Transferee as a Member Sample Clauses
Transferee as a Member. An Assignee of a Membership Interest shall have the right to become a substitute Member only if (i) all of the Members consent to the Assignee’s admission to the Company as a Member, (ii) the Assignee executes an instrument satisfactory to the Manager accepting and adopting the provisions of this Agreement, and (iii) the Assignee pays any reasonable expenses in connection with its admission as a new Member. The admission of an Assignee as a substitute Member shall not release the Member who assigned the Membership Interest from any liability that such Member may have to the Company.
Transferee as a Member. The Company shall not enter the sale of the Company Interest to the third party on the books of the Company, and the sale shall not be otherwise effective, however, until the third party transferee agrees to be bound by all the terms and conditions of this Agreement as evidenced by such Person’s execution and delivery of a joinder hereto. In any event, the transferee of such Company Interest shall be bound by the provisions of this Agreement and shall constitute a Member for all purposes of this Agreement.