Common use of Required Amendments; Continuation Clause in Contracts

Required Amendments; Continuation. If and to the extent any transfer of a Company Interest is permitted hereunder and the transferee is admitted as a Member, this Agreement shall be amended to reflect such admission or transfer and the elimination of the transferor Member and (if and to the extent then required by the Act) a certificate of amendment to the Certificate reflecting such admission and elimination shall be filed in accordance with the Act. The admission of any substitute Member pursuant to this Article shall be deemed effective immediately prior to the transfer of a Company Interest to such substitute Member. If the transferor Member has transferred all of its Company Interest pursuant to this Article, then, immediately following such transfer, the transferor Member shall cease to be a member of the Company.

Required Amendments; Continuation. If and to the extent any transfer of a Membership Interest in the Company Interest is permitted hereunder and the transferee is admitted as a Memberhereunder, this Agreement shall be amended to reflect such admission or transfer and the elimination of the transferor Member and (if and to the extent then required by the Act) a certificate of amendment to the Certificate reflecting such admission and elimination shall be filed in accordance with the Act. The admission of any substitute Member pursuant to this Article shall be deemed effective immediately prior to the transfer of a an interest in the Company Interest to such substitute Member. If the transferor Member has transferred all of its interest in the Company Interest pursuant to this ArticleArticle 12, then, immediately following such transfer, the transferor Member shall cease to be a member Member of the Company. All taxes and fees imposed in connection with, or resulting from, the transfer of Membership Interests shall be borne by the transferor Member.