Execution of LLCA Clause Samples
The 'Execution of LLCA' clause defines the process by which the Limited Liability Company Agreement (LLCA) is formally signed and made effective by the parties involved. Typically, this clause outlines who must sign the agreement, the manner in which signatures may be provided (such as in counterparts or electronically), and the point at which the agreement becomes binding. Its core practical function is to ensure that all parties clearly understand when and how the LLCA is officially executed, thereby preventing disputes about the agreement’s validity or enforceability.
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Execution of LLCA. Each Project in which Global invests shall be owned by a separate limited liability company (each, a “Project Company”) formed to own and operate the Project. Prior to executing the Purchase Order for a Project, the Parties shall negotiate, in good faith, a limited liability company agreement (the “LLCA”) for the Project Company based on the standard form of LLCA agreed to by the Parties, it being agreed that each Project will have its own unique requirements that will have to be addressed in the LLCA for the applicable Project Company. Within sixty (60) days of the execution hereof, Covanta will provide a proposed form of LLCA that is based on the relevant provisions of this Agreement and the key terms set forth in Exhibit 1 attached hereto (or cause Trianon to provide such draft to the Parties). During the sixty (60) day period following the delivery of the initial draft of the LLCA, the Parties shall negotiate a standard form of LLCA to be used as the model for future LLCAs to be entered into by the Parties for projects to be jointly owned by the Parties during the Initial Period and the Extended Period. Once the Parties have finalized the standard form of LLCA, they shall execute a document confirming that such document is the standard form of LLCA and it shall replace the key terms set forth in Exhibit 1.
Execution of LLCA. Each Subject Project in which the Parties both invest shall be owned by a separate limited liability company (each, a “Project Company”) formed to own and operate the Subject Project. Prior to executing the Purchase Order for a Subject Project, the Parties shall negotiate, in good faith, a limited liability company agreement (the “LLCA”) for the Project Company based on the standard form of LLCA agreed to by the Parties, it being agreed that each Subject Project will have its own unique requirements that will have to be addressed in the LLCA for the applicable Project Company. Within sixty (60) days of the execution hereof, Renewable will provide a proposed form of LLCA that is based on the relevant provisions of this Agreement and the key terms set forth in Exhibit 1 attached hereto. During the sixty (60) day period following the delivery of the initial draft of the LLCA, the Parties shall negotiate a standard form of LLCA to be used as the model for future LLCAs to be entered into by the Parties for projects to be jointly owned by the Parties during the Initial Period and the Extended Period and shall coordinate such form of agreement with the form being negotiated by Global and Covanta under the Business and Royalty Agreement. Once the Parties have finalized the standard form of LLCA, they shall execute a document confirming that such document is the standard form of LLCA and it shall replace the key terms set forth in Exhibit 2.