Common use of Issuance of Additional Membership Interests Clause in Contracts

Issuance of Additional Membership Interests. Any Person approved by the Manager may become a Member in the Company by the issuance by the Company of Membership Interests for such consideration, as the Manager shall unanimously determine in its sole discretion. The Manager shall determine at the time of such issuance of Membership Interests the Ownership Percentage of such newly admitted Member (with the Ownership Percentages of the then existing Members being decreased respectively). Any new Member shall sign and deliver such documents to the Manager to agree to and join all terms and conditions of this Operating Agreement

Issuance of Additional Membership Interests. Any Person approved by the Manager may become a Member in the Company by the issuance by the Company of Membership Interests for such consideration, as the Manager shall unanimously determine in its sole discretion. The Manager shall determine at the time of such issuance of Membership Interests the Ownership Percentage of such newly admitted Member (with the Ownership Percentages of the then existing Members being decreased respectively). Any new Member shall sign and deliver such documents to the Manager to agree to and join all terms and conditions of this Operating Agreement.