Common use of Permitted Acts Clause in Contracts

Permitted Acts. The Managing Member shall have the exclusive authority to manage the operations and affairs of the Company, subject in all cases to the provisions of this Operating Agreement and the requirements of applicable law. Without limiting the generality of the foregoing, and subject to the limitations of this Operating Agreement, the Managing Member, when acting on behalf of the Company, is hereby authorized: (i) to acquire, sell, transfer, exchange, lease or dispose of property, or any portion thereof, from or to any person as the Managing Member may determine; provided that such action is taken in the ordinary course of the Company's Business; (ii) to purchase liability and other insurance to protect the property and business of the Company; (iii) to hold and own any real and personal properties of the Company in the name of the Company; (iv) to invest any funds of the Company temporarily (by way of example but not limitation) in time deposits, short-term governmental obligations, commercial paper or other investments; (v) 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 property of the Company, assignments, bills of sale, leases, partnership agreements, and any other instruments or documents necessary or appropriate, in the opinion of the Managing Member, to the business of the Company; (vi) to employ accountants, legal counsel, managing agents or other experts to perform services for the Company and to compensate them from the Company's funds; (vii) to retain and compensate employees and agents generally, and to define their duties; (viii) to pay reimbursement from the Company of all expenses of the Company reasonably incurred on behalf of the Company; and (ix) to do and perform all other acts as may be necessary or appropriate to the conduct of the business of the Company.