Examples of LLC Operating Agreement in a sentence
The Private Owner Pledged Account (and all funds therein) shall be subject to the security interest granted for the benefit of the Initial Member pursuant to the LLC Operating Agreement, this Agreement and the Private Owner Account Control Agreement.
Copies of the Contribution Agreement and the LLC Operating Agreement (or portions thereof) as are necessary for the Paying Agent to be familiar with in order to perform its obligations hereunder have been delivered to the Paying Agent by the Company, and the Paying Agent acknowledges receipt thereof.
Pursuant to Section 5.3 of the LLC Operating Agreement, the Manager may make, at its discretion, Discretionary Funding Advances from its own funds to the extent there are insufficient funds in the Collection Account and the Working Capital Reserve with which to fund any Funding Draw permitted pursuant to any Loan Documents, which Discretionary Funding Advances are to be designated as applicable only to the Loan for which any Funding Draw is funded.
No funds from any other source (other than interest or earnings on amounts described in the immediately preceding sentence and amounts deposited (i) pursuant to this Section 3.3, (ii) deposits made by the Purchase Money Notes Guarantor as described in this Section 3.3 or (iii) deposits made by the Manager pursuant to Section 5.4(y) of the LLC Operating Agreement) shall be commingled in the Defeasance Account.
The Private Owner and the Initial Member agree that the failure or refusal of the Initial Member to alter or modify, in any way, the terms or conditions of this Agreement, the LLC Operating Agreement or any Ancillary Document shall not constitute fault on the part of the Initial Member.