Common use of Management by the Members Clause in Contracts

Management by the Members. (i) The management of the Company is fully reserved to the Members, and the Company shall not have “managers,” as that term is used in the Act. The powers of the Company shall be exercised by or under the authority of, and the business and affairs of the Company shall be managed under the direction of, the Members, who, through the Officers (as defined in Section 7(d)) and employees of the Company, shall make all decisions and take all actions for the Company. Decisions or actions taken by the Members in accordance with this Agreement shall constitute decisions or action by the Company and shall be binding on the Company. Only Members shall have the authority to represent and bind the Company, which authority can be delegated in accordance with Section 7(d).

Management by the Members. (i) The management of the Company is fully reserved to the Members, and the Company shall not have “managers,” as that term is used in the Act. The powers of the Company shall be exercised by or under the authority of, and the business and affairs of the Company shall be managed under the direction of, the Members, who, through the Officers (as defined in Section 7(d)) and employees of the Company, shall make all decisions and take all actions for the Company. Decisions or actions taken by the Members in accordance with this Agreement shall constitute decisions or action by the Company and shall be binding on the Company. Only Members shall have the authority to represent and bind the Company, which authority can be delegated in accordance with Section 7(dSection7(d).