Responsibilities of Operating Member Sample Clauses

The Responsibilities of Operating Member clause defines the specific duties and obligations assigned to the designated operating member within a joint venture or partnership. Typically, this clause outlines tasks such as managing day-to-day operations, maintaining records, ensuring compliance with applicable laws, and reporting to other members. By clearly delineating these responsibilities, the clause helps prevent misunderstandings and ensures that operational management is handled efficiently and transparently.
Responsibilities of Operating Member. The Operating Member shall be responsible for implementing the decisions of the Management Committee and for regularly reporting to the Management Committee as to the status of the business and affairs of the Company. The Operating Member also shall be responsible for (i) procuring any and all financing required for the Project as approved by the Management Committee, (ii) supervising the management, leasing and operation of the Project in accordance with a Property Management Agreement approved by the Management Committee and entered into, by and between the Company, as owner, and either the Property Manager or such other manager as may be designated by the Management Committee, as manager, (iii) undertaking such other matters as are determined by the Management Committee, (iv) coordinating, supervising and otherwise overseeing any sale of the Project, (v) preparing and, as and when reasonably requested by the Management Committee, updating any applicable Annual Business Plan or Operating Budget for the Company and the Project (provided, that, for the avoidance of any doubt, the foregoing provisions are not intended to permit the Operating Member to amend, modify or deviate from any of the foregoing documents, plans or budgets without the prior consent of the Management Committee (except as otherwise expressly provided therein), (vi) advising the Management Committee on day-to-day matters affecting the business and affairs of the Company, (vii) diligently conducting the day-to-day operations of the Company in accordance with the Annual Business Plan and Operating Budget, (viii) performing the duties assigned to such Member under this Agreement or by the Management Committee, and (ix) diligently endeavoring to carry out all decisions and resolutions of the Management Committee.
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Responsibilities of Operating Member. The Operating Member shall be responsible for implementing the decisions of the Management Committee and for regularly reporting to the Management Committee as to the status of the business and affairs of the Company and the Project Owner. The Operating Member also shall be responsible for (i) managing, supervising and overseeing the acquisition and renovation for the Project in accordance with the Project Plan and Project Budget approved by the Management Committee, (ii) procuring any and all financing required for the Project as approved by the Management Committee, (iii) supervising the management, leasing and operation of the Project in accordance with a Property Management Agreement approved by the Management Committee and entered into, by and between the Project Owner, as owner, and either the Property Manager or such other manager as may be designated by the Management Committee, as manager, (iv) undertaking such other matters as are determined by the Management Committee, (v) coordinating, supervising and otherwise overseeing any sale of the Project, (vi) preparing and, as and when reasonably requested by the Management Committee, updating any applicable Annual Business Plan, Project Plan, Project Budget and Operating Budget for the Company, Project Owner and the Project (provided, that, for the avoidance of any doubt, the foregoing provisions are not intended to permit the Operating Member to amend, modify or deviate from any of the foregoing documents, plans or budgets without the prior consent of the Management Committee (except as otherwise expressly provided therein), (vii) advising the Management Committee on day-to-day matters affecting the business and affairs of the Company, the Project Owner and the Project, (viii) diligently conducting the day-to-day operations of the Company and the Project Owner in accordance with the Annual Business Plan, Project Plan, Project Budget and Operating Budget, (ix) performing the duties assigned to such Member under this Agreement and/or by the Management Committee, and (x) diligently endeavoring to carry out all decisions and resolutions of the Management Committee.
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Related to Responsibilities of Operating Member

  • Duties of Operator Operator shall perform all required testing of Manufacturer’s Bus in accordance with the FTA Regulations and the established testing procedures used at the bus testing facility and provided to Manufacturer which procedures are attached hereto marked Exhibit “A” and incorporated herein by this reference.

  • Statement of Operations Statement of Changes in Net Assets.

  • RESPONSIBILITIES OF OWNER The OWNER shall provide the information set forth in paragraph 6 of the attached “HDR Engineering, Inc. Terms and Conditions for Professional Services.”

  • Maintenance of Operations The Company shall maintain operations at the Project for a minimum of ten (10) years beginning on the date the Project is Placed in Service. In addition to any other rights the Department may have under the terms of this Agreement, in the event that the Company discontinues of operations at the Project, such discontinuation may subject the Company to certain statutory provisions, including: 1. Pursuant to the Corporate Accountability for Tax Expenditures Act, 20 ILCS 715, et seq., a discontinuance of operations at the Project during the five-year period after the beginning of the first Taxable Year for which the Department issues a Certificate of Verification shall result in all Credits taken by the Company during such five-year period being deemed Wrongfully Exempted Illinois State Income Taxes and shall subject said Wrongfully Exempted Illinois State Income Taxes to the forfeiture provisions of Section VIII.D hereof. 2. Pursuant to Section 5-65 of the Act, discontinuance by the Company of operations at the Project during the term of this Agreement with the intent to terminate operations in the State of Illinois shall result in all Credits taken by the Company being deemed Wrongfully Exempted Illinois State Income Taxes and shall subject said Wrongfully Exempted Illinois State Income Taxes to the forfeiture provisions of Section VIII.D hereof.

  • Cessation of Operations Any cessation of operations by Borrower or Borrower admits it is otherwise generally unable to pay its debts as such debts become due, provided, however, that any disclosure of the Borrower’s ability to continue as a “going concern” shall not be an admission that the Borrower cannot pay its debts as they become due.