Election of Managers. (a) For so long as the Initial Class A Holders collectively hold at least fifty percent (50%) of the Class A Membership Interests acquired by FIM pursuant to the Purchase Agreement and the Initial Class B Holders collectively hold at least fifty percent (50%) of the Class B Membership Interests held by them on the Effective Date, the Board of Managers shall be comprised of the following thirteen Managers:
Appears in 2 contracts
Samples: Limited Liability Company Operating Agreement (Gmac LLC), Limited Liability Company Operating Agreement
Election of Managers. (a) For so long as the Initial Class A Holders collectively hold at least fifty percent (50%) of the Class A Membership Interests acquired by FIM pursuant to the Purchase Agreement and the Initial Class B Holders collectively hold at least fifty percent (50%) of the Class B Membership Interests held by them on the Effective DateNovember 30, 2006, the Board of Managers shall be comprised of the following thirteen Managers:
Appears in 2 contracts
Samples: Limited Liability Company Operating Agreement, Limited Liability Company Operating Agreement (Gmac LLC)
