Common use of Effect of Inconsistencies with the Act Clause in Contracts

Effect of Inconsistencies with the Act. It is the express intention of the Members and the Company that this Agreement shall be the sole source of agreement among them with respect to the matters covered hereby, and, except to the extent that a provision of this Agreement expressly incorporates federal income tax rules by reference to sections of the Code or Regulations or is expressly prohibited by or is otherwise ineffective under the Act, this Agreement shall govern. In the event that the Act is subsequently amended or interpreted in such a way to make valid any provision of this Agreement that was formerly invalid, such provision shall be considered to be valid from the effective date of such interpretation or amendment. The Members and the Company hereby agree that the duties and obligations imposed on the Members as such shall be those set forth in this Agreement, which is intended to govern the relationship among the Company and the Members, notwithstanding any provision of the Act (to the maximum extent permitted by law), or common law that in the absence of this Agreement would be to the contrary.

Effect of Inconsistencies with the Act. It is the express intention of the Members Member and the Company that this Operating Agreement shall be the sole source of agreement among them with respect to the matters covered herebythem, and, except to the extent that a provision of this Operating Agreement expressly incorporates federal income tax rules by reference to sections of the Code or Treasury Regulations or is expressly prohibited by or is otherwise ineffective under the Act, this Operating Agreement shall govern, even when inconsistent with, or different than, the provisions of the Act or any other law or rule. In the event that the Act is subsequently amended or interpreted in such a way to make valid any provision of this Operating Agreement that was formerly invalidinvalid valid, such provision shall be considered to be valid from the effective date of such interpretation or amendment. The Members Member and the Company hereby agree that the duties and obligations imposed on the Members Member of the Company as such shall be those set forth in this Operating Agreement, which is intended to govern the relationship among the Company and the MembersMember, notwithstanding any provision of the Act (to the maximum extent permitted by law), or common law that in the absence of this Agreement would be to the contrary.

Effect of Inconsistencies with the Act. It is The Members, Managers and the express intention of Company hereby agree that the duties and obligations imposed on the Members and Managers of the Company that this Agreement as such shall be those set forth in this Agreement, which is intended to govern the sole source relationship among the Company and the Members and Managers, notwithstanding any provision of agreement among them with respect the law to the matters covered hereby, and, except to the extent that a provision of this Agreement expressly incorporates federal income tax rules by reference to sections of the Code or Regulations or is expressly prohibited by or is otherwise ineffective under the Act, this Agreement shall governcontrary. In the event that the Act is subsequently amended or interpreted in such a way to make valid any provision of this Agreement that was formerly invalid, such provision shall be considered to be valid from the effective date of such interpretation or amendment. The Members and the Company hereby agree that the duties and obligations imposed on the Members as such shall be those set forth in this Agreement, which is intended to govern the relationship among the Company and the Members, notwithstanding If any provision of this Agreement or the Act (application thereof to any person or circumstance shall be invalid, illegal or unenforceable to any extent, the remainder of this Agreement and the application there of shall not be affected and shall be enforceable to the maximum fullest extent permitted by law). Without limiting the generality of the foregoing sentence, or common law that in to the absence extent any provision of this Agreement would is prohibited or ineffective under the Act or common law, this Agreement shall be considered amended to the contrarysmallest degree possible in order to make this Agreement effective under the Act or law.