Common use of Duties of the Managing Member Clause in Contracts

Duties of the Managing Member. (a) Except as provided in Section 3.2(b), neither the Managing Member nor any other Managing Member Associate shall be required to devote its full time or any material portion of its time to the business and affairs of the Company. (b) The Managing Member shall devote so much of its time to the business and affairs of the Company, and so much of its time to the business and affairs of the Company, as the Managing Member shall determine to be necessary to achieve the respective investment objective(s) of the Company; provided, however, that this Section 3.2(b) shall not be construed to limit the Managing Member’s right to dissolve the Company pursuant to the provisions of Section 11.1. (c) The Managing Member or its Affiliates shall be responsible for all of its own operating costs and expenses as described or referred to herein, including, but not limited to salaries and compensation of its principals, managers and employees, office rents and other administrative operating costs. (d) Except to the extent required by Section 3.2(c), the Managing Member shall not be required to discharge any duty under this Agreement that requires the payment of funds to any Person unless adequate funds of the Company, as the case may be, are readily available for that purpose. (e) The Managing Member may not cause the Company to expend its funds to compensate third party placement agents, finders or other Persons for marketing Interests or otherwise introducing prospective investors to that Company unless such persons are licensed broker dealers or otherwise exempt from licensing requirements. In no event will the assets of the Company be used to compensate placement agents, finders or other Persons for marketing Interests otherwise introducing prospective investors to the Company.

Duties of the Managing Member. (a) Except as provided in Section 3.2(b), neither the Managing Member nor any other Managing Member Associate shall be required to devote its full time or any material portion of its time to the business and affairs of the Company. (b) The Managing Member shall devote so much of its time to the business and affairs of the Company, and so much of its time to the business and affairs of the Company, as the Managing Member shall determine to be necessary to achieve the respective investment objective(s) of the Company; provided, however, that this Section 3.2(b) shall not be construed to limit the Managing Member’s 's right to dissolve the Company pursuant to the provisions of Section 11.1. (c) The Managing Member or its Affiliates shall be responsible for all of its own operating costs and expenses as described or referred to herein, including, but not limited to salaries and compensation of its principals, managers and employees, office rents and other administrative operating costs. (d) Except to the extent required by Section 3.2(c), the Managing Member shall not be required to discharge any duty under this Agreement that requires the payment of funds to any Person unless adequate funds of the Company, as the case may be, are readily available for that purpose. (e) The Managing Member may not cause the Company to expend its funds to compensate third party placement agents, finders or other Persons for marketing Interests or otherwise introducing prospective investors to that Company unless such persons are licensed broker dealers or otherwise exempt from licensing requirements. In no event will the assets of the Company be used to compensate placement agents, finders or other Persons for marketing Interests otherwise introducing prospective investors to the Company.