New Members from the Issuance of Shares. In order for a Person to be admitted as a Member of the Company pursuant to the issuance (subject to Section 5.3) or permitted transfer of Shares to such Person, such Person shall have executed and delivered to the Company a written undertaking to be bound by the terms and conditions of this Agreement substantially in the form of Exhibit B hereto. Upon the amendment of the Members Schedule by the Company and the satisfaction of any other applicable conditions set forth in this Agreement, including, if a condition, the receipt by the Company of payment for the issuance of the applicable Shares, such Person shall be admitted as a Member and deemed listed as such on the books and records of the Company and thereupon shall be issued his or its Shares. The Company shall also adjust the Capital Accounts of the Members as necessary in accordance with Section 6.2.
Appears in 4 contracts
Samples: Limited Liability Company Agreement (Teekay Offshore Partners L.P.), Limited Liability Company Agreement (Teekay Offshore Partners L.P.), Limited Liability Company Agreement (Teekay Corp)
