Management of the Limited Liability Company. The Members hereby designate the following person(s) to serve as Managers for the Limited Liability Company: [MANAGER] The Managers shall serve until the next annual meeting of the Members or until their successors are duly elected and qualified. The Managers for the Limited Liability Company shall be elected, and can be discharged (without cause), as Managers by the unanimous vote or consent of the Members. The Managers need not be a Member of the Limited Liability Company. The business and affairs of the Limited Liability Company shall be conducted and managed by the Managers of the Limited Liability Company in accordance with this Agreement and the laws of the state of organization. The number of Managers may be changed from time to time by the unanimous vote or consent of the Members, but in no instance shall there be less than one Manager. At any time there is more than one Manager, any difference arising as to any matter within the authority of Managers shall be decided by a majority in number of the Managers. The Manager shall have responsibility for the day-to-day management of the business and affairs of the Limited Liability Company and shall devote such time and attention as the Manager deem necessary to the conduct and management of the business and affairs of the Limited Liability Company. Each of the Manager hereby is given sole power and authority to execute instruments on behalf of the Limited Liability Company and to otherwise bind the Limited Liability Company. No Member shall have the authority, or shall take any action as a Member, to bind the Limited Liability Company. Each Member shall indemnify the Limited Liability Company from and against any cost or expense incurred by the Limited Liability Company as a result of any unauthorized action by such Member. Except as provided elsewhere in this Agreement, or by nonwaivable provisions of applicable law, the Manager shall possess and enjoy all rights and powers necessary or appropriate for the conduct and management of the business and affairs of the Limited Liability Company and hereby are authorized to make all decisions relating to the business and affairs of the Limited Liability Company. The Manager may make decisions relating to: the purchase, sale, exchange, lease, transfer, encumbrance or other acquisition or disposition of any property, for cash, other property, or on terms; the borrowing of money and the obtaining of loans, secured and unsecured, for the Limited Liability Compan...
Management of the Limited Liability Company. 8 4.1 Management 8 4.2 Number, Tenure and Qualifications of Managers 9
Management of the Limited Liability Company
