Admission of Additional Member. One (1) or more additional Members of the Company may be admitted to the Company with the written consent of the Member.
Admission of Additional Member. One or more additional members of the Company may be admitted to the Company with the consent of the Member. Prior to the admission of any such additional member of the Company, the Member will amend this Agreement to make such changes as the Member determines necessary or desirable to reflect the fact that the Company will have more than one member. Each additional member will execute and deliver an amendment, supplement or counterpart to this Agreement, as necessary.
Admission of Additional Member. As provided in the Articles and in conformity with Paragraph 2.1, the Member may admit to the Company an additional Member or Members who will participate in the profits, losses, available cash flow, and ownership of the assets of the Company on such terms as are determined by the Member. Admission of any person as an additional Member shall in all events require a new Operating Agreement to be signed by the Member and any such additional Member or Members. The Member acknowledges that the admission of one or more additional Members may result in adverse federal and/or state tax consequences.
Admission of Additional Member. A third party may be admitted as an Additional Member as provided herein in Section 3.5. Notwithstanding the foregoing, a third party shall not become an Additional Member unless and until such party becomes a party to this Agreement. Any Additional Member who becomes a Member shall be reflected on a revised Exhibit A that will be attached to this Agreement.
Admission of Additional Member. One or more Additional Members may be admitted if the Manager and a Majority of the Members consent to any such admission. Any Additional Member shall make such Contribution as is agreed upon in writing by the Company and the Additional Member, which writing shall specify the value of the Additional Member’s Contribution, the time for making such Contribution and the respective Percentage Interest of each Member following such Contribution. Each of the Members acknowledges and agrees that it is intended that any dilution of Percentage Interests arising out of the admission of any Additional Member will be proportionate among the Members based on their Percentage Interests immediately preceding such admission. Notwithstanding the foregoing, a Person shall not become an Additional Member unless and until such Person becomes a party to this Agreement as a Member by signing a counterpart signature page to this Agreement and executing such documents and instruments as the Manager may reasonably request to confirm such Person as a Member in the Company and such Person’s agreement to be bound by the terms and conditions of this Agreement.
Admission of Additional Member. Subject to Section 13.2 below, upon the vote of a Super Majority, any Person may be admitted to the Company as an additional Member (an “Additional Member”) for such consideration as the Super Majority may determine. No new Members shall be entitled to any retroactive allocation of losses, income or expense deductions incurred by the Company. The Managers may, at the Managers’ option (by unanimous agreement), at the time an Additional Member is admitted, close the Company books (as though the Company’s tax year had ended) or make pro rata allocations of loss, income and expense deductions to an Additional Member for that portion of the Company’s tax year in which an Additional Member was admitted in accordance with the provisions of Section 706(d) of the Code and the Treasury Regulations promulgated thereunder. Upon the admission of an Additional Member and the allocation of an Interest (or Economic Interest) to such Additional Member, existing Members’ Interests (and Economic Interests) shall be diluted proportionately such that the relative Interest (or Economic Interest) of each existing Member to each other existing Member will be unchanged. However, all existing Class A Members may, by unanimous written consent, agree to a different method of dilution to allow for the allocation to the Additional Member of a Class A Interest.
Admission of Additional Member. Additional Units may be authorized and issued by the Company upon such terms and conditions as may be approved by a majority vote of the Members. Upon the proposed issuance of any such additional Units, each existing Member shall have the preemptive right, but not the obligation, to purchase such portion of the newly issued Units as the ratio of the number of Units then held by such Member bears to the total number of Units held by Members and outstanding, before the Issuance of the new Units, together with such Member’s proportionate share of the other newly issued Units as to which other Members fail to exercise their preemptive rights.
Admission of Additional Member. As provided in the Articles, (i) Members may admit to Company additional Member(s) who will participate in the profits, losses, available cash flow, and ownership of the assets of Company on such terms as are determined by all Members; (ii) admission of any such additional Member(s) shall require the written consent of all Members then having any Interest in Company, which may be granted or withheld in the sole and absolute discretion of each Member; and (iii) admission of such additional Member(s) may result in a dilution of the Percentage Interests of the then Members.
Admission of Additional Member. One (1) or more additional members of the Company may be admitted to the Company with the written consent of all persons who are then members and upon the additional member’s execution of a Joinder and Signature Page, substantially in the form as attached as Exhibit A to this Agreement, signifying the additional member’s agreement to be bound by the terms and conditions of this Agreement.
