ADMISSION OF ADDITIONAL MEMBERS AND SUBSTITUTE MEMBERS Sample Clauses

ADMISSION OF ADDITIONAL MEMBERS AND SUBSTITUTE MEMBERS. Any Person acceptable to the Board of Directors may, subject to the terms and conditions of this Operating Agreement (including Section 7.4), become an Additional Member of the Company by the purchase of new Units for such consideration as the Board of Directors shall determine in accordance with the terms of this Operating Agreement.
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ADMISSION OF ADDITIONAL MEMBERS AND SUBSTITUTE MEMBERS. (a) From the date of the formation of the Company, any Person acceptable to the Board of Directors may, subject to the terms and conditions of this Operating Agreement and with the approval of a Supermajority of the Directors, become an Additional Member of the Company by the purchase of new Units for such consideration as a Supermajority of the Directors shall determine in accordance with the terms of this Operating Agreement. Except as set forth in this Section 13.1(a), the Company shall not admit or agree to admit any Additional Member in connection with the issuance of any additional Units or other equity interests in the Company, including without limitation, any options or warrants.
Sample 1
ADMISSION OF ADDITIONAL MEMBERS AND SUBSTITUTE MEMBERS. Any Person acceptable to the Board may, subject to the terms and conditions of this Operating Agreement (including Sections 6.4 and 12.2), become an Additional Member of the Company by the purchase of new Shares for such consideration as the Board shall determine in accordance with the terms of this Operating Agreement. The Board may, without the consent of any Member, issue additional Shares out of the authorized Shares.
Sample 1
ADMISSION OF ADDITIONAL MEMBERS AND SUBSTITUTE MEMBERS. Any Person acceptable to the Board may, subject to the terms and conditions of this Operating Agreement (including Sections 6.4 and 12.2), become an Additional Member of the Company by the purchase of new Shares for such consideration as the Board shall determine in accordance with the terms of this Operating Agreement. The Board may, without the consent of any Member, issue additional Shares out of the authorized Shares. 12.2 Allocations to Additional Members and Substitute Members. No Additional Member or Substitute Member shall be entitled to any retroactive allocation of losses, income or expense deductions incurred by the Company. ARTICLE XIII Dissolution And Termination 13.1
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Related to ADMISSION OF ADDITIONAL MEMBERS AND SUBSTITUTE MEMBERS

  • Admission of Additional Members One or more additional members of the Company may be admitted to the Company with the written consent of the Member.

  • Additional Members One or more additional members may be admitted to the Company with the consent of the Member. Prior to the admission of any such additional members to the Company, the Member shall amend this Agreement to make such changes as the Member shall determine to reflect the fact that the Company shall have such additional members. Each additional member shall execute and deliver a supplement or counterpart to this Agreement, as necessary.

  • Admission of Substitute Members As to Permitted Transfers, a transferee of Units shall be admitted as a substitute Member provided that such transferee has complied with the following provisions:

  • Substitute Members No transferee of all or part of a Member's Membership Interest shall become a substitute Member in place of the transferor unless and until:

  • Admission of Additional Partners After the Private Placement of the Units of Limited Partnership Interest has been terminated by the General Partner, no additional General Partner will be admitted to the Partnership except as described in Paragraph 17(c). The General Partner may take such actions as may be necessary or appropriate at any time to offer new Units or partial Units of Limited Partnership Interest and to admit new or substituted Limited Partners to the Partnership. All subscribers who have been accepted by the General Partner shall be deemed admitted as Limited Partners at the time they are reflected as such in the books and records of the Partnership.

  • Membership Interests; Additional Members Holdings is the sole initial Member of the Company as reflected in Exhibit A attached hereto. Additional Persons may be admitted to the Company as Members, and Membership Interests may be issued, on such terms and conditions as the existing Members, voting as a single class, may determine at the time of admission. The terms of admission or issuance must specify the Sharing Ratios applicable thereto and may provide for the creation of different classes or groups of Members or Membership Interests having different (including senior) rights, powers and duties. The Members may reflect the creation of any new class or group in an amendment to this Agreement, indicating the different rights, powers and duties, and such an amendment shall be approved and executed by the Members in accordance with the terms of this Agreement. Any such admission shall be effective only after such new Member has executed and delivered to the Members and the Company an instrument containing the notice address of the new Member, the new Member’s ratification of this Agreement and agreement to be bound by it.

  • Admission of Substitute Member A person who acquires the Member’s entire limited liability company interest by transfer or assignment shall be admitted to the Company as a member upon the execution of this Agreement or a counterpart of this Agreement and thereupon shall become the “Member” for purposes of this Agreement.

  • Admission of Substituted Members Subject to the other provisions of this Article 10 a transferee of a Membership Interest may be admitted to the Company as a substituted Member only upon satisfaction of the conditions set forth in this Section 10.5.

  • Substitute Member An Assignee who has been admitted to all of the rights of membership pursuant to this Operating Agreement.

  • Admission of Additional Limited Partners A. After the admission to the Partnership of the initial Limited Partners on the date hereof, a Person who makes a Capital Contribution to the Partnership in accordance with this Agreement shall be admitted to the Partnership as an Additional Limited Partner only upon furnishing to the General Partner (i) evidence of acceptance in form satisfactory to the General Partner of all of the terms and conditions of this Agreement, including, without limitation, the power of attorney granted in Section 2.4 and (ii) such other documents or instruments as may be required in the discretion of the General Partner in order to effect such Person’s admission as an Additional Limited Partner.

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