Common use of Substitution of Members Clause in Contracts

Substitution of Members. A transferee of a Unit shall have the right to become a substitute Member only with the consent of the Board of Directors. The admission of a substitute Member shall not result in the release of the Member who assigned the Unit from any liability that such Member may have to the Company.

Substitution of Members. A transferee of a Unit shall have the right to become a substitute Member only with the consent of the Board of DirectorsManagers. The admission of a substitute Member shall not result in the release of the Member who assigned the Unit from any liability that such Member may have to the Company.

Substitution of Members. A transferee of a Unit Membership Interest shall have the right to become a substitute Member only if the transferee executes an instrument satisfactory to the Manager accepting and adopting the terms and provisions of this Agreement and pays any reasonable expenses in connection with the consent of the Board of Directorshis or her admission as a new Member. The admission of a substitute Member shall not result in the release of the Member who assigned the Unit Membership Interest from any liability that such Member may have to the CompanyCompany or any Membership Class.