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. (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.
Operating Member. Bainbridge, subject to CNL’s right to terminate Bainbridge’s authority as Operating Member in accordance with Section 6.7.
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. .. 29 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:
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. Xxxxxx, subject to CNL’s right to terminate Daniel’s authority as Operating Member in accordance with Section 6.7.
