LIMITATIONS ON AUTHORITY OF MANAGING MEMBER. Notwithstanding the other provisions of Section 10 hereof, the Managing Member shall not have the authority on behalf of the Company to take any action, make any decision, expend any sum or undertake or suffer any obligation if to do so would constitute a Major Decision without first obtaining the Approval of the Investor Member. As used herein, "
Appears in 2 contracts
Sources: Operating Agreement (Sunrise Assisted Living Inc), Operating Agreement (Sunrise Assisted Living Inc)