Common use of Admission of Substitute Members Clause in Contracts

Admission of Substitute Members. Except as otherwise provided in this Agreement, an assignee of a Membership Interest who satisfies the requirements for eligibility for membership set forth in this Agreement shall be admitted as a new Member and admitted to all the rights of the Member who initially assigned the Membership Interest only upon the approval of a majority in interest of the other Members and parties to contribution agreements (treating parties to contribution agreements as if they were Members). The Members and parties to contribution agreements may grant or withhold the approval of such admission for any assignee in their sole and absolute discretion. If so admitted, the substituted Member has all the rights and powers and is subject to all the restrictions and liabilities of the Member originally assigning the Membership Interest. The admission of a substituted member, without more, shall not release the Member originally assigning the Membership Interest from any liability to the Company that may have existed prior to the approval.

Admission of Substitute Members. Except as otherwise provided in this Agreement, an assignee of a Membership Interest who satisfies the requirements for eligibility for membership set forth in this Agreement shall be admitted as a new Member and admitted to all the rights lights of the Member who initially assigned the Membership Interest only upon the approval of a majority in interest of the other Members and parties to contribution agreements (treating parties to contribution agreements as if they were Members). The Members and parties to contribution agreements may grant or withhold the approval of such admission for any assignee in their sole and absolute discretion. If so admitted, the substituted Member has all the rights and powers and is subject to all the restrictions and liabilities of the Member originally assigning the Membership Interest. The admission of a substituted member, without more, shall not release the Member originally assigning the Membership Interest from any liability to the Company that may have existed prior to the approval.

Admission of Substitute Members. Except as otherwise provided in this Agreement, an assignee of a Membership Interest who satisfies the requirements for eligibility for membership set forth in this Agreement shall be admitted as a new Member and admitted to all the rights of the Member who initially assigned the Membership Interest only upon the approval of a majority in interest of the other Members and parties to contribution agreements (treating parties to contribution agreements as if they were Members). The Members and parties to contribution agreements may grant or withhold the approval of such admission for any assignee in their sole and absolute discretion. If so admitted, the substituted Member has all the rights and powers and is subject to all the restrictions and liabilities of the Member originally assigning the Membership Interest. Interest The admission of a substituted member, without more, shall not release the Member originally assigning the Membership Interest from any liability to the Company that may have existed prior to the approval.