Series. The Fund may create one or more Series and/or classes from time to time. With respect to any Series established by the Fund, the following provisions shall apply: (a) separate and distinct records shall be maintained for each Series, and the assets associated with any such Series shall be held and accounted for separately from the other assets of the Fund or any other Series; (b) the debts, liabilities, and obligations incurred, contracted for, or otherwise existing with respect to a particular Series shall be enforceable against the assets of such Series only, and not against the assets of the Fund generally or any other Series; (c) the Board, in its sole and absolute discretion, shall have authority to restrict allocations or transfers of Member Accounts to or from any Series; and (d) notwithstanding Section 18-215 of the Delaware Act, the failure of a Series to have any Member associated with it shall not be the basis for the dissolution of the Series and the winding up of its affairs unless in accordance with the provisions of Article VI.
Appears in 3 contracts
Samples: Limited Liability Company Operating Agreement (City National Rochdale High Yield Alternative Strategies Master Fund LLC), Limited Liability Company Operating Agreement (Rochdale Core Alternative Strategies Master Fund LLC), Limited Liability Company Operating Agreement (Rochdale Core Alternative Strategies Fund LLC)
Series. The Fund may create one or more Series and/or classes from time to time. With respect to any Series established by the Fund, the following provisions shall apply:
(a) separate and distinct records shall be maintained for each Series, and the assets associated with any such Series shall be held and accounted for separately from the other assets of the Fund or any other Series;
(b) the debts, liabilities, and obligations incurred, contracted for, or otherwise existing with respect to a particular Series shall be enforceable against the assets of such Series only, and not against the assets of the Fund generally or any other Series;
(c) the Board, in its sole and absolute discretion, shall have authority to restrict allocations or transfers of Member Capital Accounts to or from any Series; and
(d) notwithstanding Section 18-215 of the Delaware Act, the failure of a Series to have any Member associated with it shall not be the basis for the dissolution of the Series and the winding up of its affairs unless in accordance with the provisions of Article VI.
Appears in 3 contracts
Samples: Limited Liability Company Operating Agreement (Rochdale High Yield Advances Fund LLC), Limited Liability Company Operating Agreement (Rochdale Alternative Total Return Fund LLC), Limited Liability Company Operating Agreement (Rochdale Structured Claims Fixed Income Fund LLC)
Series. The Fund may create one or more Series and/or classes from time to time. With respect to any Series established by the Fund, the following provisions shall apply:
(a) separate Separate and distinct records shall be maintained for each Series, and the assets associated with any such Series shall be held and accounted for separately from the other assets of the Fund or any other Series;
(b) the debts, liabilities, liabilities and obligations incurred, contracted for, for or otherwise existing with respect to a particular Series shall be enforceable against the assets of such Series only, and not against the assets of the Fund generally or any other Series;
(c) the Board, in its sole and absolute discretion, shall have authority to restrict allocations or transfers of Member Accounts Capital Contributions to or from any Series; and
(d) notwithstanding Section 18-215 of the Delaware Act, the failure of a Series to have any Member associated with it shall not be the basis for the dissolution of the Series and the winding up of its affairs unless in accordance with the provisions of Article VI.
Appears in 2 contracts
Samples: Limited Liability Company Operating Agreement (Mount Yale Opportunity Fund, LLC), Limited Liability Company Operating Agreement (Mount Yale Opportunity Fund, LLC)
Series. The Fund may create one or more Series and/or classes from time to time. With respect to any Series established by the Fund, the following provisions shall apply:
(a) separate Separate and distinct records shall be maintained for each Series, and the assets associated with any such Series shall be held and accounted for separately from the other assets of the Fund or any other Series;
(b) the debts, liabilities, liabilities and obligations incurred, contracted for, for or otherwise existing with respect to a particular Series shall be enforceable against the assets of such Series only, and not against the assets of the Fund generally or any other Series;
(c) the Board, in its sole and absolute discretion, shall have authority to restrict allocations or transfers of Member Accounts Capital Contributions to or from any Series; and
(d) notwithstanding Section 18-215 of the Delaware Act, the failure of a Series to have any Member associated with it shall not be the basis for the dissolution of the Series and the winding up of its affairs unless in accordance with the provisions of Article VI.. ------------------------------------------------------------------------------
Appears in 1 contract
Samples: Limited Liability Company Agreement (Db Absolute Return Fund LLC)
Series. The Fund may create one or more Series and/or classes from time to time. With respect to any Series established by the Fund, the following provisions shall apply:
(a) separate Separate and distinct records shall be maintained for each Series, and the assets associated with any such Series shall be held and accounted for separately from the other assets of the Fund or any other Series;
(b) the debts, liabilities, liabilities and obligations incurred, contracted for, for or otherwise existing with respect to a particular Series shall be enforceable against the assets of such Series only, and not against the assets of the Fund generally or any other Series;
(c) the Board, in its sole and absolute discretion, shall have authority to restrict allocations or transfers of Member Accounts Capital Contributions to or from any Series; and
(d) notwithstanding Section 18-215 of the Delaware Act, the failure of a Series to have any Member associated with it shall not be the basis for the dissolution of the Series and the winding up of its affairs unless in accordance with the provisions of Article VI.. ---------------------------------------------------------
Appears in 1 contract
Samples: Limited Liability Company Operating Agreement (Db Hedge Strategies Fund LLC)
