Substitute Manager definition
Examples of Substitute Manager in a sentence
The withdrawing Manager shall be liable for all of its covenants and obligations under this Agreement for all periods prior to its withdrawal until such liability is assumed by a Substitute Manager.
If the acquiring party was not theretofore a Manager, then such Substitute Manager shall have all the rights and powers of such Manager under this Agreement; provided, it assumes in writing the obligations of such Manager under this Agreement and any arising thereafter, and accepts and adopts all the terms and provisions of this Agreement in writing.
If such Person was not previously a Manager, then such Person, as Substitute Manager, shall have all the rights and powers of its predecessor Manager under this Agreement; provided, such Person assumes in writing the obligations of such Manager under this Agreement and any arising thereafter, and accepts and adopts all the terms and provisions of this Agreement in writing.
Members' Right to Continue When Company has no Manager.....................................26 SECTION 8.3. Relationship with Substitute Manager.....................................................
In the event the retirement, death or disability of ▇▇▇▇▇▇▇ ▇▇▇▇▇ causes a Transfer of the Units of Southern Tier, then Southern Tier shall thereafter have only the rights of an assignee pursuant to Section 14.6; provided, however, such Transfer shall be considered a Permitted Transfer if and for so long as Southern Tier’s managing member and designated director pursuant to Section 4.2 is either an Approved Substitute Manager or approved by a majority in interest of the remaining Members.
The Manager will not assign or otherwise transfer the benefit of this Deed or any of its rights, duties or obligations under this Deed except to a Substitute Manager which is appointed as a successor manager of the Series Trust under and in accordance with the Master Trust Deed.
In the event the retirement, death or disability of ▇▇▇▇▇▇▇ ▇▇▇▇▇ causes a Transfer of the Membership Interest of Southern Tier, then Southern Tier shall thereafter have only the rights of an assignee pursuant to Section 14.6; provided, however, such Transfer shall be considered a Permitted Transfer if and for so long as Southern Tier's managing member and designated director pursuant to Section 4.2 is either an Approved Substitute Manager or approved by a majority in interest of the remaining Members.
The Substitute Manager shall be trained by OMRIX intensively, for a period of no less than three consecutive months, covering all aspects related with the management and operation of the Plant.
Morrison, Secretary of said Company, and acknowledged the foregoing Indenture as the act and deed of the said Company; and in my presence affixed the seal of said Company and their signatures hereto; and acknowledged their said signatures.
The training of the Substitute Manager shall commence, if possible, at least three months before the date of termination (in case of an unexpected termination for any reason whatsoever).