Consents for Other Purposes. The Managing Member may from time to time determine to submit to the Company, for its approval, actions or practices that are not required to be approved by the Class A Members or Assignees thereof pursuant to this Agreement (including transactions subject to the provisions of Section 206(3) of the Advisers Act). Any such action or practice shall be deemed to have been approved by the Class A Members of the Company if: (a) no later than thirty (30) calendar days prior to taking such proposed action or implementing such proposed practice, the Managing Member gives Notification to the Class A Members describing such action or practice in reasonable detail and (b) (i) prior to taking such action or implementing such practice, the Managing Member obtains the Consent to such action or practice or (ii) a Class A Member fails to respond to the Notification within such thirty (30) day period.
Appears in 4 contracts
Samples: Limited Liability Company Operating Agreement (Secured Real Estate Income Strategies, LLC), Limited Liability Company Operating Agreement (Secured Real Estate Income Fund II, LLC), Limited Liability Company Operating Agreement (Secured Real Estate Income Fund II, LLC)
