Resignation of Members. So long as any Securities are outstanding, the Member may not resign, except as permitted by the Basic Documents and if the Rating Agency Condition is satisfied. If the Member is permitted to resign under this Section 3.5(b), an additional member of the Company will be admitted to the Company with the consent of the resigning Member, on its execution of a document agreeing to be bound by this Agreement. Admission will be considered effective immediately before the resignation and, immediately following admission, the resigning Member will cease to be a member of the Company.
Appears in 8 contracts
Samples: Limited Liability Company Agreement, Limited Liability Company Agreement (Ford Credit Auto Receivables Two LLC), Limited Liability Company Agreement (CAB East LLC)
