Examples of LLC Law in a sentence
Upon admission of the transferee as a Member, the transferee shall have the rights, powers and duties and shall be subject to the restrictions and liabilities of the Member under this Agreement and the LLC Law.
As established by the Company’s Articles of Organization, the name of the Company shall be “SWEPCO Storm Recovery Funding LLC.” The name of the Company may be changed from time to time by the Managers with prior agreement by the Member and 10 days’ prior written notice to the Indenture Trustee, and the filing of appropriate articles of amendment to the Articles of Organization with the Secretary of State as required by the LLC Law.
Except as otherwise provided by the LLC Law and except as otherwise characterized for tax and financial reporting purposes, the debts, obligations and liabilities of the Company, whether arising in contract, tort or otherwise, shall be solely the debts, obligations and liabilities of the Company, and no Member, Special Member or Manager shall be obligated personally for any such debt, obligation or liability of the Company solely by reason of being a Member, Special Member or a Manager.
Except to the extent otherwise provided herein, each Manager and officer of the Company shall have a fiduciary duty of loyalty to the Company to act in a manner which such Manager or officer reasonably believes to be int eh best interests of the Company and to act in good faith and with the duty of care established by the LLC Law.
Subject to the provisions of this Agreement and the LLC Law, the Company shall be managed by or under the authority of the Member pursuant to Section 4.03.