Reliance on Manager or Managing Member Sample Clauses

Reliance on Manager or Managing Member. The Members are entering into the Operating Agreement and MassHousing is making the Loan in reliance upon the unique expertise, skills and management ability of the Manager or Managing Member. The Manager or Managing Member shall not assign, delegate or permit the assignment of its management rights, whether voluntarily or involuntarily, without the prior written consent of MassHousing. In the event of the involuntary assignment of the Manager or Managing Member’s interest in the Company as a result of the Manager or Managing Member’s death, dissolution, bankruptcy, or declaration of legal incompetence or incapacity, the Manager or Managing Member’s assignees or successors in interest shall be entitled only to the rights of an assignee of the Manager or Managing Member’s economic interest in the Company, if any, and shall not succeed to any of the Manager or Managing Member’s management rights or authority without the prior written approval of MassHousing.
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