Common use of Independent Member Clause in Contracts

Independent Member. During the Covered Period, the Company shall have an Independent Member. The Independent Member shall be the same Person as the Independent Manager and shall satisfy the requirements for being an Independent Manager set forth in the definition thereof. The Independent Member, as such, shall have no interest in the profits, losses, distributions or capital of the Company. The Independent Member shall be entitled to vote on (i) the granting of consent to a Member with respect to a voluntary or involuntary bankruptcy, insolvency, or other proceeding described in Section 18-304(a) or (b) of the Act; (ii) subject to the provisions of Section 8.01 hereof, the dissolution of the Company following the death, retirement, resignation, expulsion, bankruptcy, or dissolution of a Member, and (iii) such other matters, if any, as may be expressly set forth in this Agreement. At such time as the Company is no longer required to have an Independent Manager pursuant to the terms of this Agreement, then the Independent Member shall no longer be a Member. The Independent Member, as such, shall have no other voting rights. During any period when the Company does not have (and is required under this Section 3.01(b) to have) an Independent Member, the Company shall not take any action requiring the vote or consent of the Independent Member under this Agreement.

Independent Member. During the Covered Period, the Company shall have an one member of the Company designated as the “Independent Member. .” The Independent Member shall be the same Person as the Independent Manager and shall satisfy the requirements for being an Independent Manager set forth in the definition thereof. The initial Independent Member is that Person executing this Agreement as such, on the signature page hereto, and is hereby admitted to the Company as a member of the Company simultaneously with its execution of this Agreement. Pursuant to Section 18-301 of the Act, an Independent Member, as such, shall have no limited liability company interest in the Company, including, without limitation, no interest in the profits, losses, distributions or capital of the Company. The An Independent Member shall be entitled to vote on (ix) the granting of consent to a Member with respect to a voluntary any Bankruptcy Action by or involuntary bankruptcy, insolvency, or other proceeding described in Section 18-304(a) or (b) on behalf of the ActCompany; (iiy) subject to the provisions of Section 8.01 20 hereof, the dissolution of the Company following the death, retirement, resignation, expulsion, bankruptcy, or dissolution of a Member or the occurrence of any other event that terminates the continued membership of any Member, ; and (iiiz) such other matters, if any, as may be expressly set forth in this Agreement. An Independent Member, as such, shall have no other voting rights. At such time as the Company is no longer required to have an Independent Manager pursuant to the terms of this Agreement, then the Independent Member shall no longer be, and shall automatically be deemed to have resigned from the Company as, a Member. The Independent Member, as such, shall have no other voting rightsmember of the Company. During any period when the Company does not have (and is required under this Section 3.01(b8(a)(ii) to have) an Independent Member, the Company shall not take any action requiring the vote or consent of the Independent Member under this Agreement.

Independent Member. During the Covered Period, the Company ------------------ shall have an Independent Member. The Independent Member shall be the same Person as the Independent Manager and shall satisfy the requirements for being an Independent Manager set forth in the definition thereof. The Independent Member, as such, shall have no interest in the profits, losses, distributions or capital of the Company. The Independent Member shall be entitled to vote on (i) the granting of consent to a Member with respect to a voluntary or involuntary bankruptcy, insolvency, or other proceeding described in Section 18-304(a) or (b) of the ActAct with respect to the Company; (ii) subject to the provisions of Section 8.01 hereof, the dissolution of the Company following the death, retirement, resignation, expulsion, bankruptcy, or dissolution of a Member, (iii) the amendment or recommendation of amendment of Sections of this Agreement specified in Article 2 of the Agreement, or of the certificate of formation of the Company, and (iiiiv) such other matters, if any, as may be expressly set forth in this Agreement. At such time as the Company is no longer required to have an Independent Manager pursuant to the terms of this Agreement, then the Independent Member shall no longer be a Member. The Independent Member, as such, shall have no other voting rights. During any period when the Company does not have (and is required under this Section 3.01(b) to have) an Independent Member, the Company shall not take any action requiring the vote or consent of the Independent Member under this Agreement.