Election of Replacement Manager Sample Clauses

The 'Election of Replacement Manager' clause outlines the process for appointing a new manager when the current manager is unable or unwilling to continue in their role. Typically, this clause specifies who has the authority to nominate and vote on a replacement, such as members or partners, and may set forth procedures like required notice periods or voting thresholds. Its core function is to ensure continuity in management and provide a clear, orderly method for leadership transition, thereby minimizing disruption to the organization.
Election of Replacement Manager. If the Manager resigns or is removed as the manager of the Company, within 90 days following such resignation or removal a Majority-in-Interest of each Class may elect a replacement Manager of the Company effective as of the date of the former Manager’s resignation or removal. The replacement Manager shall file any required amendments to this Agreement or the Certificate of Formation to reflect the resignation or removal of the former Manager and the election of the replacement Manager. If the Members fail to elect a replacement Manager within 90 days following the resignation or removal of the former Manager, the Company shall be wound-up according to Article XIV.
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Election of Replacement Manager. Managers serving on the Board shall be replaced as set forth in the Voting Agreement.
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Election of Replacement Manager. If the Manager resigns or is removed as the manager of the Company, within 90 days following the resignation or removal the majority of Members may elect a replacement Manager of the Company effective as of the date of the former Manager’s resignation or removal. The replacement Manager shall file any required amendments to this Agreement or the Certificate of Formation to reflect the resignation or removal of the former Manager and the election of the replacement Manager. If the Members fail to elect a replacement Manager within 90 days following the resignation or removal of the former Manager, the Company shall dissolve according to Section 12.
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Related to Election of Replacement Manager

  • Selection of Representatives a) Each central party and the Crown shall select its own representatives to the Committee.

  • Termination of Representative The services of a Representative may be terminated at any time by the affirmative vote of Holders holding a majority of the Notes, measured by the outstanding principal amount with respect to each such Note, but only if they simultaneously appoint a replacement Representative.

  • Independent Manager Notwithstanding anything to the contrary in the certificate of formation or limited liability company agreement of the Depositor, the Depositor shall ensure that at least one manager of the Depositor shall be an Independent Manager.

  • Designation of Representatives 9.2.1 TxDOT and DB Contractor shall each designate Authorized Representative(s) who shall be authorized to make decisions and bind the Parties on matters relating to the Contract Documents. Exhibit 19 hereto provides the initial Authorized Representative designations. Such designations may be changed by a subsequent writing delivered to the other Party in accordance with Section 9.1. 9.2.2 The Parties may also designate technical representatives who shall be authorized to investigate and report on matters relating to the administration, design and construction of the Project and negotiate on behalf of each of the Parties, but who do not have authority to bind TxDOT or DB Contractor.

  • Resignation of Representative A Representative may resign at any time by giving notice to the Company and all of the Holders of the Notes at least thirty (30) days before such resignation is to become effective. Upon the resignation of a Representative, a replacement shall be selected by the affirmative vote of Holders holding a majority of the Notes, measured by outstanding principal amount. If such Holders have not selected a replacement Representative within sixty (60) days following the effective date of the resignation, then Portal may, at any time, by giving notice to the Company and all of the Holders, designate a replacement Representative who shall not be related to or affiliated with Portal or the Company.