Common use of Admission and Initial Capital Contributions Clause in Contracts

Admission and Initial Capital Contributions. The Managing Member is deemed admitted as the Member of the Company upon its execution and delivery of this Agreement. The Member has contributed $1000.00, in cash, and no other property, to the Company and may contribute in the future any additional capital deemed necessary by the Managing Member, in its sole discretion, for the operation of the Company. No other Person shall be admitted as an additional member of the Company without the approval of the Member and the unanimous approvals of all members of the Board of Directors, including, without limitation, the affirmative vote of the Independent Directors.

Admission and Initial Capital Contributions. The Managing Member is deemed has been admitted as the initial Member of the Company upon its execution and delivery of this AgreementCompany. The Member has contributed $1000.00, in cash, and no other property, to the Company and may contribute in the future any additional capital deemed necessary by the Managing Member, in its sole discretion, for the operation of the Company. No In accordance with Section 4.4 hereof, no other Person shall be admitted as an additional member of the Company without the approval of the Member and the unanimous approvals of all members of the Board of Directors, including, without limitation, the affirmative vote of the Independent Directors.