Removal of Managers; Vacancies Sample Clauses

Removal of Managers; Vacancies. A Member may at any time remove any Manager appointed by such Member pursuant to Section 5.02, with or without cause. Except as required by Section 5.02(e), in the event a vacancy occurs on the Board of Managers as a result of the retirement, removal, resignation or death of a Manager designated pursuant to Section 5.02, such vacancy shall be filled by a person designated by the Member, the retirement, removal, resignation or death of whose designee or nominee created the vacancy.
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Removal of Managers; Vacancies. Any Manager who is an Adviser Manager may be removed at any time and with or without cause only by MatlinPatterson, and any Manager who is a Stockholder Manager may be removed at any time and with or without cause only by the Class B Member(s). Upon the removal of any Manager with or without cause, a successor shall be appointed by MatlinPatterson, if the Manager was an Adviser Manager, or the Class B Member(s), if the Manager was a Stockholder Manager. Upon the vacancy of any Manager for any reason, a successor shall be appointed by MatlinPatterson, if the Manager was an Adviser Manager, or the Class B Member(s), if the Manager was a Stockholder Manager.
Sample 1
Removal of Managers; Vacancies. Any Manager who is an Adviser Manager may be removed at any time and with or without cause only by MatlinPatterson, and any Manager who is a Stockholder Manager may be removed at any time and with or without cause only by the Class B Member(s); provided, however, that from and after the occurrence of a Specified Foreclosure Event, the Members may remove any Manager at any time. Upon the removal of any Manager with or without cause, a successor shall be appointed by MatlinPatterson, if the Manager was an Adviser Manager, or the Class B Member(s), if the Manager was a Stockholder Manager; provided, however, that from and after the occurrence of a Specified Foreclosure Event, the Member(s) may fill the vacancy. Upon the vacancy of any Manager for any reason, a successor shall be appointed by MatlinPatterson, if the Manager was an Adviser Manager, or the Class B Member(s), if the Manager was a Stockholder Manager; provided, however, that from and after the occurrence of a Specified Foreclosure Event, the Member(s) may fill the vacancy. Upon the vacancy of any Manager for any reason, a successor shall be appointed by MatlinPatterson, if the Manager was an Adviser Manager, or the Class B. Member(s), if the Manager was a Stockholder Manager; provided, however, that from and after the occurrence of a Specified Foreclosure Event, the Member(s) may fill the vacancy. EIGHTH: Section 4.13 is hereby amended to read in its entirety as set forth below:
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Related to Removal of Managers; Vacancies

  • Removal of Managers At any special meeting of the Members, duly called as provided in this LLC Agreement, any manager or managers may, by the affirmative vote of the holders of a majority of all the Percentage Ownership entitled to vote for the election of managers, be removed from office, either with or without cause. At such meeting a successor or successors may be elected by a majority of the votes cast.

  • Removal of Manager At any time there is more than one Member, the Members, at any time and from time to time and for any reason, by action of Members holding in the aggregate 51% of the total Percentage Interests, may remove the Manager then acting and elect a new Manager.

  • Removal; Vacancies Any Manager may be removed either for or without cause by the Member. Any vacancy occurring in the Company Board shall be filled by the Member.

  • Removal of Directors Unless otherwise restricted by law, any Director or the entire Board of Directors may be removed or expelled, with or without cause, at any time by the Member, and, subject to Section 10, any vacancy caused by any such removal or expulsion may be filled by action of the Member.

  • Removal of Board Members Each Stockholder also agrees to vote, or cause to be voted, all Shares owned by such Stockholder, or over which such Stockholder has voting control, from time to time and at all times, in whatever manner as shall be necessary to ensure that:

  • Appointment of Managers With effect from the day and year stated in Box 4 and continuing unless and until terminated as provided herein, the Owners hereby appoint the Managers and the Managers hereby agree to act as the Managers of the Vessel.

  • Restrictions on chartering, appointment of managers etc No Borrower shall, in relation to the Ship owned by it:

  • RESIGNATION OF MANAGERS Any manager may resign at any time by giving written notice of such resignation to the Board of Managers, the Chairman of the Board or the President. Any such resignation shall take effect at the time specified therein or, if no time is specified, upon receipt thereof by the Board of Managers or one of the above named officers; and, unless specified therein, the acceptance of such resignation shall not be necessary to make it effective.

  • Duties of Managers Except as provided in this Agreement, in exercising their rights and performing their duties under this Agreement, the Managers shall have a fiduciary duty of loyalty and care similar to that of a director of a business corporation organized under the General Corporation Law of the State of Delaware.

  • Election and Removal of Directors Upon election by the Member, each Director shall hold office until his or her death, disability, resignation or removal at any time at the pleasure of the Member. If a vacancy occurs on the Board, the Member shall, as soon as practicable after the occurrence of such vacancy, elect a successor so that the Board remains fully constituted at all times.

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