Subsidiary Entity Clause Samples

Subsidiary Entity. The Members intend that the Company will own each Approved For-Rent Development Project through one or more wholly owned subsidiaries (individually and collectively, a “Subsidiary Entity”) unless otherwise approved by the Board. In addition, the Company shall pursue Approved Pursuit Projects through a Subsidiary Entity formed solely for the purpose of pursuing Approved Pursuit Projects. Any provision of this Agreement giving Manager the authority to take any action or refrain from taking any action, or to cause the Company to take any action or refrain from taking any action, shall be interpreted to give Manager the identical authority with respect to each Subsidiary Entity. Any provision of this Agreement that limits Manager’s authority or requires Manager to obtain the Members’ approval with respect to the Company shall be interpreted to impose the identical limitation on authority or approval rights with respect to each Subsidiary Entity. Any provision of this Agreement that entitles Manager to indemnification shall entitle Manager to the same indemnification rights with respect to a Subsidiary Entity’s activities. Any provision of this Agreement that limits Manager’s or a Member’s duties (fiduciary or otherwise), obligations or liabilities with respect to the Company shall be interpreted to impose the identical limitation on Manager or such Member with respect to each Subsidiary Entity.