MATERIAL ITEMS. The Managers shall be solely responsible for the review and approval of the Company’s annual budget. Notwithstanding anything to the contrary in this Agreement, without the prior approval of the Managers, under no circumstances shall the Company have the authority to do any of the following: (1) execute or enter any contract pursuant to which the Company’s annual payments thereunder exceed $100,000; (2) incur liabilities, borrow money, or issue notes, bonds or other obligations for an amount in excess of $500,000 in each instance; (3) enter into any new line of business; or (4) execute or enter into any contract that involves the annual receipt by the Company of anticipated consideration in excess of $500,000.
Appears in 2 contracts
Sources: Operating Agreement, Operating Agreement (Elk Horn Coal Co LLC)