Common use of Separate and Additional Series Clause in Contracts

Separate and Additional Series. The Manager may, from time to time, in its sole discretion, establish one or more series (each, a “Series”). The Manager intends to establish each Series as a separate Delaware “registered series” as defined in the Act. The terms of each Series shall be as set forth in this Agreement and as set forth in a separate agreement applicable to such Series (each, a “Series Designation”). However, and notwithstanding any other provision of this Agreement, the terms and provisions of any Series Designation may only alter or amend the terms Mammoth Private Capital, LLC and provisions of this Agreement as specifically provided herein, and in no case will alter or amend any terms and provisions of any other Series Designation. For all purposes of the Act, this Agreement together with each Series Designation constitute the “operating agreement” of the Company within the meaning of the Act. A Member may be a member associated with one or more Series. The Members intend that each Series will be: (a) treated as a separate partnership for U.S. federal income tax purposes, and neither the Company nor the Manager will make any election to the contrary and (b) operated in a manner such that it should not be treated as a “publicly traded partnership” for U.S. federal income tax purposes.

Separate and Additional Series. The Manager may, from time to time, in its sole discretion, establish one or more series (each, a “Series”). The Manager intends to establish each Series as a separate Delaware “registered series” as defined in the Act. The terms of each Series shall be as set forth in this Agreement and as set forth in a separate agreement applicable to such Series (each, a “Series Designation”). However, and notwithstanding any other provision of this Agreement, the terms and provisions of any Series Designation may only alter or amend the terms Mammoth Private Capital, LLC and provisions of this Agreement as specifically provided herein, and in no case will alter or amend any terms and provisions of any other Series Designation. For all purposes of the Act, this Agreement together with each Series Designation constitute the “operating agreement” of the Company within the meaning of the Act. A Member may be a member associated with one or more Series. The Members intend that each Series will be: (a) treated as a separate partnership for U.S. federal income tax purposes, and neither the Company nor the Manager will make any election to the contrary and (b) operated in a manner such that it should not be treated as a “publicly traded partnership” for U.S. federal income tax purposes.