Common use of Replacement Manager Clause in Contracts

Replacement Manager. A replacement Manager for any Manager that has been removed or has resigned shall be appointed by the Class A Member that had appointed the removed or resigning Manager within ten (10) business days of the date of removal or the effective date of resignation. The Class A Member appointing the replacement Manager shall provide prompt written notice to all other Class A Members of the name and address of the replacement Manager. Once appointed, the replacement Manager will serve the unexpired term of and will have all of the powers and duties of the Manager that resigned or was removed.

Appears in 2 contracts

Sources: Limited Liability Company Agreement (Mechanical Technology Inc), Limited Liability Company Agreement (Mechanical Technology Inc)