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

Removal or Replacement of a Manager. Any Manager, as selected by the Initial Member, may only be removed or replaced (i) without “Cause” at any time by a majority of the Board or (ii) for “Cause” and only upon the approval of Voting Members holdings at least two-thirds of the Voting Shares. For purposes herein, “Cause” shall mean:

Appears in 98 contracts

Samples: Limited Liability Company Operating Agreement (Masterworks 032, LLC), Limited Liability Company Operating Agreement (Masterworks 041, LLC), Limited Liability Company Operating Agreement (Masterworks 079, LLC)

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Removal or Replacement of a Manager. Any Manager, as selected by the Initial Member, may only be removed or replaced (i) without “Cause” at any time by a majority of the Board of Managers or (ii) for “Cause” and only upon the approval of Voting Members holdings at least two-thirds of the Voting Shares. For purposes herein, “Cause” shall mean:

Appears in 52 contracts

Samples: Limited Liability Company Operating Agreement (Masterworks 022, LLC), Limited Liability Company Operating Agreement (Masterworks 012, LLC), Limited Liability Company Operating Agreement (Masterworks 007, LLC)

Removal or Replacement of a Manager. Any Manager, as selected by the Initial Member, may only be removed or replaced (i) without “Cause” at any time by a majority of the Board or (ii) for “Cause” and only upon the approval of Voting Members holdings at least two-thirds of the Voting SharesShares entitled to vote. For purposes herein, “Cause” shall mean:

Appears in 3 contracts

Samples: Limited Liability (Masterworks Collection 001, LLC), Limited Liability (Masterworks Collection 001, LLC), Limited Liability (Masterworks Collection 001, LLC)

Removal or Replacement of a Manager. Any Manager, as selected by the Initial Member, may only be removed or replaced (i) without “Cause” at any time by a majority of the Board Manager or (ii) for “Cause” and only 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 Agreement (Freeport Holdings Series LLC)

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Removal or Replacement of a Manager. Any Manager, as selected by the Initial Member, may only be removed or replaced (i) without “Cause” at any time by a majority of the Board Masterworks Gallery, LLC or (ii) for “Cause” and only 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 (Masterworks 001, LLC)

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