Common use of Duty of Loyalty Clause in Contracts

Duty of Loyalty. The Manager has a duty to refrain from competing with the Company in the conduct of the Company’s business prior to the dissolution of the Company, except that the Members understand and acknowledge that the Manager has other interests in similar properties and companies that may compete for its time and resources, which shall not be considered a violation of this duty.

Appears in 31 contracts

Samples: Limited Liability Company Agreement (Mission First Capital LLC), Operating Agreement (Holiday Lifestyle Fund I), Limited Liability Company Agreement (Mission First Capital LLC)

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Duty of Loyalty. The Manager has a duty to refrain from competing with the Company in the conduct of the Company’s Company business prior to the dissolution of the Company, except that the Members understand and acknowledge that the Manager has other interests in similar properties and companies that may compete for its time and resources, which shall not be considered a violation of this duty.

Appears in 8 contracts

Samples: Company Operating Agreement (Gilmore Homes - Gilmore Loans, LLC), Company Operating Agreement (Gilmore Homes - Gilmore Loans, LLC), Company Operating Agreement (Gilmore Homes - Gilmore Loans, LLC)

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Duty of Loyalty. The Manager has a duty to refrain from competing with the Company in the conduct of the Company’s business prior to the dissolution of the Company, except that the Members understand and acknowledge that the Manager has other interests in similar properties investments and companies that may compete for its time and resources, which shall not be considered a violation of this duty.

Appears in 4 contracts

Samples: Operating Agreement (Pf Royalty I LLC), Operating Agreement (Pf Royalty I LLC), Operating Agreement (Pf Royalty I LLC)

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