Admission; Rights and Powers. The Limited Partners shall not have the right to approve or disapprove any matter expressly except (a) as a Limited Partner with respect to certain amendments pursuant to Section 8.1, (b) the express terms of this Agreement require the approval of the Limited Partners, (c) the Transfer of interests by the General Partner pursuant to Section 9.1(a), or (d) as expressly required by law. No Partner except the General Partner shall have any other right or power to take part in the management or control of the Partnership or its business and affairs or any right or power to act for or bind the Partnership in any way. No Limited Partner, in its capacity as a Limited Partner, owes a fiduciary duty to the General Partner, the Partnership or any of its Subsidiaries, or any other Partner, and such Limited Partner may act in its own self-interest.
Admission; Rights and Powers. Upon issuance to a Person of Shares in accordance with this Agreement, such Person shall become a Member of the Company. The Members shall have the right to approve or disapprove only the matters expressly set forth in this Agreement. No Member shall have any other right or power to take part in the management or control of the Company or its business and affairs or any right or power to act for or bind the Company in any way. No Member, in its capacity as a Member, owes a fiduciary duty to the Company or any other Member or any Limited Partner, and such Member may act in its own self-interest.
Admission; Rights and Powers. Upon (i) the making of a Capital Contribution to the Partnership by a Person and acceptance of such Capital Contribution by the Partnership, and (ii) receipt by the Partnership of an executed counterpart of this Agreement from such Person, such Person shall become a Partner of the Partnership. The Limited Partners shall have the right to approve or disapprove only the matters expressly set forth in this Agreement. The Limited Partners shall not have any right to remove the General Partner. No Partner except the General Partner shall have any other right or power to take part in the management or control of the Partnership or its business and affairs or any right or power to act for or bind the Partnership in any way. No Limited Partner and no member of the Advisory Council, in its capacity as a Limited Partner or member of the Advisory Council owes a fiduciary duty to the General Partner or any other Fund Entity, Partner or Fund Limited Partner, and such Limited Partner or member of the Advisory Council may act in its own self-interest or, in the case of a member of the Advisory Council, in the interest of the Fund Limited Partner that appointed him or her.
Admission; Rights and Powers. Upon issuance of Shares to a Person, in accordance with this Agreement, such Person shall become a Shareholder of the Company. No Shareholder shall have any other right or power to take part in the management or control of the Company or its business and affairs or any right or power to act for or bind the Company in any way. No Shareholder, in its capacity as a Shareholder, owes a fiduciary duty to the Company, or any other Shareholder and such Shareholder may act in its own self-interest.
Admission; Rights and Powers. The Unit Holders shall not have the right to approve or disapprove any matter expressly, except as expressly required by law. No Unit Holder, except the Managing Member, shall have any other right or power to take part in the management or control of the Operating Company or its business and affairs or any right or power to act for or bind the Operating Company in any way. No Unit Holder, in its capacity as a Unit Holder, owes a fiduciary duty to the Managing Member, the Operating Company or any of its Subsidiaries, or any other Unit Holder, and such Unit Holder may act in its own self-interest. LIMITED LIABILITY COMPANY OPERATING AGREEMENT PHAT HOLDING LLC a Delaware Limited Liability Company
Admission; Rights and Powers. Upon issuance to a Person of Bonds in accordance with this Agreement, such Person shall become a Bondholder of the Company. The Bondholders shall have no voting rights, except, with respect their Investment, those required by Delaware law. As a result, except with respect to matters required to be submitted to Bondholders under Delaware law, all matters will be decided by the Manager. Bondholders will have no ability to elect directors or, except with respect to matters required to be submitted to Bondholders under Delaware law, to determine the outcome of any REICI matters. No Bondholder shall have any other right or power to take part in the management or control of the Company or its business and affairs or any right or power to act for or bind the Company in any way.
