Common use of Admitting New Members Clause in Contracts

Admitting New Members. Subject to the requirements of Article Fifteen, Additional Members may be admitted when the Company issues new Membership Interests or a Member transfers its Membership Interest. Upon compliance with Article Fifteen, a person will be admitted as an Additional Member, listed as such on the Company’s books, and issued the Membership Interest. The Managers shall adjust the Capital Accounts of the Members as necessary under Article Six. The Managers may adopt and revise rules, conventions, and procedures as the Managers determine appropriate regarding the admission of Additional Members to reflect the Membership Interests at the end of the calendar year in accordance with the Members’ intentions.

Admitting New Members. Subject to the requirements of Article Fifteen, Additional Members may be admitted when the Company LLC issues new Membership Interests or a Member transfers its Membership Interest. Upon compliance with Article Fifteen, a person will be admitted as an Additional Member, listed as such on the CompanyLLC’s books, and issued the Membership Interest. The Managers Manager shall adjust the Capital Accounts of the Members as necessary under Article Six. The Managers Manager may adopt and revise rules, conventions, and procedures as the Managers determine Manager determines appropriate regarding the admission of Additional Members to reflect the Membership Interests at the end of the calendar year in accordance with the Members’ intentions.