Common use of Duties of Directors Clause in Contracts

Duties of Directors. Each member of the Board shall have fiduciary duties identical to those of directors of a business corporation organized under the General Corporation Law of the State of Delaware; provided, however, that the Members acknowledge and agree that the enforcement or exercise by the Investor Member of any of its rights under Section 8.1, Section 8.2 or Section 8.4 shall in no event constitute a violation of the fiduciary duties of the Investor Director(s) or the Investor Member, which are hereby disclaimed in all respects with respect thereto. The provisions of this Agreement, to the extent that they expand or restrict the duties and liabilities of the Board, otherwise existing at law or in equity, are agreed by the Members to replace such other duties and liabilities of the Board.

Appears in 3 contracts

Samples: Limited Liability Company Agreement (FirstEnergy Transmission, LLC), Purchase and Sale Agreement (Firstenergy Corp), Limited Liability Company Agreement (Firstenergy Corp)

AutoNDA by SimpleDocs

Duties of Directors. Each Other than as set forth in Section 9.3, each member of the Board shall have fiduciary duties identical to those of directors of a business corporation organized under the General Corporation Law of the State of Delaware; providedDelaware and except to the extent not permitted by applicable Law, however, that no member of the Board shall be personally liable to the Company or its Members acknowledge and agree that the enforcement or exercise by the Investor Member of any for monetary damages for breach of its rights under Section 8.1, Section 8.2 or Section 8.4 shall in no event constitute a violation of the fiduciary duties of the Investor Director(s) or the Investor Member, which are hereby disclaimed in all respects with respect theretosuch capacity. The provisions of this Agreement, to the extent that they expand or restrict the duties and liabilities of the Board, otherwise existing at law or in equity, are agreed by the Members to replace such other duties and liabilities of the Board.

Appears in 2 contracts

Samples: Limited Liability Company Agreement (Nisource Inc.), Limited Liability Company Agreement (Nisource Inc.)

AutoNDA by SimpleDocs

Duties of Directors. Each member of the Board shall have fiduciary duties identical to those of directors of a business corporation organized under the General Corporation Law of the State of Delaware; provided, however, that the Members acknowledge and agree that the enforcement or exercise by the Investor Member of any of its rights under Section 8.1, 8.1 or Section 8.2 or Section 8.4 shall in no event constitute a violation of the fiduciary duties of the Investor Director(s) Director or the Investor Member, which are hereby disclaimed in all respects with respect thereto. The provisions of this Agreement, to the extent that they expand or restrict the duties and liabilities of the Board, otherwise existing at law or in equity, are agreed by the Members to replace such other duties and liabilities of the Board.

Appears in 2 contracts

Samples: Purchase and Sale Agreement (Firstenergy Corp), Limited Liability Company Agreement (Firstenergy Corp)

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!