Date of Admission as Additional Member Clause Samples

Date of Admission as Additional Member. Admission of an Additional Member shall become effective on the date the applicable conditions set forth in Section 3.6(a) are satisfied. Upon the admission of an Additional Member: (i) the Company shall, without requiring the consent of any other Person, revise the Members’ Schedules to reflect the name and address of, and number and class of Units held by, such Additional Member and to eliminate or adjust, if necessary, the name, address and interest of the predecessor of such Additional Member; and (ii) in the event of a Transfer to such an Additional Member, the Transferring Member shall be relieved of its obligations under this Agreement with respect to such Transferred Units, except as set forth in the proviso to the following sentence. Any Member who Transfers all of such Member’s Units in a Transfer permitted pursuant to Article 7 (where the transferee was admitted as an Additional Member) shall cease to be a Member as of the date on which the transferee is admitted as an Additional Member; provided, however, such Member shall not be relieved of any liabilities (including obligations surviving Transfers under Section 6.1(e)) incurred by such Member pursuant to the terms and conditions of this Agreement prior to the time such Member Transfers any Units or ceases to be a Member hereunder.