Common use of Manner of Exercise of Board’s Authority Clause in Contracts

Manner of Exercise of Board’s Authority. All responsibilities granted to the Board or under this Agreement shall be exercised by the Board as a body, and no Manager, acting alone and without prior Approval of the Board, shall have the authority to act on behalf of the Board. Except as provided in Section 7.4, the Company shall act by vote of a majority of the Managers at a meeting where a quorum, as defined in Section 7.2(h), is present. None of the following actions shall be taken by the Company except upon Approval of the Board of Managers, subject to the requirements of Section 7.5 hereof: (a) Borrow money and otherwise obtain credit and other financial accommodations not in excess of $250,000 in the ordinary course of the business of the Company; (b) Employ, engage, retain or deal with any Persons to act as employees, agents, brokers, accountants, lawyers or in such other capacity as may be necessary or desirable; (c) Adjust, compromise, settle or refer to arbitration any claim in favor of or against the Company or any of its assets, to make elections in connection with the preparation of any federal, state and local tax returns of the Company and to institute, prosecute, and defend any legal action or any arbitration proceeding; (d) Acquire and enter into any contract of insurance necessary or proper for the protection of the Company and/or any Member and/or any Manager, including without limitation to provide the indemnity described in Section 7.8 or any portion thereof; (e) Approve technical amendments to this Agreement or the Articles of Organization; hereof; and (f) Establish a record date for any distribution to be made under Article VI (g) Perform any other act which the Managers may deem necessary or desirable for the Company as well as the Company’s business.

Manner of Exercise of Board’s Authority. All responsibilities granted to the Board or under this Agreement shall be exercised by the Board as a body, and no Manager, acting alone and without prior Approval of the Board, shall have the authority to act on behalf of the Board. Except as provided in Section 7.4, the Company shall act by vote of a majority of the Managers at a meeting where a quorum, as defined in Section 7.2(h), is present. None of the following actions shall be taken by the Company except upon Approval of the Board of Managers, subject to the requirements of Section 7.5 hereof: (a) Borrow money and otherwise obtain credit and other financial accommodations not in excess of $250,000 in the ordinary course of the business of the Company; (b) Employ, engage, retain or deal with any Persons to act as employees, agents, brokers, accountants, lawyers or in such other capacity as may be necessary or desirable; (c) Adjust, compromise, settle or refer to arbitration any claim in favor of or against the Company or any of its assets, to make elections in connection with the preparation of any federal, state and local tax returns of the Company and to institute, prosecute, and defend any legal action or any arbitration proceeding; (d) Acquire and enter into any contract of insurance necessary or proper for the protection of the Company and/or any Member and/or any Manager, including without limitation to provide the indemnity described in Section 7.8 or any portion thereof;; Organization; hereof; and (e) Approve technical amendments to this Agreement or the Articles of Organization; hereof; andof (f) Establish a record date for any distribution to be made under Article VI (g) Perform any other act which the Managers may deem necessary or desirable for the Company as well as the Company’s business.

Manner of Exercise of Board’s Authority. All responsibilities granted to the Board or under this Agreement shall be exercised by the Board as a body, and no Manager, acting alone and without prior Approval of the Board, shall have the authority to act on behalf of the Board. Except as provided in Section 7.4, the Company shall act by vote of a majority of the Managers at a meeting where a quorum, as defined in Section 7.2(h7.2(j), is present. None of the following actions shall be taken by the Company except upon Approval of the Board of Managers, subject to the requirements of Section 7.5 hereof: (a) Borrow money and otherwise obtain credit and other financial accommodations not in excess of $250,000 in the ordinary course of the business of the Company; (b) Employ, engage, retain or deal with any Persons to act as employees, agents, brokers, accountants, lawyers or in such other capacity as may be necessary or desirable; (c) Adjust, compromise, settle or refer to arbitration any claim in favor of or against the Company or any of its assets, to make elections in connection with the preparation of any federal, state and local tax returns of the Company and to institute, prosecute, and defend any legal action or any arbitration proceeding; (d) Acquire and enter into any contract of insurance necessary or proper for the protection of the Company and/or any Member and/or any Manager, including without limitation to provide the indemnity described in Section 7.8 or any portion thereof;; Organization; hereof; and (e) Approve technical amendments to this Agreement or the Articles of Organization; hereof; andof (f) Establish a record date for any distribution to be made under Article VI (g) Perform any other act which the Managers may deem necessary or desirable for the Company as well as the Company’s business.