Common use of POWERS, RIGHTS AND OBLIGATIONS OF MEMBERS Clause in Contracts

POWERS, RIGHTS AND OBLIGATIONS OF MEMBERS. Except as expressly set forth herein, the Members shall not take part in, or interfere in any manner with, the conduct or control of the Company business, or have any right or authority to act or sign for, or to obligate the Company. The Members shall not at any time be entitled to withdraw all or any part of their contribution to the capital of the Company except to the extent they are entitled to withdrawals pursuant to the provisions of Article X hereof. Except as expressly set forth in Article XIV(e), the Members shall have no right to amend this Operating Agreement or terminate the Company, or to appoint, select, vote for or remove the Manager or its agents, or to otherwise participate in the business decisions of the Company. The Members shall have no right to demand and receive any property other t h a n cash in return for their contributions, and, prior to the dissolution and liquidation of the Company pursuant to Article XI hereof, their right to cash shall be limited to the rights set forth in Article V hereof.

Appears in 3 contracts

Samples: Operating Agreement, Operating Agreement, Operating Agreement

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POWERS, RIGHTS AND OBLIGATIONS OF MEMBERS. 8 Except as expressly set forth herein, the Members shall not take part in, or interfere in any manner with, the conduct or control of the Company business, or have any right or authority to act or sign for, or to obligate the Company. The Members shall not at any time be entitled to withdraw all or any part of their contribution to the capital of the Company except to the extent they are entitled to withdrawals pursuant to the provisions of Article X hereof. Except as expressly set forth in Article XIV(e), the Members shall have no right to amend this Operating Agreement or terminate the Company, or to appoint, select, vote for or remove the Manager or its agents, or to otherwise participate in the business decisions of the Company. The Members shall have no right to demand and receive any property other t h a n than cash in return for their contributions, and, prior to the dissolution and liquidation of the Company pursuant to Article XI hereof, their right to cash shall be limited to the rights set forth in Article V hereof.

Appears in 1 contract

Samples: Operating Agreement

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