Common use of Asset Manager Clause in Contracts

Asset Manager. An employee of the Power Marketer (or its Affiliate) will be appointed by the Power Marketer, subject to the approval of the Management Committee, to direct, oversee and coordinate the Power Marketing Services (the "Asset Manager"). The Power Marketer shall provide the Asset Manager with the necessary resources to accomplish his or her responsibilities hereunder. The Asset Manager shall report directly to the Management Committee and shall be in routine daily contact with the Representatives of the Member that is not acting as the Power Marketer. The appointed Asset Manager may be terminated by the Management Committee (a) if he or she has failed to follow the directions of the Management Committee in any material instance or to observe any provision of this Agreement or the Asset Management Policy Manual, after notice to the Asset Manager and the Power Marketer specifying the infraction and the actions to be taken to remedy the same, and a reasonable opportunity to cure such infraction has elapsed without remedying the infraction, by a vote of the Management Committee (with such matter considered a Disqualified Matter on which the Member that is, or whose Affiliate is, the Power Marketer shall have no vote) or (b) if said individual dies, becomes incapacitated or ceases working for a Member or its Affiliate. In the event the Asset Manager's appointment is being terminated, the Power Marketer shall provide the Company with a plan for succession and orderly transition of the Asset Manager's responsibility so that at no point will the Power Marketing Services be interrupted, including, in the event an individual's appointment is terminated under clause (b) above, the temporary appointment of a qualified individual (which shall not require Management Committee approval) who shall undertake the Asset Manager's responsibility in the interim until the Management Committee shall have approved a replacement Asset Manager.