Common use of Member Managed Clause in Contracts

Member Managed. The business and affairs of the Company are to be managed by the Members; provided, however, that management of the business and affairs of the Company shall be vested in the Operating Member (as defined below) as described in Section 3.1.1 below, and certain major decisions described in Section 3.1.2 below shall require the approval of Members holding at least a specified percentage of the Membership Interests in the Company.