Common use of Removal of Manager Clause in Contracts

Removal of Manager. (a) Either WHWEL or Whitehall XI may in its sole discretion elect, by ten (10) days' prior written notice, to remove WCPT as the Manager for Cause. Thereupon, WCPT shall cease to be an Appointing Member and either WHWEL or Whitehall XI may appoint a new Manager. Nothing herein shall be deemed to limit the indemnification obligations under Section 4.3 if WCPT is removed as Manager of the Company, and this Section 9.1 shall not constitute a waiver of exculpation from claims by, or indemnification from, the Company with respect to any matter arising prior to the removal of WCPT.

Appears in 2 contracts

Samples: Execution Version (Wellsford Real Properties Inc), Limited Liability Company Operating Agreement (Whwel Real Estate Lp)

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Removal of Manager. (a) Either WHWEL or Whitehall XI may in its sole discretion elect, by ten (10) days' prior written notice, to remove WCPT as the Manager for Cause. Thereupon, WCPT shall cease to be an Appointing Member and either WHWEL or Whitehall XI may appoint a new Manager. Nothing herein shall be deemed to limit the indemnification obligations under Section 4.3 if WCPT is removed as Manager of the Company, and this Section 9.1 shall not constitute a waiver of exculpation from claims by, or indemnification from, the Company with respect to any matter arising prior to the removal of WCPT.

Appears in 2 contracts

Samples: Limited Liability Company Operating Agreement (Wellsford Real Properties Inc), Limited Liability Company Operating Agreement (Wellsford Real Properties Inc)

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Removal of Manager. (a) Either WHWEL or Whitehall XI may in its sole discretion elect, by ten (10) days' prior written notice, to remove WCPT as the Manager for Cause. Thereupon, WCPT shall cease to be an Appointing Member and either WHWEL or Whitehall XI may appoint a new Manager. Nothing herein shall be deemed to limit the indemnification obligations under Section 4.3 if WCPT is removed as Manager of the CompanyCom pany, and this Section 9.1 shall not constitute a waiver of exculpation from claims by, or indemnification from, the Company with respect to any matter arising prior to the removal of WCPT.

Appears in 1 contract

Samples: Limited Liability Company Operating Agreement (Whwel Real Estate Lp)

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