Common use of Assumption and Indemnification Clause in Contracts

Assumption and Indemnification. From and after the Effective Date, the Assignee shall (a) be bound by the provisions of the statutes, as if the Assignee were a party thereto and a Member of the Company, and (b) indemnify the Company against any expense incurred by it in connection with the Assignee’ admission and substitution as a Member (including, by way of example rather than of limitation, any expense incurred in preparing and filing for record any amendment of the [statutes] or the [Company’s Articles of Organization], and any other instrument, if necessitated by the admission and substitution. WHEREOF, each party hereto has executed this Assignment or caused it to be executed on its behalf by its duly authorized representatives, the day and year first above written.

Assumption and Indemnification. From and after the Effective Date, the Assignee shall (a) be bound by the provisions of the statutesOperating Agreement, as if the Assignee were a party thereto and a Member of the Company, and (b) indemnify the Company against any expense incurred by it in connection with the Assignee’ admission and substitution as a Member (including, by way of example rather than of limitation, any expense incurred in preparing and filing for record any amendment of the [statutesOperating Agreement] or the [Company’s Articles of Organization], and any other instrument, if necessitated by the admission and substitution. WHEREOF, each party hereto has executed this Assignment or caused it to be executed on its behalf by its duly authorized representatives, the day and year first above written.