Common use of Liability for Affiliates Clause in Contracts

Liability for Affiliates. Except where and to the extent that a contrary intention otherwise appears, where a Member undertakes to cause its Affiliates to take or abstain from taking any action, such undertaking shall mean (i) in the case of any Affiliate that is controlled by such Member, that such Member shall cause such Affiliate to take or abstain from taking such action and (ii) in the case of an Affiliate that controls or is under common control with such Member, that such Member shall use its commercially reasonable best efforts to cause such Affiliates to take or abstain from taking such action; provided, however, that such Member shall not be required to violate, or cause any director of such Affiliate to violate, any fiduciary duty to minority shareholders of such Affiliate.

Appears in 6 contracts

Samples: Limited Liability Company Agreement (Marathon Oil Corp), Limited Liability Company Agreement (Ashland Inc), Limited Liability Company Agreement (Marathon Oil Corp)

AutoNDA by SimpleDocs

Liability for Affiliates. Except where and to the extent that a contrary intention otherwise appears, where a Member any party hereto undertakes to cause its Affiliates to take or abstain from taking any action, such undertaking shall mean (i) in the case of any an Affiliate that is controlled by such Memberparty, that such Member party shall cause such Affiliate to take or abstain from taking such 116 action and (ii) in the case of an Affiliate that controls or is under common control with such Memberparty, that such Member party shall use its commercially reasonable best efforts to cause such Affiliates to take or abstain from taking such action; provided, however, that such Member party shall not be required to violate, or cause any director of such an Affiliate to violate, any fiduciary duty to minority shareholders of such Affiliate.

Appears in 2 contracts

Samples: Ashland Inc, Ashland Inc

Liability for Affiliates. Except where and to the extent that a contrary intention otherwise appears, where a Member any party hereto undertakes to cause its Affiliates to take or abstain from taking any action, such undertaking shall mean (i) in the case of any an Affiliate that is controlled by such Memberparty, that such Member party shall cause such Affiliate to take or abstain from taking such action and (ii) in the case of an Affiliate that controls or is under common control with such Memberparty, that such Member party shall use its commercially reasonable best efforts to cause such Affiliates to take or abstain from taking such action; provided, however, that such Member party shall not be required to violate, or cause any director of such an Affiliate to violate, any fiduciary duty to minority shareholders of such Affiliate.

Appears in 2 contracts

Samples: Standstill Agreement (Ashland Inc), Standstill Agreement (Marathon Oil Corp)

Liability for Affiliates. Except where and to the extent that a contrary intention otherwise appears, where a Member any party hereto undertakes to cause its Affiliates to take or abstain from taking any action, such undertaking shall mean (ia) in the case of any Affiliate that is controlled by such Memberparty, that such Member party shall cause such Affiliate to take or abstain from taking such any action and (iib) in the case of an Affiliate that controls or is under common control with such Memberparty, that such Member party shall use its commercially reasonable best efforts to cause such Affiliates to take or abstain from taking such action; provided, however, that such Member party shall not be required to violate, or cause any director of such an Affiliate to violate, any fiduciary duty to minority shareholders of such Affiliate.

Appears in 1 contract

Samples: Asset Transfer and Contribution Agreement (New EXM Inc.)

AutoNDA by SimpleDocs

Liability for Affiliates. Except where and to the ------------------------- extent that a contrary intention otherwise appears, where a Member undertakes to cause its Affiliates to take or abstain from taking any action, such undertaking shall mean (i) in the case of any Affiliate that is controlled by such Member, that such Member shall cause such Affiliate to take or abstain from taking such action and (ii) in the case of an Affiliate that controls or is under common control with such Member, that such Member shall use its commercially reasonable best efforts to cause such Affiliates to take or abstain from taking such action; provided, however, that such Member shall not be required to violate, or -------- ------- cause any director of such Affiliate to violate, any fiduciary duty to minority shareholders of such Affiliate.

Appears in 1 contract

Samples: Usx Corp

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