Common use of Admission of Assignees as Substitute Members Clause in Contracts

Admission of Assignees as Substitute Members. An Assignee of all or any portion of the Interests of a Member shall become a Substitute Member of the Company only if and when all of the following conditions are satisfied: (a) the Board consents in writing to such admission, which consent may be given or withheld, or made subject to such conditions as are determined by the Board, in its reasonable discretion; provided that the Board’s consent is not required for a transfer to a Permitted Transferee; and (b) the Board receives written instruments (including, without limitation, such Assignee’s consent to be bound by this Agreement as a Member) that are in a form satisfactory to the Board, as determined in its reasonable discretion.

Admission of Assignees as Substitute Members. An -------------------------------------------- Assignee of all or any portion of the Interests of a Member Member's Units shall become a Substitute Member of the Company only if and when all both of the following conditions are satisfied: (a) the Board consents in writing to such admission, which consent may be given or withheld, or made subject to such conditions as are determined by the Board, in its reasonable sole and absolute discretion; provided that the Board’s consent is not required for a transfer to a Permitted Transferee; and (b) the Board receives written instruments (including, without limitation, such Assignee’s 's consent to be bound by this Agreement as a Member) that are in a form satisfactory to the Board, as determined in its reasonable sole and absolute discretion.

Admission of Assignees as Substitute Members. An Assignee of all or any portion of the Interests of a Member Member’s Units shall become a Substitute Member of the Company only if and when all of the following conditions are satisfied: (a) the Board consents in writing to such admission, which consent may be given or withheld, or made subject to such conditions as are determined by the Board, in its reasonable sole and absolute discretion; provided that the Board’s consent is not required for a transfer to a Permitted Transferee; and (b) the Board receives written instruments (including, without limitation, such Assignee’s consent to be bound by this Agreement as a Member) that are in a form satisfactory to the Board, as determined in its reasonable sole and absolute discretion.