Additional or Substitute Members Sample Clauses
The "Additional or Substitute Members" clause allows for the appointment of new members or the replacement of existing members within a group, committee, or organization. This clause typically outlines the process by which new individuals can be added or current members can be replaced, such as through nomination, approval, or specific eligibility criteria. Its core practical function is to ensure continuity and flexibility in membership, addressing situations like vacancies, resignations, or the need for expanded expertise.
Additional or Substitute Members. Any Entity may be admitted to the Company as an additional Member from time to time (a) with the prior written consent of all of the existing Voting Members (which consent will be in their sole and absolute discretion) and (b) in exchange for such Capital Contributions and on such terms and conditions as is agreed to by each of the Voting Members. New Members will receive distributions and allocations of profits and losses as are agreed to by all of the then existing Voting Members.
Additional or Substitute Members. A transferee shall have the right to become an additional or Substitute Member only if (i) the requirements of this Article IX are met, including Required Approval (other than with respect to transfers to Affiliates of such transferring Member), (ii) such Person executes an instrument of transfer satisfactory to the Members accepting and adopting the terms and provisions of this Agreement, and (iii) such Person pays any reasonable expenses incurred by the Company in connection with such Person’s admission as a Member.