Interim Manager Clause Samples
The Interim Manager clause defines the terms under which a temporary manager is appointed to fulfill managerial duties within an organization for a specified period. Typically, this clause outlines the scope of the interim manager’s authority, the duration of their appointment, and any specific responsibilities or limitations they must observe. For example, it may specify that the interim manager can make operational decisions but cannot enter into long-term contracts. The core function of this clause is to ensure continuity of management and decision-making during periods of transition, such as when a permanent manager is unavailable or a replacement is being sought.
Interim Manager. If the Partnership is dissolved as a result of an event described in Section 14.1(a) and the General Partner is unable to continue acting as the General Partner of the Partnership, those Partners who own Units representing a majority of the aggregate Sharing Percentage of all of the Partners (excluding that owned by the General Partner) may appoint an interim manager of the Partnership, who shall have and may exercise only the rights, powers and duties of a general partner necessary to preserve the Partnership assets, until (a) the new general partner is elected under Section 14.2, if the Partnership is reconstituted, or (b) a Liquidator is appointed under Section 15.1, if the Partnership is not reconstituted. The interim manager shall not be liable as a general partner to the Limited Partners and shall, while acting in the capacity of interim manager on behalf of the Partnership, be entitled to the same indemnification rights as are set forth in Section 8.6. The interim manager appointed as provided herein shall be entitled to receive such reasonable compensation for its services as may be agreed upon by such interim manager and those Partners who appointed the interim manager.
Interim Manager. If the Partnership is required to wind-up as a result of an event described in Section 9.1(a) or Section 9.1(b), the Limited Partners, by the Approval of the Partners, may appoint an interim manager of the Partnership, who shall have and may exercise all the rights, powers, and duties of the General Partner under this Agreement, until (i) the new General Partner is elected pursuant to Section 6.4, if the Partnership is reconstituted pursuant to Section 9.2, or (ii) a liquidator is appointed pursuant to Section 10.1, if the Partnership is not reconstituted.
Interim Manager. If the Partnership is dissolved as a result of the General Partner's being a Bankrupt Partner, the Limited Partner may appoint an interim manager of the Partnership (the "Interim Manager"), who will have and may exercise only the rights, powers, and duties of a general partner necessary to preserve the Partnership assets, until (a) a new general partner, if any, is elected, if the Partnership is reconstituted or (b) the Liquidating Manager is appointed, if the Partnership is not reconstituted as permitted by Section 9.
1. The Interim Manager will not be liable as a general partner to the Partners.
Interim Manager. If the Company is dissolved as a result of an event described in Section 10.1(b), then the Members who have not caused the dissolution may appoint one or more interim managers of the Company, who shall have and may exercise all the rights, powers and duties of the Management Committee under this Agreement, until the Company is reconstituted.
Interim Manager. If the Fund is dissolved as a result of an event described in Section 12.01A or 12.01B and there is no remaining General Partner, Limited Partners who own at least fifty-one percent (51%) of the Interests of all of the Limited Partners may appoint an interim manager of the Fund, who shall have and may exercise only the rights, powers and duties of the General Partner necessary to preserve the Fund assets, until: (i) a new General Partner is elected under Section 12.02, if the Fund is reconstituted; or (ii) a Liquidator is appointed under Section 13.01, if the Fund is not reconstituted. The interim manager shall not be liable as a General Partner to the Limited Partners and shall, while acting in the capacity of interim manager on behalf of the Fund, be entitled to the same indemnification rights as are set forth in Section 7.05. The interim manager and the Limited Partners who own at least fifty-one percent (51%) of the Interests of all Limited Partners of the reconstituted Fund shall determine the reasonable compensation to be paid to the interim manager for providing services hereunder.
Interim Manager. 27 10.3 Winding-up and Termination...............................27 10.4
Interim Manager. 28 15. WINDING UP AND TERMINATION 28 15.1 General........................................................ 28 15.2 Court Appointment of Liquidator................................ 29 15.3 Liquidation.................................................... 29 15.4
Interim Manager. If the Partnership is dissolved and no General Partner is then serving, those Partners who own at least 67% of the Percentage Interests of all of the Partners may appoint an interim manager of the Partnership, who shall have and may exercise only the rights, powers and duties of a general partner necessary to preserve the Partnership Assets until (a) a new General Partner is elected pursuant to Section 11.2 if the Partnership is continued, or (b) the Liquidator is appointed pursuant to Section 12.1 if the Partnership is not continued. The interim manager shall not be liable as a general partner and shall, while acting in the capacity as interim manager on behalf of the Partnership, be entitled to the same indemnification rights as are set forth in Article 7.
Interim Manager. If the Partnership is dissolved as a result of an event described in Section 14.01(a) or (b), those Limited Partners who own at least a majority of the Sharing Percentages owned by all of the Limited Partners may appoint an interim manager of the Partnership, who shall have and may exercise only the rights, powers and duties of a general partner necessary to preserve the Partnership assets, until (a) the new general partner is elected under Section 14.02, if the Partnership is reconstituted; or (b) a Liquidator is appointed under Section 15.01, if the Partnership is not reconstituted. The interim manager shall not be liable as a general partner to the Limited Partners and shall, while acting in the capacity of interim manager on behalf of the Partnership, be entitled to the same indemnification rights as are set forth in Section 8.06. The interim manager appointed as provided herein shall be entitled to receive such reasonable compensation for its services as may be agreed upon by such interim manager and those Limited Partners who own at least a majority of the Sharing Percentages owned by all the Limited Partners. Limited Partnership Agreement of Cowtown Gas Processing Partners L.P. Page 26 of 35
Interim Manager. If the Company is dissolved as a result of an event described in this Section 9.1 and the Manager is unable to continue acting as the Manager of the Company, those Members who own LLC Interests representing a majority of the aggregate Class A Shares may appoint an interim manager of the Company, who shall have and may exercise only the rights, powers and duties of a manager necessary to preserve the Company assets, until (a) the new manager is elected under Section 9.1.5 if the Company is reconstituted; or (b) a Liquidator is appointed under Section 9.2.2 if the Company is not reconstituted. The interim manager shall not be liable as a manager to the Members and shall, while acting in the capacity of interim manager on behalf of the Company, be entitled to the same indemnification rights as are set forth in Section 6.2.3. The interim manager appointed as provided herein shall be entitled to receive such reasonable compensation for its services as may be agreed upon by such interim manager and those Members who appointed the interim manager.