Common use of Admission As Substitute Member Clause in Contracts

Admission As Substitute Member. A transferee of Units who is not a Member (including any Affiliate referred to in Section 11.6) shall be admitted to the Company as a Substitute Member only upon satisfaction of the following conditions: (a) the Units with respect to which the transferee is being admitted were Transferred in accordance with the provisions of this Agreement; (b) with respect to any non-Affiliate transferee, a Supermajority in Interest of the non-transferring Members consents in Writing to the admission of such transferee as a Member; and (c) the transferee becomes a Party to this Agreement and executes such documents and instruments as the Members determine are necessary or appropriate to confirm such transferee as a Member and such transferee’s agreement to be bound by the provisions of this Agreement. If any such transferee of Units shall not become a Substitute Member due to the failure of any of the foregoing conditions, such transferee shall have only the rights set forth in Section 11 8.

Admission As Substitute Member. A transferee of Units who is not a Member (including any Affiliate referred to in Section 11.6) shall be admitted to the Company as a Substitute Member only upon satisfaction of the following conditions: (a) the Units with respect to which the transferee is being admitted were Transferred in accordance with the provisions of this Agreement; (b) with respect to any non-Affiliate transferee, a Supermajority in Interest of the non-transferring Members consents in Writing to the admission of such transferee as a Member; and (c) the transferee becomes a Party to this Agreement and executes such documents and instruments as the Members determine are necessary or appropriate to confirm such transferee as a Member and such transferee’s agreement to be bound by the provisions of this Agreement. If any such transferee of Units shall not become a Substitute Member due to the failure of any of the ofthe foregoing conditions, such transferee shall have only the rights set forth in Section 11 8.