Transfer or Resignation by a Manager. A Manager shall not sell, assign or otherwise transfer its Management Share or resign without first obtaining the consent of a Majority of the Voting Shares, except that (i) a Manager may pledge its Management Share for a loan; provided that such pledge does not reduce the cash flow of the Fund distributable to other Shareholders and (ii) a Manager may waive or assign compensation or fees payable to it.
Appears in 6 contracts
Samples: Operating Agreement (Ridgewood Energy M Fund LLC), Limited Liability Company Agreement (Ridgewood Energy O Fund LLC), Operating Agreement (Ridgewood Energy M Fund LLC)
Transfer or Resignation by a Manager. A Manager shall not sell, assign or otherwise transfer its Management Share or resign without cause (which cause shall not include the fact or the determination that continued service would be unprofitable to the Manager) without first obtaining the consent of a Majority of the Voting Shares, except that (i) a Manager may pledge its Management Share for a loan; provided that such pledge does not reduce the cash flow of the Fund distributable to other Shareholders and (ii) a Manager may waive or assign compensation or fees payable to it.
Appears in 4 contracts
Samples: LLC Operating Agreement (Ridgewood Enengy K Fund LLC), Operating Agreement (Ridgewood Energy L Fund LLC), LLC Operating Agreement (Ridgewood Energy K Fund LLC)
Transfer or Resignation by a Manager. A The Manager shall not sell, assign or otherwise transfer its Management Share or resign without first obtaining the consent of a Majority more than 50% of the Voting SharesShareholders, except that (i) a Manager may pledge its Management Share for a loan; provided that such pledge does not reduce the cash flow of the Fund distributable to other Shareholders and (ii) a Manager may waive or assign compensation or fees payable to it.
Appears in 3 contracts
Samples: Limited Liability Company Agreement (Ridgewood Energy v Fund LLC), Limited Liability Company Agreement (Ridgewood Energy T Fund LLC), Limited Liability Company Agreement (Ridgewood Energy U Fund LLC)
