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Common use of Membership Conditions Clause in Contracts

Membership Conditions. A Transferee who has been approved to become a Member as provided in this Agreement must comply with or satisfy each of the following conditions in order to be admitted as a Member: (a) any conditions or requirements established or imposed by the Managers in connection with the approval of the Transferee's admission as a Member; and (b) such Transferee must execute an instrument acceptable to the Company whereby the Transferee accepts the terms of and becomes a party to and bound by this Agreement.

Appears in 5 contracts

Samples: Operating Agreement (MS Carriers Inc), Operating Agreement (Swift Transportation Co Inc), Operating Agreement (Us Xpress Enterprises Inc)