Designation of Operating Member. ▇▇▇▇▇▇▇ Management is hereby designated as the “Operating Member” of the Company (the “Operating Member”). ▇▇▇▇▇▇▇ Management shall serve in such capacity unless and until ▇▇▇▇▇▇▇ Management is removed by the Management Committee in accordance with the provisions of Section 2.06. Following any removal of ▇▇▇▇▇▇▇ Management as the Operating Member, the Person (who may be, but need not be, a Member of the Company) selected by the Management Committee in accordance with the provisions of Section 2.06 shall serve as the replacement Operating Member or manager of the Company.
Appears in 4 contracts
Sources: Operating Agreement (Paladin Realty Income Properties Inc), Operating Agreement (Paladin Realty Income Properties Inc), Operating Agreement (Paladin Realty Income Properties Inc)
Designation of Operating Member. ▇▇▇▇▇▇▇ Management is hereby designated as the “Operating Member” of the Company (the “Operating Member”). ▇▇▇▇▇▇▇ Management shall serve in such capacity unless and until ▇▇▇▇▇▇▇ Management is removed by the Management Committee in accordance with the provisions of Section 2.062.07. Following any removal of ▇▇▇▇▇▇▇ Management as the Operating Member, the Person (who may be, but need not be, a Member of the Company) selected by the Management Committee in accordance with the provisions of Section 2.06 2.07 shall serve as the replacement Operating Member or manager of the Company.
Appears in 3 contracts
Sources: Limited Liability Company Agreement, Limited Liability Company Agreement (Paladin Realty Income Properties Inc), Limited Liability Company Agreement (Paladin Realty Income Properties Inc)