Common use of Substitution of Assignee Clause in Contracts

Substitution of Assignee. An assignee of all or any part of a Unit Holder’s Interest will become a Substituted Member only if (a) a Majority in Interest of the Managers consent thereto in Writing (and any Manager may withhold such consent in its discretion) and (b) each of the following conditions is met: (i) The Assignee shall consent in writing, in a form prepared by or satisfactory to the Managers, to be bound by the terms and conditions of this Operating Agreement; (ii) The Assignee shall pay any expenses of the Company in effecting the substitution; (iii) The assignment shall be effected in compliance with all applicable federal and state securities laws and regulations; and (iv) All requirements of the Law including amendment of this Operating Agreement, shall have been completed by the Assignee, the assignor and the Company, as the case may be.