Common use of Designation of Manager Clause in Contracts

Designation of Manager. ▇▇▇▇▇ ▇▇▇▇▇▇ is designated as the initial Manager of the Company, to serve until his death, resignation or incapacity. If the Manager shall cease to serve as Manager due to death, resignation or incapacity, a replacement Manager shall be designated by Members holding a Majority Interest. The Manager need not be a Member of the Company.

Appears in 3 contracts

Sources: Operating Agreement (Bequest Bonds I Inc), Operating Agreement (Bequest Bonds I Inc), Operating Agreement (Bequest Bonds I Inc)

Designation of Manager. E▇▇▇▇▇ ▇▇▇▇▇▇ is designated as shall be the initial Manager of the Company, to serve until his deaththroughout the term of existence of the Company, resignation unless the Company dissolves, or incapacity. If the Manager shall cease resigns or is removed pursuant to serve as Manager due to deathSection 5.7(b) hereof, resignation or incapacity, in which event a replacement successor Manager shall be designated elected by the Members holding a Majority Interest. The Manager need not be a Member of the Companyin accordance with Section 5.8 hereof.

Appears in 2 contracts

Sources: Membership Interest Purchase Agreement (Rhove Real Estate 1, LLC), Asset Purchase Agreement (Rhove Real Estate 1, LLC)