format-default : The collection has not been initialized. It has not been requested or the request has not been executed. It may need
to be explicitly requested.
    + CategoryInfo          : NotSpecified: (:) [format-default], CollectionNotInitializedException
    + FullyQualifiedErrorId : Microsoft.SharePoint.Client.CollectionNotInitializedException,Microsoft.PowerShell.Commands.FormatDefau
   ltCommand

Add-Type -Path 'C:Program FilesCommon FilesMicrosoft SharedWeb Server Extensions15ISAPIMicrosoft.SharePoint.Client.dll'
Add-Type -Path 'C:Program FilesCommon FilesMicrosoft SharedWeb Server Extensions15ISAPIMicrosoft.SharePoint.Client.Runtime.dll'


### Get the user credentials
$credential=Get-Credential
$username=$credential.UserName
$password=$credential.GetNetworkCredential().Password
$securePassword = ConvertTo-SecureString $password -AsPlainText -Force

### Input Parameters
$url = 'https://aareSharePoint.sharepoint.com/sites/muhsite/'

### References
# Specify the path where the dll's are located.
Add-Type -Path 'c:Program FilesCommon Filesmicrosoft sharedWeb Server Extensions15ISAPIMicrosoft.SharePoint.Client.dll'
Add-Type -Path 'c:Program FilesCommon Filesmicrosoft sharedWeb Server Extensions15ISAPIMicrosoft.SharePoint.Client.Runtime.dll'

$usrName = 'Aare Test'
$email = 'aare@aareDomain.com'

### CreateFolder Function
function CreateFolder()
{
    # Connect to SharePoint Online and get ClientContext object.
    $clientContext = New-Object Microsoft.SharePoint.Client.ClientContext($url)
    $credentials = New-Object Microsoft.SharePoint.Client.SharePointOnlineCredentials($username, $securePassword)
    $clientContext.Credentials = $credentials

    # Get the SharePoint web
    $web=$clientContext.Web;
    $clientContext.Load($web)
    $clientContext.ExecuteQuery()

    # Adds the folder that is located at the specified URL to the collection
    # Create a new folder in SharePoint Documents
    $folder1=$web.Folders.Add('Library1/'+$usrName)
    $folder2=$web.Folders.Add('Library2/'+$usrName)
    $clientContext.Load($folder1)
    $clientContext.Load($folder2)
    # Execute the query
    $clientContext.ExecuteQuery()

    $role = $web.RoleDefinitions.GetByName('Edit')
    $usrRole = New-Object Microsoft.SharePoint.Client.RoleDefinitionBindingCollection($clientContext)
    $usrRole.Add($role)
    $clientContext.Load($role)
    $clientContext.Load($usrRole)

    $usr = $Web.EnsureUser('i:0#.f|membership|'+$email)
    Write-Host $usrRole.Description
    $clientContext.Load($usr)
    $clientContext.ExecuteQuery()

    # Display the folder name and URL
    Write-Host -ForegroundColor Green 'Folder Name: ' $folder1.Name ' URL: '$folder1.ServerRelativeUrl;
    Write-Host -ForegroundColor Green 'Folder Name: ' $folder2.Name ' URL: '$folder2.ServerRelativeUrl;


    $folder1.ListItemAllFields.BreakRoleInheritance($false, $true)
    $folder2.ListItemAllFields.BreakRoleInheritance($false, $true)

    $folder1.ListItemAllFields.RoleAssignments.Add($usr,$usrRole)
    $folder2.ListItemAllFields.RoleAssignments.Add($usr,$usrRole)
    $clientContext.Load($folder1)
    $clientContext.Load($folder2)
    $clientContext.ExecuteQuery()


}
CreateFolder