Common use of ADDITIONAL EXTENSIONS Clause in Contracts

ADDITIONAL EXTENSIONS. Prior to the Extended Dissolution Date, subject to the consent of Members holding no less than a majority of the voting power of the Units at the time, the Managing Member may elect to extend the term of the LLC and this Agreement for an additional extended term of up to ten years after the Extended Dissolution Date, and may further elect to successively extend the term of the LLC and this Agreement for additional extended terms of up to ten years each after the last applicable subsequent extended dissolution date (“Subsequent Extended Dissolution Date”). In such event, not later than thirty days prior to the applicable Subsequent Extended Dissolution Date, the Managing Member shall notify all other Members that the term of the LLC will be extended and the date, not later than ten years after the last Subsequent Extended Dissolution Date, of the new Subsequent Extended Dissolution Date.