Restrictions on Authority of Series Managers. The following decisions with respect to any Series of the Company shall require the written consent of all Series Managers designated as responsible for such Series and of Members holding two-thirds of the Percentage Interests in such Series of the Company. In the event any of the following actions are proposed, the Series Managers shall provide written notice of the proposed action to all Members associated with such Series, which notice period shall not be less than 20 days, during which time the Members shall be entitled to consult with the Series Managers regarding the proposed action. (i) The sale, exchange or other transfer of all or substantially all the assets of such Series of the Company other than in the ordinary course of business; or (ii) A material change in the nature of the business of such Series of the Company.
Appears in 4 contracts
Samples: Limited Liability Company Operating Agreement, Limited Liability Company Operating Agreement (HomeStreet, Inc.), Limited Liability Company Operating Agreement (HomeStreet, Inc.)
