Automatic Admission Clause Samples

Automatic Admission. Notwithstanding Sections 8.6(a) and (b), subject to compliance with Sections 8.3, 8.6(d), 8.7 and 8.8, a transferee of all or a portion of an Interest in connection with a Permitted Transfer or in connection with the foreclosure or transfer in lieu of foreclosure of a Permitted Interest Encumbrance will automatically be admitted to the Company as a substituted Member with respect to the transferred interest without the consent of any other Member or the Management Committee.