Title to LLC Assets. LLC assets shall be deemed to be owned by the LLC as an entity, and no Unitholder, individually or collectively, shall have any ownership interest in such LLC assets or any portion thereof. Legal title to any or all LLC assets may be held in the name of the LLC or one or more nominees, as the Board may determine. The Board hereby declares and warrants that any LLC assets for which legal title is held in its name or the name of any nominee shall be held in trust by the Board or such nominee for the use and benefit of the LLC in accordance with the provisions of this Agreement. All LLC assets shall be recorded as the property of the LLC on its books and records, irrespective of the name in which legal title to such LLC assets is held.
Appears in 8 contracts
Samples: Limited Liability Company Agreement (St Renatus LLC), Limited Liability Company Agreement (Providence Service Corp), Limited Liability Company Agreement (Emmis Communications Corp)
Title to LLC Assets. LLC assets shall be deemed to be owned by the LLC as an entity, and no UnitholderMember, individually or collectively, shall have any ownership interest in such LLC assets or any portion thereof. Legal title to any or all LLC assets may be held in the name of the LLC LLC, the Manager or one or more nominees, as the Board Manager may determine. The Board Manager hereby declares and warrants that any LLC assets for which legal title is held in its name or the name of any nominee shall be held in trust by the Board Manager or such nominee for the use and benefit of the LLC in accordance with the provisions of this Agreement. All LLC assets shall be recorded as the property of the LLC on its books and records, irrespective of the name in which legal title to any such LLC assets asset is held.
Appears in 3 contracts
Samples: Limited Liability Company Agreement (BioFuel Energy Corp.), Limited Liability Company Agreement (BioFuel Energy Corp.), Limited Liability Company Agreement (BioFuel Energy Corp.)
Title to LLC Assets. LLC assets shall be deemed to be owned by the LLC as an entity, and no UnitholderShareholder, individually or collectively, shall have any ownership interest in such LLC assets or any portion thereof. Legal title to any or all LLC assets may be held in the name of the LLC LLC, the Managing Member or one or more nominees, as the Board Managing Member may determine. The Board Managing Member hereby declares and warrants that any LLC assets for which legal title is held in its name or the name of any nominee shall be held in trust by the Board Managing Member or such nominee for the use and benefit of the LLC in accordance with the provisions of this Agreement. All LLC assets shall be recorded as the property of the LLC on its books and records, irrespective of the name in which legal title to such LLC assets is held.
Appears in 2 contracts
Samples: Limited Liability Company Agreement (Helpful Alliance Co), Limited Liability Company Agreement (GT Solar International, Inc.)
Title to LLC Assets. LLC assets shall be deemed to be owned by the LLC as an entity, and no Unitholder, individually or collectively, shall have any ownership owner-ship interest in such LLC assets or any portion thereof. Legal title to any or all LLC assets may be held in the name of the LLC or one or more nominees, as the Board may determine. The Board hereby declares and warrants that any LLC assets for which legal title is held in its name or the name of any nominee shall be held in trust by the Board or such nominee for the use and benefit of the LLC in accordance with the provisions of this Agreement. All LLC assets shall be recorded as the property of the LLC on its books and records, irrespective of the name in which legal title to such LLC assets is held.
Appears in 1 contract
Samples: Limited Liability Company Agreement (Tsi Finance Inc)
Title to LLC Assets. LLC assets shall be deemed to be owned by the LLC as an entity, and no UnitholderMember, individually or collectively, shall have any ownership interest in such LLC assets or any portion thereof. Legal title to any or all LLC assets may be held in the name of the LLC LLC, the Members or one or more nominees, as the Board Members may unanimously determine. The Board Members hereby declares declare and warrants warrant that any LLC assets for which legal title is held in its name or the name of any nominee shall be held in trust by the Board Members or such nominee for the use and benefit of the LLC in accordance with the provisions of this Agreement. All LLC assets shall be recorded as the property of the LLC on its books and records, irrespective of the name in which legal title to such LLC assets is held.
Appears in 1 contract
Samples: Limited Liability Company Agreement (Deep Down, Inc.)
