Admission of Independent Member Clause Samples

Admission of Independent Member. Notwithstanding anything else to the contrary herein, after the formation of the Company and in accordance with Section 18-301(d) of the Act, the Managing Member may issue an Independent Member Membership Interest equal to (and so long as any Obligation is outstanding, shall remain) zero (0%). The Independent Member, if any, is a member of the Company that has no interest in the profits, losses and capital of the Company and has no right to receive any distributions of Company assets. Pursuant to Section 18-301(d) of the Act, the Independent Member, if any, shall not be required to make a capital contribution to the Company and shall not receive a limited liability company interest in the Company. The Independent Member, if any, may not bind the Company, and the Independent Member, if any, shall have no voting rights other than those expressly granted in this Agreement or as required by any mandatory provision of the Act.