Common use of Management Board Clause in Contracts

Management Board. (a) The Managing General Partner shall be subject to the oversight of a management board (the “Management Board”). The Management Board will initially have seven members. The Managing General Partner shall have the right to appoint five members of the Management Board and SLR shall have the right to appoint two members (each, an “SLR Designee”). The Managing General Partner shall promptly notify each other Partner of the name of each member of the Management Board and of the party that appointed such person and of any changes thereto. Each member of the Management Board shall serve until the removal, resignation, death or incapacity of such member. Any member of the Management Board may be removed or replaced at any time by the party that appointed such member with or without cause. Members of the Management Board shall not receive any compensation from the Partnership for their services as such. The Management Board may require the removal of any Partnership officer, and may increase or decrease the size of the Management Board, at any time and from time to time, subject to the appointment rights of the Managing General Partner and SLR.

Management Board. (a) The Managing General Partner shall be subject to the oversight of a management board (the “"Management Board”"). The Management Board will initially have seven members. The Managing General Partner shall have the right to appoint five members of the Management Board and SLR shall have the right to appoint two members (each, an “"SLR Designee”"). The Managing General Partner shall promptly notify each other Partner of the name of each member of the Management Board and of the party that appointed such person and of any changes thereto. Each member of the Management Board shall serve until the removal, resignation, death or incapacity of such member. Any member of the Management Board may be removed or replaced at any time by the party that appointed such member with or without cause. Members of the Management Board shall not receive any compensation from the Partnership for their services as such. The Management Board may require the removal of any Partnership officer, and may increase or decrease the size of the Management Board, at any time and from time to time, subject to the appointment rights of the Managing General Partner and SLR.