Common use of Substitution as a Member Clause in Contracts

Substitution as a Member. A transferee of a Member’s interest pursuant to this Article 9 shall become a substituted Member only with the consent of the Managing Member, which may be withheld or granted in its sole and absolute discretion, and only if such transferee‌‌ (a) elects to become a substituted Member by delivering a notice of such election to the Fund, and (b) executes, acknowledges and delivers to the Fund such other instruments as the Managing Member may deem necessary or advisable to effect the admission of such transferee as a substituted Member, including the written acceptance and adoption by such transferee of the provisions of this Agreement.

Substitution as a Member. A transferee of a Member’s interest pursuant to this Article 9 shall become a substituted Member only with the consent of the Managing Member, which may be withheld or granted in its sole and absolute discretion, and only if such transferee‌‌transferee‌ (a) elects to become a substituted Member by delivering a notice of such election to the Fund, and and (b) executes, acknowledges and delivers to the Fund such other instruments as the Managing Member may deem necessary or advisable to effect the admission of such transferee as a substituted Member, including the written acceptance and adoption by such transferee of the provisions of this Agreement.

Substitution as a Member. A transferee of a Member’s interest pursuant to this Article 9 shall become a substituted Member only with the consent of the Managing Member, which may be withheld or granted in its sole and absolute discretion, and only if such transferee‌‌transferee (a) elects to become a substituted Member by delivering a notice of such election to the Fund, and and (b) executes, acknowledges and delivers to the Fund such other instruments as the Managing Member may deem necessary or advisable to effect the admission of such transferee as a substituted Member, including the written acceptance and adoption by such transferee of the provisions of this Agreement.