Common use of Number, Term and Qualifications Clause in Contracts

Number, Term and Qualifications. The Company shall have one Managing Member, which shall initially be JV Member. Other than in circumstances in which JV Member as Managing Member is removed pursuant to Section 2.06(b) or resigns pursuant to Section 2.06(c), a new Managing Member may not be appointed except as set forth in Section 2.06(d) below. Managing Member shall be a Member, but need not be an individual, a resident of the state in which the Property is located, or a citizen of the United States.

Number, Term and Qualifications. The Company shall have one Managing Member, which shall initially be JV Member. Other than in circumstances in which JV Member as Managing Member is removed pursuant to Section 2.06(b) or resigns pursuant to Section 2.06(c), as applicable, a new Managing Member may not be appointed except as set forth in Section 2.06(d) below). Managing Member shall be a Member, but need not be an individual, a resident of the state in which the Property is located, or a citizen of the United States.