Common use of Independent Member Clause in Contracts

Independent Member. The Company shall at all times have at least one Member (each, an "Independent Member") that shall be a special purpose corporation formed pursuant to a charter or articles of incorporation that (i) limits its business purposes and activities and (ii) requires the unanimous consent of its entire board of directors (without any vacancies), including the affirmative vote of all Independent Directors before such member may approve, permit or take any action, or cause any action to be taken in respect of the following actions with respect to any limited liability company of which it is a member, to (a) institute proceedings to have itself adjudicated bankrupt or insolvent, (b) consent to the institution of bankruptcy or insolvency proceedings against it, (c) file a petition seeking, or consent to, such member's or limited liability company's reorganization or relief under any applicable federal or state law relating to bankruptcy, (d) consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator or other similar official of such member or limited liability company or all or a substantial part of its property, (e) make any assignment for the benefit of its creditors, admit in writing its inability to pay its debts generally as they become due, (f) institute, or join in any institution of, any bankruptcy, insolvency, liquidation, reorganization or arrangement proceedings or other proceedings under any federal or state bankruptcy or similar law, against any entity in which such member or limited liability company holds an ownership interest or (g) take any action in furtherance of the actions set forth in clauses (a) through (f) above.

Independent Member. The Company shall at all times have at least one Member (each, an "Independent Member") that shall be a special purpose corporation formed pursuant to a charter or articles of incorporation that (i) limits its business purposes and activities and (ii) requires the unanimous consent of its entire board of directors (without any vacancies), including the affirmative vote of all Independent Directors before such member may approve, permit or take any action, or cause any action to be taken in respect of the following actions with respect to any limited liability company of which it is a member, to (a) institute proceedings to have itself adjudicated bankrupt or insolvent, (b) consent to the institution of bankruptcy or insolvency proceedings against it, (c) file a petition seeking, or consent to, such member's or limited liability company's reorganization or relief under any applicable federal or state law relating to bankruptcy, (d) consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator or other similar official of such member or limited liability company or all or a substantial part of its property, (e) make any assignment for the benefit of its creditors, admit in writing its inability to pay its debts generally as they become due, (f) institute, or join in any institution of, any bankruptcy, insolvency, liquidation, reorganization or arrangement proceedings or other proceedings under any federal or state bankruptcy or similar law, against any entity in which such member or limited liability company holds an ownership interest or (g) take any action in furtherance of the actions set forth in clauses (a) through (f) above.

Independent Member. The Company shall at all times have at least one Member (each, an "Independent Member") that shall be a special purpose corporation formed pursuant to a charter or articles of incorporation that (i) limits its business purposes and activities and (ii) requires the unanimous consent of its entire board of directors (without any vacancies), including the affirmative vote of all Independent Directors before such member may approve, permit or take any action, or cause any action to be taken in respect of the following actions with respect to any limited liability company of which it is a member, to (a) institute proceedings to have itself adjudicated bankrupt or insolvent, (b) consent to the institution of bankruptcy or insolvency proceedings against it, (c) file a petition seeking, or consent to, such member's or the limited liability company's reorganization or relief under any applicable federal or state law relating to bankruptcy, (d) consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator or other similar official of such member or limited liability company or all or a substantial part of its property, (e) make any assignment for the benefit of its creditors, admit in writing its inability to pay its debts generally as they become due, (f) institute, or join in any institution of, any bankruptcy, insolvency, liquidation, reorganization or arrangement proceedings or other proceedings under any federal or state bankruptcy or similar law, against any entity in which such member or limited liability company holds an ownership interest or (g) take any action in furtherance of the actions set forth in clauses (a) through (f) above.

Independent Member. The Company shall at all times have at least one Member (each, an "Independent Member") that shall be a special purpose corporation formed pursuant to a charter or articles of incorporation that (ia) limits its business purposes and activities and (iib) requires the unanimous consent of its entire board of directors (without any vacancies), including the affirmative vote of all at least two Independent Directors before such member may approve, permit or take any action, or cause any action to be taken in respect of the following actions with respect to any each limited liability company of which it is a member, to to: (ai) institute proceedings to have itself adjudicated bankrupt or insolvent, (bii) consent to the institution of bankruptcy or insolvency proceedings against it, (ciii) file a petition seeking, or consent to, such member's or limited liability company's reorganization or relief under any applicable federal or state law relating to bankruptcy, (div) consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator or other similar official of such member or limited liability company or all or a substantial part of its property, (ev) make any assignment for the benefit of its creditors, (vi) admit in writing its inability to pay its debts generally as they become due, (fvii) institute, or join in any institution of, any bankruptcy, insolvency, liquidation, reorganization or arrangement proceedings or other proceedings under any federal or state bankruptcy or similar law, law against any entity in which such member or limited liability company holds an ownership interest or (gviii) take any action in furtherance of the actions set forth in clauses (ai) through (fvii) above. As of the date hereof.