Common use of Management Powers and Responsibilities Clause in Contracts

Management Powers and Responsibilities. Without limiting the generality of Section 6.1 hereof, the Manager shall have power and authority, on behalf of the Company: (a) To enter into contracts consistent with the purpose of the Company. The fact that the Sole Member or the Manager is directly or indirectly affiliated or connected with any such Person shall not prohibit the Manager from dealing with such Person; (b) To borrow money from banks, other lending institutions, the Sole Member, or affiliates of the Sole Member on such terms as deemed appropriate, and in connection therewith to hypothecate, encumber, and grant security interests in the assets of the Company to secure repayment of the borrowed sums; (c) To purchase liability and other insurance to protect the Company’s property and business; (d) To purchase, sell, hold and own any property, whether real and/or personal, and to lease such properties in the name of the Company; (e) To invest any Company funds (by way of example, but not limitation) in time deposits, short-term governmental obligations, commercial paper, or other investments; (f) Upon written approval by the Sole Member, to sell or otherwise dispose of all or substantially all of the assets of the Company as part of a single transaction or plan so long as such disposition does not violate or otherwise cause a default under any other agreement to which the Company may be bound; (g) To execute on behalf of the Company all instruments and documents, including, without limitation, checks, drafts, notes, and other negotiable instruments, mortgages or deeds of trust, security agreements, financing statements, documents providing for the acquisition, mortgage or disposition of the Company’s property, assignments, bills of sale, leases, partnership agreements, and any other instruments or documents necessary, in the opinion of the Manager, to the business of the Company; (h) To hire employees and to enter into contracts to employ accountants, legal counsel, managing agents, or other independent contractors to perform services for the Company and to compensate them from Company funds. The fact that the other contracting party is the Sole Member or the Manager or is directly or indirectly affiliated or connected with the Sole Member or the Manager shall not prohibit the Manager from dealing with such Person on the Company’s behalf; (i) To make an assignment for the benefit of creditors of the Company, file a voluntary petition in bankruptcy, or appoint a receiver for the Company, provided such action has been approved in advance in writing by the Sole Member; (j) To enter into any and all other agreements on behalf of the Company with any other Person or entity for any purpose, in such forms as the Manager may approve; (k) To open bank accounts in the name of the Company and to designate and remove from time to time, at the Manager’s discretion, all signatories on such bank accounts; and (l) To do and perform all other lawful acts as may be necessary or appropriate to the conduct of the Company’s business.

Management Powers and Responsibilities. Without limiting the generality of Section 6.1 hereof, the Manager shall have power and authority, on behalf of the Company: (a) To enter into contracts consistent with the purpose of the Company. The fact that the Sole Member or the Manager is directly or indirectly affiliated or connected with any such Person shall not prohibit the Manager from dealing with such Person; (b) To borrow money from banks, other lending institutions, the Sole Member, or affiliates of the Sole Member on such terms as deemed appropriate, and in connection therewith to hypothecate, encumber, and grant security interests in the assets of the Company to secure repayment of the borrowed sums; (c) To purchase liability and other insurance to protect the Company’s property and business; (d) To purchase, sell, hold and own any property, whether real and/or personal, and to lease such properties in the name of the Company; (e) To invest any Company funds (by way of example, but not limitation) in time deposits, short-term short‑term governmental obligations, commercial paper, or other investments; (f) Upon written approval by the Sole Member, to sell or otherwise dispose of all or substantially all of the assets of the Company as part of a single transaction or plan so long as such disposition does not violate or otherwise cause a default under any other agreement to which the Company may be bound; (g) To execute on behalf of the Company all instruments and documents, including, without limitation, checks, drafts, notes, and other negotiable instruments, mortgages or deeds of trust, security agreements, financing statements, documents providing for the acquisition, mortgage or disposition of the Company’s property, assignments, bills of sale, leases, partnership agreements, and any other instruments or documents necessary, in the opinion of the Manager, to the business of the Company; (h) To hire employees and to enter into contracts to employ accountants, legal counsel, managing agents, or other independent contractors to perform services for the Company and to compensate them from Company funds. The fact that the other contracting party is the Sole Member or the Manager or is directly or indirectly affiliated or connected with the Sole Member or the Manager shall not prohibit the Manager from dealing with such Person on the Company’s behalf; (i) To make an assignment for the benefit of creditors of the Company, file a voluntary petition in bankruptcy, or appoint a receiver for the Company, provided such action has been approved in advance in writing by the Sole Member; (j) To enter into any and all other agreements on behalf of the Company with any other Person or entity for any purpose, in such forms as the Manager may approve; (k) To open bank accounts in the name of the Company and to designate and remove from time to time, at the Manager’s discretion, all signatories on such bank accounts; and (l) To do and perform all other lawful acts as may be necessary or appropriate to the conduct of the Company’s business.

Management Powers and Responsibilities. Without limiting the generality of Section 6.1 hereof, the Manager Managers shall have power and authority, on behalf of the Company: (a) To enter into contracts consistent with the purpose of the Company. The fact that the Sole Member or the Manager is Managers are directly or indirectly affiliated or connected with any such Person shall not prohibit the Manager Managers from dealing with such Person; (b) To borrow money from banks, other lending institutions, the Sole Member, or affiliates of the Sole Member on such terms as deemed appropriate, and in connection therewith to hypothecate, encumber, and grant security interests in the assets of the Company to secure repayment of the borrowed sums; (c) To purchase liability and other insurance to protect the Company’s property and business; (d) To purchase, sell, hold and own any property, whether real and/or personal, and to lease such properties in the name of the Company; (e) To invest any Company funds (by way of example, but not limitation) in time deposits, short-term governmental obligations, commercial paper, or other investments; (f) Upon written approval by the Sole Member, to sell or otherwise dispose of all or substantially all of the assets of the Company as part of a single transaction or plan so long as such disposition does not violate or otherwise cause a default under any other agreement to which the Company may be bound; (g) To execute on behalf of the Company all instruments and documents, including, without limitation, checks, drafts, notes, and other negotiable instruments, mortgages or deeds of trust, security agreements, financing statements, documents providing for the acquisition, mortgage or disposition of the Company’s property, assignments, bills of sale, leases, partnership agreements, and any other instruments or documents necessary, in the opinion of the ManagerManagers, to the business of the Company; (h) To hire employees and to enter into contracts to employ accountants, legal counsel, managing agents, or other independent contractors to perform services for the Company and to compensate them from Company funds. The fact that the other contracting party is the Sole Member or the Manager Managers or is directly or indirectly affiliated or connected with the Sole Member or the Manager Managers shall not prohibit the Manager Managers from dealing with such Person on the Company’s behalf; (i) To make an assignment for the benefit of creditors of the Company, file a voluntary petition in bankruptcy, or appoint a receiver for the Company, provided such action has been approved in advance in writing by the Sole Member; (j) To enter into any and all other agreements on behalf of the Company with any other Person or entity for any purpose, in such forms as the Manager Managers may approve; (k) To open bank accounts in the name of the Company and to designate and remove from time to time, at the Manager’s Managers’ discretion, all signatories on such bank accounts; and (l1) To do and perform all other lawful acts as may be necessary or appropriate to the conduct of the Company’s business.