Common use of SINGLE MEMBER LLC Clause in Contracts

SINGLE MEMBER LLC. Each of the undersigned acknowledges and agrees that, so long as the Company has less than two (2) Members, certain provisions of this Agreement may be inapplicable in light of the fact that the Company may be disregarded as an entity for federal and state income tax purposes (as determined in good faith by the Members in agreement with the sole Member). In such event and notwithstanding any provision of this Agreement to the contrary, any such inapplicable provision shall be construed and adhered to in a manner and to the fullest extent that the intent of such provision may be carried out in the context of a single member limited liability company (as determined in good faith by the sole Member).

SINGLE MEMBER LLC. Each of the undersigned acknowledges and agrees that, so long as the Company has less than two (2) Members, certain provisions of this Agreement may be inapplicable in light of the fact that the Company may be disregarded as an entity for federal and state income tax purposes (as determined in good faith by the Members in agreement with the sole Member). In such event and notwithstanding any provision of this Agreement to the 16. contrary, any such inapplicable provision shall be construed and adhered to in a manner and to the fullest extent that the intent of such provision may be carried out in the context of a single member limited liability company (as determined in good faith by the sole Member).