ADMISSION OF ADDITIONAL MEMBERS AND SUBSTITUTE MEMBERS Sample Clauses

ADMISSION OF ADDITIONAL MEMBERS AND SUBSTITUTE MEMBERS. Subject to the terms of this Operating Agreement, any Person acceptable to the Board of Directors may become an Additional Member of the Company by the purchase of new Units for such consideration as the Board of Directors shall determine in accordance with the terms of this Operating
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ADMISSION OF ADDITIONAL MEMBERS AND SUBSTITUTE MEMBERS. Any Person acceptable to the Board may, subject to the terms and conditions of this Operating Agreement (including Sections 6.4 and 12.2), become an Additional Member of the Company by the purchase of new Shares for such consideration as the Board shall determine in accordance with the terms of this Operating Agreement. The Board may, without the consent of any Member, issue additional Shares out of the authorized Shares.
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ADMISSION OF ADDITIONAL MEMBERS AND SUBSTITUTE MEMBERS. (a) From the date of the formation of the Company, any Person acceptable to the Board of Directors may, subject to the terms and conditions of this Operating Agreement and with the approval of a Supermajority of the Directors, become an Additional Member of the Company by the purchase of new Units for such consideration as a Supermajority of the Directors shall determine in accordance with the terms of this Operating Agreement. Except as set forth in this Section 13.1(a), the Company shall not admit or agree to admit any Additional Member in connection with the issuance of any additional Units or other equity interests in the Company, including without limitation, any options or warrants.
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Related to ADMISSION OF ADDITIONAL MEMBERS AND SUBSTITUTE MEMBERS

  • Admission of Additional Members One or more additional members of the Company may be admitted to the Company with the written consent of the Member.

  • Additional Members One or more additional members may be admitted to the Company with the consent of the Member. Prior to the admission of any such additional members to the Company, the Member shall amend this Agreement to make such changes as the Member shall determine to reflect the fact that the Company shall have such additional members. Each additional member shall execute and deliver a supplement or counterpart to this Agreement, as necessary.

  • Admission of Substitute Members As to Permitted Transfers, a transferee of Units shall be admitted as a substitute Member provided that such transferee has complied with the following provisions:

  • Substitute Members No transferee of all or part of a Member’s Membership Interest shall become a substitute Member in place of the transferor unless and until:

  • Admission of Additional Partners After the Private Placement of the Units of Limited Partnership Interest has been terminated by the General Partner, no additional General Partner will be admitted to the Partnership except as described in Paragraph 18(c). The General Partner may take such actions as may be necessary or appropriate at any time to offer new Units or partial Units of Limited Partnership Interest and to admit new or substituted Limited Partners to the Partnership. All subscribers who have been accepted by the General Partner shall be deemed admitted as Limited Partners at the time they are reflected as such in the books and records of the Partnership.

  • Admission of Substitute Member A person who acquires the Member’s entire limited liability company interest by transfer or assignment shall be admitted to the Company as a member upon the execution of this Agreement or a counterpart of this Agreement and thereupon shall become the “Member” for purposes of this Agreement.

  • Admission of Substituted Members Subject to the other provisions of this Article 10 a transferee of a Membership Interest may be admitted to the Company as a substituted Member only upon satisfaction of the conditions set forth in this Section 10.5.

  • Admission of Additional Limited Partners A. After the admission to the Partnership of the initial Limited Partners on the date hereof, a Person who makes a Capital Contribution to the Partnership in accordance with this Agreement shall be admitted to the Partnership as an Additional Limited Partner only upon furnishing to the General Partner (i) evidence of acceptance in form satisfactory to the General Partner of all of the terms and conditions of this Agreement, including, without limitation, the power of attorney granted in Section 2.4 and (ii) such other documents or instruments as may be required in the discretion of the General Partner in order to effect such Person’s admission as an Additional Limited Partner.

  • Substituted Members Subject to the provisions of Article X hereof, in connection with the Permitted Transfer of a Unit hereunder, the Permitted Transferee shall become a Substituted Member on the effective date of such Transfer, which effective date shall not be earlier than the date of compliance with the conditions to such Transfer, and such admission shall be shown on the books and records of the Company, including the Schedule of Members.

  • Substituted Member (a) An assignee of any Units or other interests in the Company of a Member, or any portion thereof, shall become a substituted Member entitled to all the rights of a Member if and only if the assignor gives the assignee such right.

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