Action of the Managers. The term “Action of the Managers” shall mean an action or resolution approved by the Managers at a meeting of the Managers, or by written consent of the Managers taken in lieu of the meeting, in accordance with Section 3.5.
Action of the Managers. Each Manager has taken all necessary action under its charter documents to authorize the execution, delivery and performance of this Agreement and the other documents described in this Agreement to which it is a party, and such documents constitute, or will upon execution constitute, the valid and binding obligation and agreement of such Manager, enforceable in accordance with their respective terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws of general applicability affecting the rights and remedies of creditors and moratorium laws from time to time in effect and except to the extent that the availability of equitable relief may be subject to the discretion of the court before which any proceeding therefor might be brought.
