Common use of Limitation of Fiduciary Obligation Clause in Contracts

Limitation of Fiduciary Obligation. Ownership of membership interests or participation in the management of the Company shall not in any way restrain the Sole Member or its officers, directors, shareholders, employees or affiliates in any other present or future business activities, whether or not any such activity is competitive with the business of the Company, or in any way (subject to the other provisions of this Limited Liability Company Agreement) preclude or restrict any of them from entering into a joint venture, partnership or other business arrangement with the Company. Neither the Sole Member nor its officers, directors, shareholders, employees or affiliates shall under any circumstances be obligated or bound to offer or present to the Company or any other Person any business opportunity of or offered to the Sole Member or its officers, directors, shareholders, employees or affiliates. The Sole Member shall not be liable to the Company for any act or omission based upon errors of judgment or other fault in connection with the business or affairs of the Company so long as the Sole Member’s conduct was not in bad faith.