Duties of Directors. The Board of Directors shall, in considering any proposed action or inaction with respect to the Subordinated Notes pursuant to Section 6.1(d), take into account the interest of both the Preferred Securityholders and the Bank, as owner of the Company Common Securities. To the fullest extent permitted by law, no member of the Board of Directors shall have any liability to any Preferred Securityholder or the Company for not voting to take any enforcement action under the Subordinated Notes in the event of a default by the Cayman Islands Branch in performing any of its obligations (including payment obligations) thereunder.
Appears in 9 contracts
Samples: Limited Liability Company Agreement (Ubs Preferred Funding Co LLC I), Administration Agreement (UBS Preferred Funding Trust VIII), Administration Agreement (Ubs Preferred Funding Trust Iv)
