Common use of Use of Nominee Clause in Contracts

Use of Nominee. At the election of a Purchasing Member, the purchase of all or part of the Option Interest pursuant to this Section 8.5 may be completed by a nominee of the Purchasing Member, in which case, the obligations of the Purchasing Member under this Section 8.5 shall be performed by the nominee rather than the Purchasing Member. If a nominee completes the purchase of the Option Interest, the nominee shall be admitted as a Substituted Member in the Company upon the execution and delivery by such nominee to the remaining Members of an instrument in a form approved by the remaining Members in their reasonable discretion, whereby such nominee agrees to be bound by the terms and conditions of this Agreement from and after the date the nominee acquires the Option Interest.