Common use of TERM OF MANAGERS Clause in Contracts

TERM OF MANAGERS. Any Manager may resign at any time by giving written notice to all of the Members, and, unless otherwise specified therein, the acceptance of such resignation shall not be necessary to make it effective. Any Manager may be removed at any time by unanimous vote of the Members, with or without cause. In the event any Manager resigns, dies or otherwise ceases to act as Manager, the Members shall appoint one or more successor Managers to serve for terms designated by the Members.

TERM OF MANAGERS. Each Manager shall hold office until such Manager dies, resigns or is otherwise removed during the term pursuant to Section 7.2.4. Any Manager may resign at any time by giving delivering written notice to all the Board. Any such resignation will be effective upon delivery thereof unless the notice of the Members, and, unless otherwise specified therein, the resignation specifies a later effective date. The acceptance of such resignation by the Board shall not be necessary to make it effective. Any Manager may be removed at any time by unanimous vote of the Members, with or without cause. In the event any Manager resigns, dies or otherwise ceases to act as Manager, the Members shall appoint one or more successor Managers to serve for terms designated by the Members.