Initial Managing Member. The Members, by executing this Agreement, have voted to elect Sunterra Developer and Sales Holding Company as the initial Managing Member of the Company. Henceforth, the Managing Member shall have the obligation to manage the business and affairs of the Company and shall therefore have the right to vote and therefore participate in all decisions concerning the business and affairs of the Company. Except as otherwise set forth herein, other than electing the initial Managing Member, the current and/or future Non-managing Members shall not have any additional right to vote and therefore shall not participate in any decisions concerning the business and affairs of the Company.
Appears in 3 contracts
Sources: Limited Liability Company Operating Agreement (Diamond Resorts Parent, LLC), Limited Liability Company Operating Agreement (Diamond Resorts Parent, LLC), Limited Liability Company Agreement (Diamond Resorts Parent, LLC)