Common use of Duties and Services of the Board Clause in Contracts

Duties and Services of the Board. The Board shall comply in all respects with the terms of this Agreement. The Board shall be obligated to perform the duties, responsibilities and obligations of the Board hereunder only to the extent that funds of the Company are available therefor. During the existence of the Company, each Manager serving on the Board shall devote such time and effort to the Company’s business as he deems necessary to manage and supervise Company business and affairs in an efficient manner. No Member, in its capacity as a Member, shall have any fiduciary or other duty to the Company, any other Member or any other Person that is a party to or is otherwise bound by this Agreement other than (i) to the extent required by law, the implied contractual covenant of good faith and fair dealing and (ii) such other contractual obligations as are expressly set forth in this Agreement. Each Manager serving on the Board, in its capacity as Manager, shall not have any fiduciary or other duty to the Company, any other Member or any other Person that is a party to or is otherwise bound by this Agreement other than (i) to the extent required by law, the implied contractual covenant of good faith and fair dealing and (ii) such other contractual obligations as are expressly set forth in this Agreement. The provisions of this Agreement, to the extent that they modify or eliminate the duties and liabilities of any Member or Manager otherwise existing at law or in equity, are agreed by the Members and Managers to modify or eliminate to that extent such other duties and liabilities of such Member or Manager to the fullest extent permitted by applicable law.