Common use of Necessary Amendments Clause in Contracts

Necessary Amendments. In the event of the Admission of a Member or a Permitted Transfer by a Member, this Agreement will be promptly amended as necessary to reflect any changes in the profit and loss allocations of Members, to reflect the capital contributions of the newly admitted Member and to set forth any new provisions or to amend any existing provisions of this Agreement which may be necessary or desirable in light of the Admission of a Member or Transfer by a Member.