Common use of Effective Date of Resignation or Retirement of Managing Member Clause in Contracts

Effective Date of Resignation or Retirement of Managing Member. Written notice of the date upon which resignation or retirement of the Managing Member shall become effective shall be given by the Managing Member to the Members at least thirty (30) calendar days before such date. Notwithstanding the foregoing sentence, the resignation and retirement of a Managing Member shall become effective immediately after the election by the Members of a new Managing Member even though the election is completed prior to the effective date of the resignation and retirement. If the Managing Member resigns, retires or is removed, its liability as Managing Member, if any, shall cease, and the Company promptly shall take all steps reasonably necessary to cause such cessation of liability.