Duties of Managers. (a) Each Member recognizes and agrees that each Manager who is appointed by a Member and who is not also an officer of the Company is acting exclusively on behalf of the Member he or she represents, that each such Manager may act in his or her sole and absolute discretion in the manner he or she determines is in the best interests of the Member he or she represents without taking into account the interests of the other Members, that any such acts shall not be deemed “bad faith” for any purposes, and that such Managers shall have no personal liability by reason of serving as a Manager. (b) Notwithstanding any other provision of this Agreement or any duty otherwise existing at law or in equity, to the fullest extent permitted by law, no Manager shall owe any duties (including fiduciary duties) to the Members.
Appears in 4 contracts
Samples: Limited Liability Company Agreement (Federal National Mortgage Association Fannie Mae), Limited Liability Company Agreement (Federal Home Loan Mortgage Corp), Limited Liability Company Agreement (Federal National Mortgage Association Fannie Mae)
