Common use of Designated Managers Clause in Contracts

Designated Managers. a. Until March 31, 2006, the Principals shall be entitled to designate or redesignate three of the five Managers (or at least 60% of the Managers if the number of Managers is adjusted) by Majority Vote of the Principals. After March 31, 2006 and provided that they own LLC Interests with an aggregate of at least 3% of the then outstanding Membership Points, the Principals shall be entitled to designate or redesignate one of the five Managers by Majority Vote of the Principals (or at least 20% of the Managers if the number of Managers is adjusted) by written notice to the Board of their designee. b. Until March 31, 2006, ▇▇▇▇▇▇▇▇▇, WTC and their Affiliates shall be entitled to appoint two of the five Managers (or no more than 40% of the Managers if the number of Managers is adjusted) by written notice to the Board of their designees. After March 31, 2006, ▇▇▇▇▇▇▇▇▇, WTC and their Affiliates shall be entitled to appoint four of the five Managers (or at least 80% of the Managers if the number of Managers is adjusted) by written notice to the Board of their designees. c. The initial Managers of the LLC shall be ▇▇▇▇▇▇, ▇▇▇▇▇▇▇ and ▇▇▇▇▇, who shall be deemed designated by the Principals pursuant to Section 5.2(a), and ▇▇▇ ▇. ▇▇▇▇▇▇ and ▇▇▇▇▇▇ ▇. ▇▇▇▇, who shall be deemed designated by ▇▇▇▇▇▇▇▇▇, WTC and their Affiliates pursuant to Section 5.2(b). A Manager shall hold office until the Manager resigns, Retires, dies or is removed.