Common use of Duties and Obligations of the Manager Clause in Contracts

Duties and Obligations of the Manager. The Manager shall: a. Maintain accounting records in accordance with consistently applied generally accepted accounting principles, as modified by reasonable and customary accounting practices and policies followed by the Company on a reasonably consistent basis, from which a Capital Account Balance, and allocations pursuant to Section 4.1, can be determined for each Member. b. Execute, file, record or publish all certificates, statements and other documents and do all things appropriate for the formation, qualification and operation of the Company and for the conduct of its business in all appropriate jurisdictions. c. Retain accountants and/or attorneys to represent the Company when necessary or appropriate in the Manager’s discretion. d. Use best efforts to maintain the status of the Company as a “limited liability company” under the Act, and as a “partnership” for federal income tax purposes.