Common use of Admissions of Additional Members Clause in Contracts

Admissions of Additional Members. The Board of Managers may cause the LLC to admit additional Members in connection with the issuance of additional Units by the LLC or the transfer of Units in accordance with Section 14 hereof. An additional Member shall be deemed admitted as a Member upon the execution by such additional Member of (a) a written document pursuant to which such additional Member agrees to become a Member and to be bound by this Agreement (“Joinder”) and (b) a counterpart signature page to this Agreement, which shall be deemed for all purposes to constitute an amendment to this Agreement providing for such admission, but shall not require the consent or approval of any other Member. The Board of Managers shall make any necessary filings with the appropriate governmental authorities and take such actions as are necessary under applicable law to effectuate such admission. The admission of an additional Member to the LLC shall be effective upon the execution of such counterpart signature page to this Agreement. For the avoidance of doubt, execution of a Joinder shall constitute execution of a counterpart signature page to this Agreement. Upon admission, such additional Member shall be bound by all provisions of this Agreement. The Schedule of Members maintained by the Board of Managers shall be subsequently amended to reflect the admission of any new Member.