LLC Act definition

LLC Act means the Delaware Limited Liability Company Act, as amended from time to time; provided, however, that if any amendment to the LLC Act, or any succeeding or successor law, is applicable to the Company only if the Company has elected to be governed by the LLC Act as so amended or by such succeeding or successor law, as the case may be, the term "LLC Act" shall refer to the LLC Act as so amended or to such succeeding or successor law only after the appropriate election by the Board with the Consent of the Members.

LLC Act has the meaning set forth in the Preamble to this Agreement.

Examples of LLC Act in a sentence

Subject to Section 10-32-64 of the LLC Act, distributions may be made from the Company at such times and in such amounts as determined from time to time by the Board to the Persons owning Membership Interests having Financial Rights in the proportion that the total number of each Person’s Units having Financial Rights bears to all of the Units having Financial Rights.
If the Company is disregarded for income tax purposes, the Company shall not be disregarded as a separate legal entity for any other purpose, including but not limited to, diminishing in any respect the LLC Act providing that a Person owning or holding Membership Interests, Governor, Officer or other agent of the Company is not liable for the acts, debts, liabilities, or obligations of the Company.
This Agreement shall constitute a Member Control Agreement under Section 10-32-50 of the LLC Act.
The Company shall indemnify each Member, Governor, Officer and agent of the Company in such manner, under such circumstances, and to such extent as permitted by Section 10-32-99 of the LLC Act.
The Company shall exist perpetually until it is terminated in accordance with this Agreement and the LLC Act.

LLC Act has the meaning set forth in the Recitals.

LLC Act means the Delaware Limited Liability Company Act, as amended, as in effect on the date hereof (currently Chapter 18 of Title 6, Sections 18-101 through 18-1109 of the Delaware Code) and as it may be amended hereafter, from time to time.

LLC Act shall have the meaning set forth in Section 2.2.

LLC Act means the Delaware Limited Liability Company Act, 6 §18-101, et seq.

LLC Act shall have the meaning specified in Section 1.1.