Common use of Substitution of Members Clause in Contracts

Substitution of Members. A transferee of Units shall have the right to become a substitute Member only if (i) the requirements of Sections 7.1 and 7.2 relating to unanimous consent of Members, securities and tax requirements hereof are met, (ii) such Person executes an instrument satisfactory to the Managers accepting and adopting the terms and provisions of this Agreement, and (iii) such Person pays any reasonable expenses in connection with his admission as a new Member. The admission of a substitute Member shall not result in the release of the Member who assigned the Unit(s) from any liability that such Member may have to the Company.

Substitution of Members. A transferee of Units any Membership Unit shall have the right to become a substitute Member only if (i) the requirements of Sections 7.1 and 7.2 relating to unanimous consent of Membersthe Executive Committee, securities law and tax law requirements hereof are met, met (ii) such Person executes an instrument satisfactory to the Managers Executive Committee accepting and adopting the terms and provisions of this Agreement, and (iii) such Person person pays any reasonable expenses in connection with his its admission as a new Member. The admission of a substitute Member shall not result in the release of the Member who assigned the Unit(s) from any liability that such Member may have to the Company.

Substitution of Members. A transferee of Units shall have the right to become a substitute Member only if (i) the requirements of Sections 7.1 8.1 and 7.2 relating to unanimous consent of Members, securities and tax requirements 8.2 hereof are have been met, (ii) such Person executes an instrument satisfactory to the Managers Board accepting and adopting the terms and provisions of this Agreement, and (iii) such Person person pays any reasonable expenses in connection with his its admission as a new Member, and (iv) the Board consents to the substitution, which consent may be given or withheld in the Board's sole and absolute discretion. The admission Admission of a substitute Member shall not result in the release of the Member who assigned the Unit(s) Units from any liability that such Member may have to the Company.