Common use of MEMBERS BOUND BY AGREEMENT Clause in Contracts

MEMBERS BOUND BY AGREEMENT. By their purchase or acceptance of Units, the Initial Members and any Person who is admitted as an additional Member or a substitute Member shall be subject to and bound by all the provisions of this Agreement, whether or not such Member executes this Agreement or any other document referring to this Agreement. However, such Person shall execute and acknowledge any documents and instruments, in form and substance satisfactory to the Board, as the Board shall deem necessary or advisable to effect such admission and to confirm the agreement of the Person being admitted to be bound by all the terms and provisions of this Agreement. Upon demand by the Board, such Person shall pay all reasonable expenses in connection with such admission as a Member, including, without limitation, legal fees and costs of preparation of any amendment to or restatement of this Agreement, if necessary or desirable in connection therewith.