Common use of Removal of Managing Member Clause in Contracts

Removal of Managing Member. (a) The Managing Member may be removed as the Managing Member of the Company for "cause" (as hereinafter defined), upon the affirmative vote of the Class A Member. Any such action by the Class A Member must also provide for the election of a successor Managing Member and shall become effective only upon the admission of the successor Managing Member pursuant to Section

Appears in 2 contracts

Sources: Operating Agreement (Eldertrust), Operating Agreement (Eldertrust)

Removal of Managing Member. (a) The Managing Member may be removed as the Managing Member of the Company for "cause" (as hereinafter defined), upon the affirmative vote of the Class A Member. Any such action by the Class A Member must also provide for the election of a successor Managing Member and shall become effective only upon the admission of the successor Managing Member pursuant to SectionSection 10.

Appears in 1 contract

Sources: Operating Agreement (Eldertrust)