Common use of Powers of the Manager Clause in Contracts

Powers of the Manager. (a) The Manager shall have no power to enter into any contract or subject the Company or the Managed Subsidiaries to any obligation, such power to be the sole right and obligation of the Company, acting through its Board of Directors and/or Company Officers, or of the applicable Managed Subsidiary, acting through its Board of Directors and/or officers. (b) In accordance with the terms of the LLC Agreement, for so long as the Manager or any Manager Affiliate holds LLC Interests with an aggregate value of no less than $5.0 million, at a price per LLC Interest equal to the per share price of the shares of Trust Stock sold in the initial public offering (as adjusted to reflect any subsequent equity splits or similar recapitalizations), the Manager shall have the right to appoint one suitably qualified person as a director of the Company’s Board of Directors and an alternate for such appointee, and such director, or alternate if applicable, shall serve as the Chairman. The Company shall cause such appointees to be appointed as Chairman of the Board of Directors and as alternate therefor, as soon as reasonably practicable after notice of such appointment has been given to the Company by the Manager. (c) The Manager shall have the power to engage any agents (including real estate agents and managing agents), valuers, contractors and advisers (including accounting, financial, tax and legal advisers) that it deems necessary or desirable in connection with the performance of its obligations hereunder, which costs therefor will be subject to reimbursement under Section 9.1(k), subject to applicable law.

Powers of the Manager. (a) The Manager shall have no power to enter into any contract or subject the Company or the Managed Subsidiaries to any obligation, such power to be the sole right and obligation of the Company, acting through its Board of Directors and/or Company Officers, or of the applicable Managed Subsidiary, acting through its Board of Directors and/or officers. (b) In accordance with the terms of the LLC Agreement, for so long as the Manager or any Manager Affiliate holds LLC Interests shares of Trust Stock with an aggregate value of no less than $5.0 million, at a price per LLC Interest equal to based on the per share price of the shares of Trust Stock sold in the initial public offering (as adjusted to reflect any subsequent equity stock splits or similar recapitalizations), the Manager shall have the right to appoint one suitably qualified person as a director of the Company’s 's Board of Directors and an alternate for such appointee, and such director, or alternate if applicable, shall serve as the Chairman. The Company shall cause such appointees to be appointed as Chairman of the Board of Directors and as alternate therefor, as soon as reasonably practicable after notice of such appointment has been given to the Company by the Manager. (c) The Manager shall have the power to engage any agents (including real estate agents and managing agents), valuers, contractors and advisers (including accounting, financial, tax and legal advisers) that it deems necessary or desirable in connection with the performance of its obligations hereunder, which costs therefor will be subject to reimbursement under Section 9.1(k), subject to applicable law.

Powers of the Manager. (a) The Manager shall have no power to enter into any contract or subject the Company or the Managed Subsidiaries to any obligation, such power to be the sole right and obligation of the Company, acting through its Board of Directors and/or Company Officers, or of the applicable Managed Subsidiary, acting through its Board of Directors and/or officers. (b) In accordance with the terms of the LLC Agreement, for so long as the Manager or any Manager Affiliate holds LLC Interests shares of Trust Stock with an aggregate value of no less than $5.0 million, at a price per LLC Interest equal to based on the per share price of the shares of Trust Stock sold in the initial public offering (as adjusted to reflect any subsequent equity stock splits or similar recapitalizations), the Manager shall have the right to appoint one suitably qualified person as a director of the Company’s Board of Directors and an alternate for such appointee, and such director, or alternate if applicable, shall serve as the Chairman. The Company shall cause such appointees to be appointed as Chairman of the Board of Directors and as alternate therefor, as soon as reasonably practicable after notice of such appointment has been given to the Company by the Manager. (c) The Manager shall have the power to engage any agents (including real estate agents and managing agents), valuers, contractors and advisers (including accounting, financial, tax and legal advisers) that it deems necessary or desirable in connection with the performance of its obligations hereunder, which costs therefor will be subject to reimbursement under Section 9.1(k), subject to applicable law.

Powers of the Manager. (a) The Manager shall have no power to enter into any contract or subject the Company or the Managed Subsidiaries to any obligation, such power to be the sole right and obligation of the Company, acting through its Board of Directors and/or Company Officers, or of the applicable Managed Subsidiary, acting through its Board of Directors and/or officers. (b) In accordance with the terms of the LLC Agreement, for so long as the Manager or any Manager Macquarie Affiliate holds LLC Interests shares of Trust Stock with an aggregate value of no less than $5.0 million, at a price per LLC Interest equal to based on the per share price of the shares of Trust Stock sold in the initial public offering (as adjusted to reflect any subsequent equity stock splits or similar recapitalizations), the Manager shall have the right to appoint one suitably qualified person as a director of the Company’s 's Board of Directors and an alternate for such appointee, and such director, or alternate if applicable, shall serve as the Chairman. The Company shall cause such appointees director to be appointed as Chairman of the Board of Directors Directors, and such alternate to be appointed as alternate therefor, as soon as reasonably practicable after notice of such appointment has been given to the Company by the Manager. (c) The Manager shall have the power to engage any agents (including real estate agents and managing agents), valuers, contractors and advisers advisors (including accounting, financial, tax and legal advisersadvisors) that it deems necessary or desirable in connection with the performance of its obligations hereunder, which costs therefor will be subject to reimbursement under Section 9.1(k), subject to applicable law.