Common use of Authority of the Board of Managers Clause in Contracts

Authority of the Board of Managers. (a) Except as specifically reserved to the Members in this Agreement, the Board of Managers has all power and authority to manage, and direct the management of, the business and affairs of the Company in the ordinary course of its business. Except to the extent limited by Section 4.2(c) and Section 5.1(a), approval by or action taken by the Board of Managers in accordance with this Agreement is the approval or action of the Company and is binding on each Member. (b) The Board of Managers may delegate to the Officers, other employees and agents of the Company the authority to conduct the business of the Company in the ordinary course, in accordance with this Agreement and any policy of delegation which may be adopted and revised from time to time by the Board of Managers. Any power not delegated by the Board of Managers remains with the Board of Managers. (c) Any extraordinary transaction involving the Company or its business, including, without limitation, those identified in Section 5.1(a), must be approved by the Members.