Common use of Additional Membership Interests Clause in Contracts

Additional Membership Interests. Additional Persons may be admitted to the Company as Members, and Membership Interests may be created and issued to those Persons and to existing Members upon approval thereof by the Members and subject to the terms and conditions set forth herein. Such admission must comply with any additional terms and conditions the Members may, in their sole discretion, determine at the time of admission. A document (which may be an amendment to this Agreement), in a form acceptable to the Members, will specify the terms of admission or issuance and will include, among other things, the Membership Interest applicable thereto. Such document may also provide for the creation of different classes of Membership Interests or groups of Members having different rights, powers and duties. Any such admission of a new Member will not be effective unless such new Member has agreed in writing to be bound by all terms and conditions of this Agreement as then in effect. The provisions of this Section 3.5 will not apply to Transfers of Membership Interests.