Liability for Acts or Omissions. To the extent not inconsistent with applicable law, no Member or Manager, nor such Member’s or Manager’s employees, agents, representatives, affiliates, heirs, executors, administrators, successors, or assigns, shall be liable, responsible, or accountable in damages or otherwise to the Company or any Member for any action taken or failure to act on behalf of the Company within the scope of the authority conferred upon the Member or Manager by this Agreement or by law, so long as the Member or Manager has acted in furtherance of a good faith belief that such course of conduct was in the best interest of the Company and said conduct did not constitute gross negligence, gross misconduct, fraud, breach of fiduciary duty, or a breach of this Agreement.
Appears in 2 contracts
Sources: Operating Agreement, Operating Agreement (Asta Funding Inc)