Common use of Number, Tenure and Qualification; Managers Clause in Contracts

Number, Tenure and Qualification; Managers. (a) The Board of Managers shall consist of five (5) Managers, appointed as follows: (i) CFS shall be entitled to appoint four (4) Managers; and (ii) CHS (or one of its permitted Transferees (or permitted Transferees thereof) designated in writing by CHS) shall be entitled to appoint one (1) Manager; provided, that, the individuals appointed by CFS shall become Managers on the Effective Date, but the individual appointed by CHS shall become a Manager only upon consummation of the CHS Financial Closing pursuant to Section 5.1. (b) A Manager may only be removed by the Member that appointed such Manager under Section 7.2(a). Any Manager may resign at any time upon written notice to the Board of Managers and each Member. (c) Any vacancy on the Board of Managers, whether arising through death, resignation, removal, a disability of a Manager or otherwise, shall be filled by an individual designated by the Member who appointed such Manager under Section 7.2(a). (d) A Manager shall hold office until his or her successor shall have been appointed and qualified, or until the earlier death, resignation or removal of such Manager in accordance with this Agreement. Managers need not be Members or residents of the State of Delaware.

Number, Tenure and Qualification; Managers. follows: (a) The Board of Managers shall consist of five (5) Managers, appointed as follows: (i) CFS shall be entitled to appoint four (4) Managers; and and (ii) CHS (or one of its permitted Transferees (or permitted Transferees thereof) designated in writing by CHS) shall be entitled to appoint one (1) Manager; provided, that, the individuals appointed by CFS shall become Managers on the Effective Date, but the individual appointed by CHS shall become a Manager only upon consummation of the CHS Financial Closing pursuant to Section 5.1. (b) A Manager may only be removed by the Member that appointed such Manager under Section 7.2(a). Any Manager may resign at any time upon written notice to the Board of Managers and each Member. (c) Any vacancy on the Board of Managers, whether arising through death, resignation, removal, a disability of a Manager or otherwise, shall be filled by an individual designated by the Member who appointed such Manager under Section 7.2(a). (d) A Manager shall hold office until his or her successor shall have been appointed and qualified, or until the earlier death, resignation or removal of such Manager in accordance with this Agreement. Managers need not be Members or residents of the State of Delaware.