Common use of Issuance of Additional LLC Interests Clause in Contracts

Issuance of Additional LLC Interests. a. Subject to Sections 5.13(d), 7.1, 7.2, 7.3 and 7.4, the Board may admit new Members to the LLC, issue additional LLC Interests and grant options to purchase LLC Interests upon terms and conditions it may establish from time to time, which terms may include any Capital Deduction Amount relating to the LLC Interests and, the rights, if any, that a holder of such LLC Interests will have relating to the matters discussed in this Article 7. As a condition to the admission of a new Member, that Member must become a party to this Agreement. b. Upon the issuance of additional LLC Interests with associated Membership Points to a Member, an Officer shall make the appropriate revisions to Schedule 1.