Common use of Composition of the Board of Managers; Removal of Managers for Cause Clause in Contracts

Composition of the Board of Managers; Removal of Managers for Cause. (a) While the Governance Agreement is in effect, the composition of the Board of Managers and the rights of Members to appoint observers to the Board of Managers, shall be determined as provided by and in accordance with the terms of the Governance Agreement. (b) Following any termination of the Governance Agreement in accordance with its terms, a Manager or the Board of Managers may be removed for Cause by a vote of the Majority Holders. (c) Any vacancy occurring in the Board of Managers shall be filled as provided in the Governance Agreement. (d) Any Manager may resign at any time by giving written notice to the members of the Board of Managers and the Chief Executive Officer or the Secretary. The resignation of any Manager shall take effect upon receipt of notice thereof or at such later time as shall be specified in such notice, and, unless otherwise specified therein, the acceptance of such resignation shall not be necessary to make it effective.

Composition of the Board of Managers; Removal of Managers for Cause. (a) While the Governance Agreement is in effect, the composition of the Board of Managers and the rights of Members to appoint observers to the Board of Managers, shall be determined as provided by and in accordance with the terms of the Governance Agreement. (b) Following any termination of the Governance Agreement in accordance with its terms, a Manager or the Board of Managers may be removed for Cause cause by a vote of the Majority Holders. (c) Any vacancy occurring in the Board of Managers shall be filled as provided in the Governance Agreement. (d) Any Manager may resign at any time by giving written notice to the members of the Board of Managers and the Chief Executive Officer or the Secretary. The resignation of any Manager shall take effect upon receipt of notice thereof or at such later time as shall be specified in such notice, and, unless otherwise specified therein, the acceptance of such resignation shall not be necessary to make it effective.