Common use of Removal or Replacement of a Manager Clause in Contracts

Removal or Replacement of a Manager. Any Manager may be removed or replaced without “Cause” at any time by a majority of the Board and each Manager may be removed and or replaced and our Board can be reconstituted for any reason by the Class C Member, if any.

Appears in 210 contracts

Samples: Limited Liability Company Operating Agreement (Masterworks 174, LLC), Limited Liability Company Operating Agreement (Masterworks 262, LLC), Limited Liability Company Operating Agreement (Masterworks 143, LLC)

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Removal or Replacement of a Manager. Any Manager may be removed or replaced without “Cause” at any time by a majority of the Board and each Manager may be removed and or replaced and our the Board can be reconstituted for any reason by the Class C Member, if any.. In addition, any Manager may be removed for “Cause” upon the approval of Voting Members holdings at least two-thirds of all of the Voting Shares of all of the Series then existing, all voting as one group and one class. For purposes herein, “Cause” shall mean:

Appears in 10 contracts

Samples: Limited Liability Company Operating Agreement (Masterworks Vault 1, LLC), Limited Liability Company Operating Agreement (Masterworks Vault 3, LLC), Limited Liability Company Operating Agreement (Masterworks Vault 4, LLC)

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Removal or Replacement of a Manager. Any Manager may be removed or replaced without “Cause” at any time by a majority of the Board and each Manager may be removed and or replaced and our Board can be reconstituted for any reason by the Class C Member, if anyaxx.Xx addition, any Manager may be removed for “Cause” upon the approval of Voting Members holdings at least two-thirds of the Voting Shares. For purposes herein, “Cause” shall mean:

Appears in 1 contract

Samples: Limited Liability Company Operating Agreement (Masterworks 105, LLC)

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