Common use of Substituted Parties Clause in Contracts

Substituted Parties. Any transfer in which the transferee becomes a fully substituted Member is not permitted unless (i) the transferor and assignee execute and deliver to the Company the documents and instruments of conveyance necessary or appropriate in the opinion of counsel to the Company to effect the transfer and to confirm that the permitted assignee agrees to be bound by the provisions of this Operating Agreement; and (ii) the transferor furnishes to the Company an opinion of counsel, satisfactory to the Company, that the transfer will not cause the Company to terminate for federal income tax purposes or that any termination is not adverse to the Company or the other Members. SECTION 3 CAPITAL ACCOUNTS