Common use of ADMISSION OF NEW MEMBERS AND ISSUANCE OF INTERESTS IN EXCESS OF 5% Clause in Contracts

ADMISSION OF NEW MEMBERS AND ISSUANCE OF INTERESTS IN EXCESS OF 5%. Except for Transfers in accordance with Section 13.1(c) below, no person shall be admitted as a new Member and the Company shall not authorize the issuance of interest in the Company of any kind that could or would entitle the recipient thereof to the rights of a Member or that would cause (or entitle) such person to receive an interest (other than collateral security interests granted by the Company to secure its obligations) of 5% or more in the assets or profits of the Company unless the written approval of each of the Members of the Company has been obtained.