Common use of Effect of Resignation or Removal on Managers Cash Distribution and Fees Clause in Contracts

Effect of Resignation or Removal on Managers Cash Distribution and Fees. In the event of removal or resignation of the initial Manager, Distributions and Fees due the Manager will be reallocated between the former and new Manager as described below: * Expense Reimbursements: Regardless of resignation or removal, the initial Manager will still Xxxxxxx Homes Xxxxxxx Loans | 29 Company Operating Agreement be entitled to reimbursements for its costs related to startup and operation, and any interest due thereon, as described in Article 5.1, even if the amount due remains uncollected at the time of removal. * Distributions or Membership Interests of class B Members: The Class B Interests are irrevocable, and XXXXXXX HOMES XXXXXXX LOANS, LLC Class B Interests will be unaffected by its resignation or removal as the initial Manager of the Company. See Articles 4 and 5.