Operating Member. The term “
Operating Member. Woodfield, subject to CNL’s right to terminate Woodfield’s authority as Operating Member in accordance with Section 6.7.
Operating Member. Bainbridge, subject to CNL’s right to terminate Bainbridge’s authority as Operating Member in accordance with Section 6.7.
Operating Member. Section 6.3.1 AUTHORITY OF THE OPERATING MEMBER.............. 30 Section 6.3.2 EMPLOYEES...................................... 32 Section 6.3.3
Operating Member. Subject to the terms and conditions of this Agreement, the Operating Member shall have responsibility and authority for the day-to-day management and operation of the business and affairs of the Company in accordance with the Leases, the Approved Portfolio Business Plan, the Approved Asset Business Plans, the Approved Budgets and the other terms and conditions of this Agreement. The Operating Member accepts and agrees to perform the duties and undertake the responsibilities set forth for it in this Agreement and to exercise reasonable, diligent, and efficient business administration consistent with customary administration of business enterprises comparable to the Company having similarly sophisticated principals and investors. Except as otherwise set forth herein, the Operating Member shall act as the Company's representative with respect to all aspects of the acquisition, development and leasing of the Properties and other Company assets, shall perform the specified reporting functions, shall use diligent efforts to comply with and perform all obligations of the Company and the Subsidiary Companies under any agreements affecting them and, generally, shall execute and implement decisions and directions of the Board of Members with respect to the Properties and the activities contemplated in, and in each case consistent with, the Approved Portfolio Business Plan, Approved Asset Business Plans, the Approved Budgets and with any decision of the Board of Members, and shall, as requested by the Board, act as the Board's representative in connection with any proposed sale or financing transaction, providing required financial information or other documentation, dealing with brokers and potential sources of financing or purchasers and performing such additional duties as the Board may reasonably request. In addition to the general responsibilities of the Operating Member set forth above, the Operating Member shall also use commercially reasonable efforts to provide all of the following services:
(a) Collect all rents and other charges which may become due at any time from any tenant under any Lease and any other monies due the Company or any Subsidiary Company in connection with each such Property. All monies collected are to be deposited in the applicable Property Accounts.
(b) Coordinate the bidding, awarding, and negotiation of contracts with, and coordinate activities among all applicable service providers such as architects, engineers, designers, brokers, c...
Operating Member. (a) Designation of Operating Member. DFP is hereby designated as the “Operating Member” of the Company (the “Operating Member”). DFP shall serve in such capacity unless and until DFP is removed by the Management Committee in accordance with the provisions of Section 2.06. Following any removal of DFP as the Operating Member, the Person (who may be, but need not be, a Member of the Company) selected by the Management Committee in accordance with the provisions of Section 2.06 shall serve as the replacement Operating Member or manager of the Company.
(b) Responsibilities of Operating Member. The Operating Member shall be responsible for implementing the decisions of the Management Committee and for regularly reporting to the Management Committee as to the status of the business and affairs of the Company. The Operating Member also shall be responsible for (i) procuring any and all financing required for the Project as approved by the Management Committee, (ii) supervising the management, leasing and operation of the Project in accordance with a Property Management Agreement approved by the Management Committee and entered into, by and between the Company, as owner, and either the Property Manager or such other manager as may be designated by the Management Committee, as manager, (iii) undertaking such other matters as are determined by the Management Committee, (iv) coordinating, supervising and otherwise overseeing any sale of the Project, (v) preparing and, as and when reasonably requested by the Management Committee, updating any applicable Annual Business Plan or Operating Budget for the Company and the Project (provided, that, for the avoidance of any doubt, the foregoing provisions are not intended to permit the Operating Member to amend, modify or deviate from any of the foregoing documents, plans or budgets without the prior consent of the Management Committee (except as otherwise expressly provided therein), (vi) advising the Management Committee on day-to-day matters affecting the business and affairs of the Company, (vii) diligently conducting the day-to-day operations of the Company in accordance with the Annual Business Plan and Operating Budget, (viii) performing the duties assigned to such Member under this Agreement or by the Management Committee, and (ix) diligently endeavoring to carry out all decisions and resolutions of the Management Committee.
Operating Member. The adjusted Percentage Interest of Operating Member, in the aggregate, is calculated by dividing (1) the positive difference, if any, between (a) the sum of (i) one hundred percent (100%) of the aggregate Capital Contributions (excluding Substituted Capital Contributions) then or theretofore made by Operating Member to the Company ($15,000), plus (ii) 200% of the Substituted Capital Contributions then or theretofore made by Operating Member to the Company ($1,172.84), minus (b) the Excess Amounts attributable to the Substituted Capital Contributions then or theretofore made by SRT to the Company ($0), by (2) one hundred percent (100%) of the aggregate Capital Contributions (including without limitation Substituted Capital Contributions) then or theretofore made by all of the Members to the Company ($1,500,000). This results in a Percentage Interest for Operating Member of (i) the sum of $15,000 plus $2,345.68, divided by (ii) $1,500,000 = 1.16%.
Operating Member. TRG, subject to CNL’s right to terminate TRG’s authority as Operating Member in accordance with Section 6.7. Operating Return. As described in Section 9.2(d).
Operating Member. The adjusted Category B Percentage Interest of Operating Member, in the aggregate, is calculated by dividing (1) the positive difference, if any, between (a) the sum of (i) one hundred percent (100%) of the aggregate Category B Capital Contributions (excluding Substituted Capital Contributions) then or theretofore made by Operating Member to the Company ($150,000), plus (ii) 200% of the Substituted Capital Contributions then or theretofore made by Operating Member to the Company ($5,555.56), minus (b) the Category B Excess Amounts attributable to the Substituted Capital Contributions then or theretofore made by REIT to the Company ($0), by (2) one hundred percent (100%) of the aggregate Category B Capital Contributions (including without limitation Substituted Capital Contributions) then or theretofore made by all of the Category B Members to the Company ($1,500,000). This results in a Category B Percentage Interest for Operating Member of (i) the sum of $150,000 plus $11,111.12, divided by (ii) $1,500,000 = 10.74%.
Operating Member. Xxxxxx, subject to CNL’s right to terminate Daniel’s authority as Operating Member in accordance with Section 6.7.
