Time Devoted to Company; Other Ventures. The Series Managers shall devote so much of their time to the business of their respective Series of the Company as in their judgment the conduct of such Series of the Company’s business reasonably requires. The Series Managers and the Members may engage in business ventures and activities of any nature and description independently or with others, whether or not in competition with the business of such Series of the Company, and shall have no obligation to disclose business opportunities available to them, and neither the Company nor any of the other Members shall have any rights in and to such independent ventures and activities or the income or profits derived therefrom by reason of their acquisition of interests in such Series of the Company. To the fullest extent permitted by applicable law, this Section 8.2 is intended to modify any provisions or obligations of the Act to the contrary and each of the Members, the Company and such Series of the Company hereby waives and releases any claims they may have under the Act with respect to any such activities or ventures of the Series Managers or other Members.
Appears in 4 contracts
Samples: Limited Liability Company Agreement, Limited Liability Company Operating Agreement (HomeStreet, Inc.), Limited Liability Company Operating Agreement (HomeStreet, Inc.)
