Common use of Creation of Additional Membership Interest Clause in Contracts

Creation of Additional Membership Interest. Additional Membership Interests may be created and issued to existing Members or to other Persons, and such other Persons may be admitted to the Company as Members, with the consent of the Management Committee (which consent may be granted or withheld in the Sole Discretion of each Representative), on such terms and conditions as the Management Committee may determine at the time of admission. The terms of admission or issuance must specify the Sharing Ratios applicable thereto and may provide for the creation of different classes or groups of Members having different rights, powers, and duties. The Managing Member may reflect the creation of any new class or group in an amendment to this Agreement indicating the different rights, powers, and duties, and such an amendment need be executed only by the Managing Member. Any such admission is effective only after the new Member has executed and delivered to the Members an instrument containing the notice address of the new Member, the Assignee's ratification of this Agreement and agreement to be bound by it, and its confirmation that the representations Exhibit No. 10.45 and warranties in Section 3.02 are true and correct with respect to it. The provisions of this Section 3.04 shall not apply to Dispositions of Membership Interests or admissions of Assignees in connection therewith, such matters being governed by Section 3.03.

Creation of Additional Membership Interest. Additional Membership Interests may be created and issued to existing Members or only with the unanimous approval of all Members. Additional Membership Interests may be created and issued to other Persons, and such other Persons may be admitted to the Company as Members, only with the unanimous consent of the Management Committee (which consent may be granted or withheld in the Sole Discretion of each Representative)existing Members, on such terms and conditions as the Management Committee existing Members may unanimously determine at the time of admission. The terms of admission or issuance must specify the Sharing Ratios applicable thereto and may provide for the creation of different classes or groups of Members having different rights, powers, and duties. The Managing Member Board of Directors may reflect the creation of any new class or group in an amendment to this Agreement indicating the different rights, powers, and duties, and such an amendment need be executed only by the Managing MemberBoard of Directors. Any such admission is effective only after the new Member has executed and delivered to the Members an instrument containing the notice address of the new Member, the Assignee's ratification of this Agreement and agreement to be bound by it, and its confirmation that the representations Exhibit No. 10.45 and warranties in Section 3.02 10.01 are true and correct with respect to it. The provisions of this Section 3.04 3.02 shall not apply to Dispositions of Membership Interests or admissions of Assignees in connection therewith, such matters being governed by Section 3.039.01.

Creation of Additional Membership Interest. Additional Membership Interests may be created and issued to existing Members or to other Persons, and such other Persons may be admitted to the Company as Members, with the unanimous consent of the Management Committee (which consent may be granted or withheld in the Sole Discretion of each Representative)existing Members, on such terms and conditions as the Management Committee existing Members may unanimously determine at the time of admission. The terms of admission or issuance must specify the Sharing Ratios applicable thereto and may provide for the creation of different classes or groups of Members having different rights, powers, and duties. The Managing Member Board of Directors may reflect the creation of any new class or group in an amendment to this Agreement indicating the different rights, powers, and duties, and such an amendment need be executed only by the Managing MemberBoard of Directors. Any such admission is effective only after the new Member has executed and delivered to the Members an instrument containing the notice address of the new Member, the Assignee's ratification of this Agreement and agreement to be bound by it, and its confirmation that the representations Exhibit No. 10.45 and warranties in Section 3.02 10.01 are true and correct with respect to it. The provisions of this Section 3.04 3.02 shall not apply to Dispositions of Membership Interests or admissions of Assignees in connection therewith, such matters being governed by Section 3.039.01.