Resignation of the Managing Member Sample Clauses

Resignation of the Managing Member. The Managing Member of the Company may resign at any time by giving written notice to the Members. The resignation of a Managing Member shall take effect upon receipt of notice thereof by the Members or at such later date specified in such notice. Notwithstanding any resignation, the Company shall at all times have at least one party designated and serving as the Managing Member. The resignation of a Member as a Managing Member shall not affect such Member’s rights or status as a Member.
Sample 1
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Resignation of the Managing Member. The Managing Member shall be entitled to resign as the Managing Member. Upon any such resignation, the Class A Members shall promptly elect or designate a successor Managing Member.
Sample 1

Related to Resignation of the Managing Member

  • Managing Member Unless otherwise expressly provided in this Agreement, the Managing Member or any of its Affiliates who hold any Interests shall not be entitled to vote in its capacity as holder of such Interests on matters submitted to the Members for approval, and no such Interests shall be deemed Outstanding for purposes of any such vote.

  • Compensation of the Manager For the services to be rendered by the Manager as provided in this Agreement, the Fund shall pay to the Manager a fee computed on the aggregate net asset value of the Portfolio as of the close of each business day and payable monthly at the annual rate of 0.20%. In the event that this Agreement is terminated at other than a month-end, the fee for such month shall be prorated, as applicable.

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