Common use of Additional Members and Membership Interests Clause in Contracts

Additional Members and Membership Interests. The Board of Managers may admit one or more additional Members for consideration by a majority vote of the members which hold all of the voting Percentage Interests. The Board of Managers may issue additional membership interests to existing Members provided however, all existing Members holding voting interests shall have a right of first refusal, for the purchase of the membership interests to existing Members and as expressly provided elsewhere in this Agreement. The Board of Managers may issue additional membership interests to new Members; provided, however, that all existing Members holding voting interests shall have a right of first refusal prior to the issuance of any additional membership interests to acquire such interests, in proportion to their interests in the Company, on the terms and at the price that such additional interests are being offered by the Board of Managers.