Replacement of Managing Partner Sample Clauses

Replacement of Managing Partner. (a) Except as provided herein, the ------------------------------- Managing Partner may only be changed by the unanimous agreement of all Partners. If the actual net operating results of the business of the Joint Venture for any four (4) consecutive quarters are less than eighty percent (80%) of the projected amount as set forth in the Annual Business Plan, after appropriate adjustments for factors affecting similar business in the vicinity of the Casino, then the other Partner may require the Managing Partner to resign.
Sample 1
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Replacement of Managing Partner. (a) Except as provided herein, the Managing Partner may only be changed by the unanimous agreement of all Partners. If the actual net operating income of the business of the Joint Venture for any four (4) consecutive quarters are less than eighty percent (80%) of the projected amount as set forth in the Annual Business Plan [CONSIDER WHETHER TO MAKE THIS ANNUAL. IF NOT, IS IT 4 QUARTERS COMBINED HAVE TO BE LESS THAN 80% OR EACH OF 4 CONSECUTIVE QUARTERS HAS TO BE LESS THAN 80%? WE DISCUSSED THIS, BUT IT SEEMS LIKE THE RESULTS CAN BE COMPUTED ON A QUARTERLY BASIS IF THE CHANGE TO SECTION 5.2(e) IS MADE], after appropriate adjustments for factors affecting similar business in the vicinity of the Casino, then the other Partner may require the Managing Partner to resign.
Sample 1
Replacement of Managing Partner. If the Managing Partner resigns or is removed, a new Managing Partner may be appointed by the Partners by Ordinary Resolution.
Sample 1
Replacement of Managing Partner. In the event that the Managing Partner (a) is an insolvent Partner, (b) ceases to be a Partner of the Partnership, (c) is willfully or grossly negligent in the management of the business and affairs of the Partnership, or (d) breaches a fiduciary obligation to the other Partner, then upon any such event and written notice from Meadow Pointe to the Managing Partner and the failure of the Managing Partner to cure such event within ten (10) business days, Meadow Pointe shall become the new Managing Partner. Upon the replacement of the Managing Partner with a new Managing Partner, the Partners shall execute such instruments as shall be reasonably necessary to evidence such replacement and if any instrument has been recorded evidencing the authority of the previous Managing Partner, such instrument shall be modified of record to evidence the replacement of the previous Managing Partner and selection of the new Managing Partner.
Sample 1

Related to Replacement of Managing Partner

  • Replacement of Manager If at any time after any Action is brought the Manager settles the Action on a basis that results in the settlement of such Action against it and fewer than all the Underwriters (whether or not such settlement complies with Section 9.7 hereof), the Manager will, at such time, for purposes of Sections 9.3, 9.4, 9.5, 9.6, and 9.7 hereof, cease to be the Manager. The non-settling Underwriters will, by vote of holders of a majority of the Underwriting Percentage of such non-settling Underwriters, select a new Manager, which will become the new “Manager” for all purposes of Sections 9.3, 9.4., 9.5, 9.6, and 9.7 hereof as well as this section; provided that the non-settling Underwriter(s) with the largest Underwriting Percentage will act as Manager until such vote occurs and a new Manager is selected. 4 Notwithstanding such a settlement, the Manager and the other settling Underwriters will remain obligated to the non-settling Underwriters to assist and cooperate fully, in good faith, and at their own expense, in the defense of any Actions, including, without limitation, by providing, upon reasonable request of any non-settling Underwriter, and without the necessity of court process, access to or copies of all relevant records, and reasonable access to all witnesses under control of the Manager or the other settling Underwriters, for the purpose of interviews, depositions, and testimony at trial, subject in each case to the applicable legal and procedural obligations of such Manager and such other settling Underwriter. In addition, if at any time, the Manager is unwilling or unable for any reason to assume or discharge its duties as Manager under the applicable AAU, whether resulting from its insolvency (voluntary or involuntary), resignation or otherwise, to the extent permitted by applicable law, the remaining Underwriters will, by vote of holders of a majority of the Underwriting Percentage of such Underwriters, be entitled to select a new Manager, which will become the new Manager for all purposes under this Agreement. 5 Notwithstanding the foregoing, a Manager replaced pursuant to this Section 9.9 shall continue to benefit from and be subject to all other terms and conditions of this Agreement applicable to an Underwriter.

  • Engagement of Manager Commencing on the Effective Date, the Owner hereby appoints, retains and authorizes the Manager, and the Manager hereby accepts and agrees, to perform the Management Services and Operating Services (collectively, the “Services”) during the Term at all times in accordance with the terms and conditions set forth in this Agreement.

  • Removal of Manager At any time there is more than one Member, the Members, at any time and from time to time and for any reason, by action of Members holding in the aggregate 51% of the total Percentage Interests, may remove the Manager then acting and elect a new Manager.

  • Managing Member Unless otherwise expressly provided in this Agreement, the Managing Member or any of its Affiliates who hold any Interests shall not be entitled to vote in its capacity as holder of such Interests on matters submitted to the Members for approval, and no such Interests shall be deemed Outstanding for purposes of any such vote.

  • Activities of Manager The obligations of Manager pursuant to the terms and provisions of this Management Agreement shall not be construed to preclude Manager from engaging in other activities or business ventures, whether or not such other activities or ventures are in competition with Owner or the business of Owner.

  • Removal of General Partner (a) The Special Limited Partner or the Limited Partner, or both of them, may remove the General Partner for cause if such General Partner, its officers or directors, if applicable, has:

  • Appointment of Manager Owner hereby engages and retains Manager as the manager and as tenant coordinating agent of the Properties, and Manager hereby accepts such appointment on the terms and conditions hereinafter set forth; it being understood that this Management Agreement shall cause Manager to be, at law, Owner’s agent upon the terms contained herein.

  • Removal of Managers At any special meeting of the Members, duly called as provided in this LLC Agreement, any manager or managers may, by the affirmative vote of the holders of a majority of all the Percentage Ownership entitled to vote for the election of managers, be removed from office, either with or without cause. At such meeting a successor or successors may be elected by a majority of the votes cast.

  • Restrictions on chartering, appointment of managers etc No Borrower shall, in relation to the Ship owned by it:

  • Duties of Manager The Manager, at its own expense, shall furnish the following services and facilities to the Trust:

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