Common use of Management Restrictions Clause in Contracts

Management Restrictions. Notwithstanding and without limiting the foregoing, the [Manager/Managing Member] shall not take any of the following actions on behalf of the Company without a Vote of a Majority of Members consenting to the taking of such action: (a) Any act that would make it impossible to carry on the ordinary business of the Company; (b) Any confession of a judgment against the Company; (c) The dissolution of the Company; (d) The disposition of any Company assets not in the ordinary course of business; (e) The incurring of any debt not in the ordinary course of business; (f) A change in the nature of the principal business of the Company; (g) The payment or distribution of any assets or salaries, or the reimbursement of any costs or expenses, to any Member; (h) The filing of a petition in bankruptcy or the entering into of an arrangement among creditors; and (i) The entering into, on behalf of the Company, of any transaction constituting a “reorganization" within the meaning of the Internal Revenue Code. ]

Management Restrictions. Notwithstanding and without limiting the foregoing, the [ManagerPartner/Managing MemberPartner/Manager] shall not take any of the following actions on behalf of the Company Partnership without a Vote of a Majority of Members Partners consenting to the taking of such action: (a) Any act that would make it impossible to carry on the ordinary business of the CompanyPartnership; (b) Any confession of a judgment against the CompanyPartnership; (c) The dissolution of the CompanyPartnership; (d) The disposition of any Company Partnership assets not in the ordinary course of business; (e) The incurring of any debt not in the ordinary course of business; (f) A change in the nature of the principal business of the CompanyPartnership; (g) The payment or distribution of any assets or salaries, or the reimbursement of any costs or expenses, to any MemberPartner; (h) The filing of a petition in bankruptcy or the entering into of an arrangement among creditors; and (i) The entering into, on behalf of the CompanyPartnership, of any transaction constituting a “reorganization" within the meaning of the Internal Revenue Code. ]