LIMITATION ON AUTHORITY OF THE MANAGER. The Manager shall not have the authority without the consent of Investors holding more than 50% of the outstanding Units (by Net Asset Value) then held by Investors to: (a) do any act in contravention of this Agreement (other than pursuant to the Manager's authority to unilaterally amend this Agreement, as provided in Section 10.03); (b) confess a judgment against this Fund; or (c) possess Fund property or assign rights to specific Fund property for other than a Fund purpose.
Appears in 4 contracts
Samples: Limited Liability Company Operating Agreement (ML Appleton FuturesAccess LLC), Limited Liability Company Operating Agreement (ML Aspect FuturesAccess LLC), Limited Liability Company Operating Agreement (ML Winton FuturesAccess LLC)
LIMITATION ON AUTHORITY OF THE MANAGER. The Manager shall not have the authority without the consent of Investors Members holding more than 50% of the outstanding Units (by Net Asset Value) ), not including Units held by Manager Parties, then held by Investors Members to:
(a) do any act in contravention of this Agreement (other than pursuant to the Manager's ’s authority to unilaterally amend this Agreement, as provided in Section 10.03);
(b) confess a judgment against this the Fund; or
(c) possess Fund property or assign rights to specific Fund property for other than a Fund purpose.
Appears in 2 contracts
Samples: Limited Liability Company Operating Agreement (Man FRM Managed Futures Strategies LLC), Limited Liability Company Operating Agreement (Man FRM Managed Futures Strategies LLC)
LIMITATION ON AUTHORITY OF THE MANAGER. The Manager shall not have the authority without the consent of Investors holding more than 50% of the outstanding Units (by Net Asset Value) then held by Investors to:
(a) do any act in contravention of this Agreement (other than pursuant to the Manager's ’s authority to unilaterally amend this Agreement, as provided in Section 10.03);
(b) confess a judgment against this Fund; or
(c) possess Fund property or assign rights to specific Fund property for other than a Fund purpose.
Appears in 1 contract
Samples: Limited Liability Company Operating Agreement (ML APM Global Commodity FuturesAccess LLC)
