. Any distribution to such purported transferee may be applied (without limiting any other legal or equilable rights of the Company) to satisfy any debts, obligations, or liabilities for damages that the transferor or transferee may have to the Company.