Common use of Acknowledged and Permitted Activities Clause in Contracts

Acknowledged and Permitted Activities. The Company and the Members acknowledge and agree that (i) none of the Managers or NGP: (A) shall be prohibited or otherwise restricted by his or its relationship with the Company and its subsidiaries from engaging in the business of investing any other Person, entering into agreements to provide advisory services to any Person or acting as a director or advisor to, or other principal of, any Person, regardless of whether such activities are in direct or indirect competition with the business or activities of any of the Company or its subsidiaries and (B) shall have any obligation to offer the Company or its subsidiaries any business opportunity and (ii) the Company and the Members hereby renounce any interest or expectancy in any business opportunity pursued by any Person described in Clause (A) and waive any claim that any such business opportunity constitutes a corporate, partnership or other business opportunity of any of the Company or its subsidiaries. Nothing in this Section 5.3 shall relieve any Person of his confidentiality obligation with respect to Confidential Information as provided in Section 7.5.

Acknowledged and Permitted Activities. The Company and the Members acknowledge and agree that (i) none of the Managers or NGPRice Energy: (A) shall be prohibited or otherwise restricted by his or its relationship with the Company and its subsidiaries from engaging in the business of investing any other Person, entering into agreements to provide advisory services to any Person or acting as a director or advisor to, or other principal of, any Person, regardless of whether such activities are in direct or indirect competition with the business or activities of any of the Company or its subsidiaries and (B) shall have any obligation to offer the Company or its subsidiaries any business opportunity and (ii) the Company and the Members hereby renounce any interest or expectancy in any business opportunity pursued by any Person described in Clause (A) and waive any claim that any such business opportunity constitutes a corporate, partnership or other business opportunity of any of the Company or its subsidiaries. Nothing in this Section 5.3 shall relieve any Person of his confidentiality obligation with respect to Confidential Information as provided in Section 7.5.