Common use of MEMBERS AND MANAGING MEMBER Clause in Contracts

MEMBERS AND MANAGING MEMBER. Except as otherwise required by the Act, the business and affairs of the Company shall be managed by or under the direction of a "manager" (as that term is defined in the Act) who shall be a Member (the "Managing Member"). The Managing Member initially shall be Aavid Thermalloy, LLC. The Managing Member shall be selected by the holders of a majority of the Common Units. Except as otherwise expressly provided for in this Agreement, the Members hereby consent to the exercise by the Managing Member of all such powers and rights conferred on them by the Act with respect to the management and control of the Company. Notwithstanding the foregoing and except as explicitly set forth in this Agreement, if a vote, consent or approval of the Members is required by the Act or other applicable law with respect to any act to be taken by the Company or matter considered by the Managing Member, the Members agree that they shall be deemed to have consented to or approved such act or voted on such matter in accordance with the determination of the Managing Member on such act or matter. No Member, in his or its capacity as a Member, shall have any power to act for, sign for or do any act that would bind the Company. The Managing Member shall devote such time and effort to the affairs of the Company as he or it may deem appropriate for the oversight of the management and affairs of the Company.

Appears in 3 contracts

Samples: Limited Liability Company Agreement (Aavid Thermalloy Sw LLC), Limited Liability Company Agreement (Aavid Thermalloy Sw LLC), Limited Liability Company Agreement (Aavid Thermalloy Sw LLC)

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MEMBERS AND MANAGING MEMBER. Except as otherwise required --------------------------- by the Act, the business and affairs of the Company shall be managed by or under the direction of a "manager" (as manager"(as that term is defined in the Act) who shall be a ------- Member (the "Managing Member"). The Managing Member initially shall be Aavid Thermalloy, LLC. The initial Managing Member shall be selected by the holders of a majority of the Common UnitsBrightView. --------------- Except as otherwise expressly provided for in this Agreement, the Members hereby consent to the exercise by the Managing Member of all such powers and rights conferred on them by the Act with respect to the management and control of the Company. Notwithstanding the foregoing and except as explicitly set forth in this Agreement, if a vote, consent or approval of the Members is required by the Act or other applicable law with respect to any act to be taken by the Company or matter considered by the Managing Member, the Members agree that they shall be deemed to have consented to or approved such act or voted on such matter in accordance with the determination of the Managing Member on such act or matter. No Member, in his or its capacity as a Member, shall have any power to act for, sign for or do any act that would bind the Company. The Managing Member shall devote such time and effort to the affairs of the Company as he or it may deem appropriate for the oversight of the management and affairs of the Company.

Appears in 1 contract

Samples: Limited Liability Company Agreement (Petersen Holdings LLC)

MEMBERS AND MANAGING MEMBER. Except as otherwise required by --------------------------- the Act, the business and affairs of the Company shall be managed by or under the direction of a "manager" (as manager"(as that term is defined in the Act) who shall be a ------- Member (the "Managing Member"). The Managing Member initially shall be Aavid Thermalloy, LLC. The initial Managing Member shall be selected by the holders of a majority of the Common UnitsBrightView. ---------------- Except as otherwise expressly provided for in this Agreement, the Members hereby consent to the exercise by the Managing Member of all such powers and rights conferred on them by the Act with respect to the management and control of the Company. Notwithstanding the foregoing and except as explicitly set forth in this Agreement, if a vote, consent or approval of the Members is required by the Act or other applicable law with respect to any act to be taken by the Company or matter considered by the Managing Member, the Members agree that they shall be deemed to have consented to or approved such act or voted on such matter in accordance with the determination of the Managing Member on such act or matter. No Member, in his or its capacity as a Member, shall have any power to act for, sign for or do any act that would bind the Company. The Managing Member shall devote such time and effort to the affairs of the Company as he or it may deem appropriate for the oversight of the management and affairs of the Company.

Appears in 1 contract

Samples: Petersen Holdings LLC

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MEMBERS AND MANAGING MEMBER. Except as otherwise required by the Act, the business and affairs of the Company shall be managed by or under the direction of a "manager" (as manager"(as that term is defined in the Act) who shall be a Member (the "Managing Member"). The Managing Member initially shall be Aavid ThermalloyThermal Products, LLCInc. So long as any Preferred Units remain outstanding, the Managing Member shall be selected by the holders of a majority of the Preferred Units. The If no Preferred Units remain outstanding, the Managing Member shall be selected by the holders of a majority of the Common Units. Except as otherwise expressly provided for in this Agreement, the Members hereby consent to the exercise by the Managing Member of all such powers and rights conferred on them by the Act with respect to the management and control of the Company. Notwithstanding the foregoing and except as explicitly set forth in this Agreement, if a vote, consent or approval of the Members is required by the Act or other applicable law with respect to any act to be taken by the Company or matter considered by the Managing Member, the Members agree that they shall be deemed to have consented to or approved such act or voted on such matter in accordance with the determination of the Managing Member on such act or matter. No Member, in his or its capacity as a Member, shall have any power to act for, sign for or do any act that would bind the Company. The Managing Member shall devote such time and effort to the affairs of the Company as he or it may deem appropriate for the oversight of the management and affairs of the Company.

Appears in 1 contract

Samples: Limited Liability Company Agreement (Aavid Thermalloy Sw LLC)

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