Capital Contributions of the Managing Member and Admission of Additional Managers Sample Clauses

Capital Contributions of the Managing Member and Admission of Additional Managers. (a) The Managing Member shall make a Capital Contribution of Ten Thousand Dollars ($10,000) to the Company in exchange for its Class M Interest. The Managing Member or any other Managing Member Associate may (but in no event shall be required to) make one or more Capital Contributions at such time(s) and in such amount(s) as it may determine in its sole and absolute discretion. (b) The Managing Member is a Manager of the Company. Subject to Section 3.5(d), the Managing Member, in its sole and absolute discretion, may cause the Company to admit one or more Persons (including one or more Affiliates of the Managing Member) as a Manager or Managers of the Company (each such Person, an “Additional Manager”), either in lieu of or in addition to the Managing Member. No Person may be admitted to the Company as a Manager without the consent of the Managing Member. (c) In connection with causing the Company to admit an Additional Manager pursuant to Section 3.5(b), the Managing Member may amend this Agreement to provide that such newly admitted Additional Manager shall possess and may exercise any one or more of the rights, powers and authority possessed by the Managing Member hereunder with respect to the Company, as the case may be. (d) If the admission of one or more Additional Managers to the Company pursuant to Section 3.5(b) would constitute an “assignment” of this Agreement by the Managing Member within the meaning of Section 202(a)(1) of the Advisers Act, the Managing Member may not effect such admission without giving Notification to the Members no later than thirty (30) calendar days prior to the effective date of such admission, setting forth, in reasonable detail, all material facts relating to such admission prior to the effective date thereof.