Admission of Additional Managing Members Sample Clauses

Admission of Additional Managing Members. 7 3.5 Form and Timing of Contributions...................7 3.6 Division or Combination of Units...................7 3.7 Capital Contributions of the Managing Member.......7 3.8 Admission of Special Member........................7

Admission of Additional Managing Members. The Managing Member may cause the Fund to admit one or more Additional Managing Members to the Fund at any time without the consent of the Members. In the event that the Managing Member desires to admit an Additional Managing Member to the Fund, the Managing Member shall send each Member a written notice of such proposed admission at least fifteen (15) business days prior to such admission. Such notice shall contain the name of the Additional Managing Member and the date on which it is to be admitted to the Fund.

Admission of Additional Managing Members. The Capital Member may admit one or more additional Managing Members subject only to satisfaction of the following conditions: (i) each such additional Managing Member shall execute and deliver a counterpart signature page to this Agreement pursuant to which such additional Managing Member agrees to be bound by the terms and provisions hereof, and (ii) such admission would not result in a violation of any applicable law, including the federal or state securities laws, or any term or condition of this Agreement and, as a result of such admission, the Company would not be required to register as an investment company under the Investment Company Act. The name and business address of each Managing Member admitted to the Company under this Section 5.7 and the number of his or her Units awarded to such additional Managing Member and his or her date of hire shall be added to Schedule 2, ---------- and each such Managing Member shall be bound by all the provisions hereof. Each additional Managing Member admitted pursuant to this Section 5.7 shall be deemed for purposes of all allocations pursuant to Article Three to have been admitted on the date of hire. Admission of an additional Managing Member in accordance with the terms hereof shall not be a cause of dissolution of the Company. Additional Managing Members shall be admitted to the Company only with the written consent of, and on the terms approved by, the Capital Member and a Majority of the Managing Members.

Admission of Additional Managing Members. Additional Managing Member(s) may be admitted, and shall succeed to all the rights, powers, authorities, duties and obligations of a Managing Member as set forth in this Agreement immediately upon admission as a Managing Member in the Company, on such terms and conditions, and with such an Interest, as shall be agreed upon by the existing Managing Member(s), with the Consent of the Members.