Common use of Transactions with the Company Clause in Contracts

Transactions with the Company. Subject to any limitations set forth ----------------------------- in this Agreement and with the prior approval of the Managers, a Member may lend money to and transact other business with the Company, so long as such transaction is not expressly prohibited by this Agreement and so long as the terms and conditions of such transaction, on an overall basis, are fair and reasonable to the Company and are at least as favorable to the Company as those that are generally available from Persons capable of similarly performing them and in similar transactions between parties operating at arm's length. Subject to other applicable law, such Member has the same rights and obligations with respect thereto as a Person who is not a Member.

Appears in 2 contracts

Samples: Operating Agreement (Franchise Mortgage Acceptance Co), Operating Agreement (Auto Marketing Network Inc)

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Transactions with the Company. Subject to any limitations set forth ----------------------------- in this Agreement and with Agreement, the prior approval Managing Member or an Affiliate of the Managers, a Managing Member may lend money to and transact other business with the Company, Company so long as such the transaction is not expressly prohibited by this Agreement and so long as the terms and conditions of such transaction, on an overall basis, are fair and reasonable to the Company and are at least as favorable to the Company as those terms and conditions that are generally available in similar transactions from Persons operating at arm’s length and, in the case of services, from Persons capable of similarly performing them and in similar transactions between parties operating at arm's lengthservices. Subject to other applicable lawlaws, such Member Person has the same rights and obligations with respect thereto as a Person who is not a Managing Member.

Appears in 1 contract

Samples: Operating Agreement

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Transactions with the Company. Subject to any limitations set forth ----------------------------- in this Agreement and with the prior approval of the Managers, a Member or an Affiliate of a Member may lend money to and transact other business with the Company, Company so long as such the transaction is not expressly prohibited by this Agreement and so long as the terms and conditions of such transaction, on an overall basis, are fair and reasonable to the Company and are at least as favorable to the Company as those terms and conditions that are generally available in similar transactions from Persons operating at arm’s length and, in the case of services, from Persons capable of similarly performing them and in similar transactions between parties operating at arm's lengthservices. Subject to other applicable lawlaws, such Member has the same rights and obligations with respect thereto as a Person who is not a Member.

Appears in 1 contract

Samples: Limited Liability Company Agreement (Akorn Inc)

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