Common use of Documentation, Effectiveness and Admission Clause in Contracts

Documentation, Effectiveness and Admission. Each person who is to be admitted as an Additional Member shall become a Member effective as of the first calculation of Net Asset Value after he has (i) paid a capital contribution to the Company; (ii) agreed to be bound by the terms of this Agreement by signing a subscription agreement, which includes a power of attorney and the representations described above, in such manner as the Board shall determine; and (iii) executed such other appropriate instrument or instruments as may be required by the Board or on such other date that the Board in its discretion deems appropriate; provided, however, that if the Board has approved such admission and the instrument admitting the Additional Member so provides, the admission of such Additional Member shall be effective as of a specified date other than as set forth in this Article XI. The purchase of any Additional Units by an Increasing Member shall be effective as of the first calculation of Net Asset Value following the payment therefor or on such other date or time that the Board in its discretion deems appropriate.