Common use of Designated Managers Clause in Contracts

Designated Managers. (a) For so long as ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ and his Permitted Transferees own a combined LLC Interest and Derivative Share that exceeds 10% of the outstanding LLC Interests, he or his designee shall be a Manager. For so long as ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ and his Permitted Transferees own a combined LLC Interest and Derivative Share that exceeds 10% of the outstanding LLC Interests, he or his designee shall be a Manager. If CRM, Inc. and the Principals and their Permitted Transferees together own LLC Interests that exceed 10% of the outstanding LLC Interests in the aggregate, and either ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ or ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ ceases to be, or to be able to designate, a Manager as provided in the two immediately preceding sentences, then one of the Managers shall be a CRM, Inc. designee who shall be selected by the Principals by majority vote, which vote shall be based on their and their Permitted Transferees' direct LLC Interests and their Derivative Share of CRM, Inc.'s LLC Interest. For so long as WTI owns an LLC Interest that exceeds 10% of the outstanding LLC Interests, one of the Managers shall be a WTI Designee, except that, if, at any time, WTI owns an LLC Interest that exceeds 35% of the outstanding LLC Interests, two of the Managers shall be WTI Designees. Any Manager designated pursuant to this Section 5.2(a) is referred to as a "Designated Manager." (b) Except as provided otherwise herein, a Designated Manager shall have the same rights and privileges and be subject to the same limitations as any other Manager.