The Management Company. The Board of Managers shall, on behalf of the Company, retain the Management Company to provide various management, administrative and other services to the Company pursuant to the terms of the Management Agreement. The Members acknowledge and agree that, so long as the Management Agreement (or a successor agreement) is in effect, the Board of Managers shall delegate the authority to make such management, administrative and other decisions to the Management Company. Notwithstanding anything herein to the contrary, so long as the Management Agreement (or a successor agreement) is in effect, the Board of Managers shall have no responsibility for making any management or administrative decisions on behalf of the Company that have been so delegated to the Management Company, but shall be responsible for monitoring the performance of the Management Company in accordance with the Management Agreement.
Appears in 5 contracts
Samples: Limited Liability Company Agreement (NB Crossroads Private Markets Fund IV Holdings LLC), Limited Liability Company Agreement (Excelsior Private Markets Fund III (TE), LLC), Limited Liability Company Agreement (Excelsior Private Markets Fund III (TI), LLC)
The Management Company. The Board of Managers shall, on behalf of the CompanyFund, retain the Management Company to provide various management, administrative and other services to the Company Fund pursuant to the terms of the Management Agreement. The Members acknowledge and agree that, so long as the Management Agreement (or a successor agreement) is in effect, the Board of Managers shall delegate the authority to make such management, administrative and other decisions to the Management Company. Notwithstanding anything herein to the contrary, so long as the Management Agreement (or a successor agreement) is in effect, the Board of Managers shall have no responsibility for making any management or administrative decisions on behalf of the Company Fund that have been so delegated to the Management Company, but shall be responsible for monitoring the performance of the Management Company in accordance with the Management Agreement. Notwithstanding any other provision of this Agreement, the Management Company may delegate or assign to any Person any rights, power and authority vested by this Agreement to the extent permissible by the 1940 Act and other applicable law.
Appears in 1 contract
Samples: Limited Liability Company Agreement (NB Crossroads Private Markets Access Fund LLC)
