Common use of Admission of Substitute Members Clause in Contracts

Admission of Substitute Members. An Assignee of Units shall be admitted as a Substitute Member and admitted to all the rights of the Member who initially assigned the Units only with the unanimous approval of the remaining Members. The Members may grant or withhold the approval of such admission for any Assignee in their sole and absolute discretion. 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 Units. The admission of a Substitute Member, without more, shall not release the Member originally assigning the Units from any liability to the Company that may have existed prior to the admission.

Admission of Substitute Members. An Assignee of Units a Unit shall be admitted as a Substitute Member and admitted to all the rights of the Member who initially assigned the Units Unit only with the unanimous approval of the remaining Members. The Members approval, which may grant or withhold the approval of such admission for any Assignee be withheld in their sole and absolute discretion, of Members holding fifty-one percent (51%) of the Percentage Interests. 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 who initially assigned the UnitsUnit. The admission of a Substitute Member, without more, shall not release the Member originally initially assigning the Units Unit from any liability to the Company that may have existed prior to the admissionapproval.