Separate Series Agreement. The terms of each Series shall be as set forth in this Agreement and as set forth in a separate agreement applicable to such Series (a “Separate Series Agreement”), a copy of which shall be attached as Exhibit D (Series) hereto. The Separate Series Agreement shall be executed by the Series Managers and by the Members associated with such Series. No person shall be accepted as a Member associated with a particular Series unless the Managers of such Series, after a reasonable review of the proposed new Member, reasonably believe that such new Member of such Series has the ability, experience and financial resources needed to function as a Member of the Series, and that admission of the new Member would not violate any law applicable to the Company or any of its Series, or the other Members of the Series and/or their affiliates and would not invalidate any contract or regulatory approval which affects the Company or any of its Series, or the other Members of the Series, or the other Members of the Series and/or their Affiliates. To the extent that a Separate Series Agreement conflicts with this Agreement, this Agreement shall control. If a Member does not participate in a particular Series, such Member will neither (i) have any rights or obligations with respect to or interest in the limited liability company interests corresponding to such Series, nor (ii) have any rights or obligations with respect to the Net Income or Net Losses (or other book items) arising from such Series, nor (iii) share in any distributions relating to such Series.
Appears in 4 contracts
Samples: Limited Liability Company Agreement, Limited Liability Company Operating Agreement (HomeStreet, Inc.), Limited Liability Company Operating Agreement (HomeStreet, Inc.)
