Liability for Amounts Distributed. The Members agree that, except as otherwise expressly provided herein or required by applicable law, no Member will have an obligation to return money or other property paid or distributed to such Member, whether or not such distribution was in violation of the Act. The agreement set forth in the immediately preceding sentence will be deemed to be a compromise for purposes of §18-502(b) of the Act.
Appears in 4 contracts
Samples: Employment Agreement (Simon Worldwide Inc), Employment Agreement (Simon Worldwide Inc), Limited Liability Company Agreement (Simon Worldwide Inc)
Liability for Amounts Distributed. The Members agree that, except as otherwise expressly provided herein or required by applicable law, no Member will have an obligation to return money or other property paid or distributed to such Member, whether or not such distribution was in violation of the Act. The agreement set forth in the immediately preceding sentence will be deemed to be a compromise for purposes of §18-502(b) of the Act. However, if any court of competent jurisdiction holds that, notwithstanding the provisions of this Agreement, any Member is obligated to make any such return, such obligation will be the obligation of such Member and not of any other Person.
Appears in 3 contracts
Samples: Limited Liability Company Agreement (DJSP Enterprises, Inc.), Limited Liability Company Agreement (Chardan 2008 China Acquisition Corp.), Limited Liability Company Agreement (Genius Products Inc)
Liability for Amounts Distributed. The Members hereby agree that, except as otherwise expressly provided herein or required by applicable law, no Member will shall have an obligation to return money or other property paid or distributed to such Member, Member whether or not such distribution was in violation of the Act, except to the extent arising from Disabling Conduct of such Member. The agreement set forth in the immediately preceding sentence will shall be deemed to be a compromise for purposes of §18-502(b) of the Act. However, if any court of competent jurisdiction holds that, notwithstanding the provisions of this Agreement, any Member is obligated to make any such return, such obligation shall be the obligation of such Member and not of any other Person.
Appears in 2 contracts
Samples: Limited Liability Company Agreement (Celadon Group Inc), Subscription Agreement (Celadon Group Inc)
Liability for Amounts Distributed. The Members hereby agree that, except as otherwise expressly provided herein or required by applicable law, no Member will shall have an obligation to return money or other property paid or distributed to such Member, Member whether or not such distribution was in violation of the Act, except to the extent arising from Disabling Conduct of such Member. The agreement set forth in the immediately preceding sentence will shall be deemed to be a compromise for purposes of §18-502(b) of the Act.. However, if any court of competent jurisdiction holds that, notwithstanding the provisions of this Agreement, any Member is obligated to make any such return, such obligation shall be the obligation of such Member and not of any other Person. SECTION 5.3
Appears in 1 contract
Samples: Subscription Agreement
Liability for Amounts Distributed. The Members hereby agree that, except as otherwise expressly provided herein or required by applicable lawLaw, no Member will shall have an obligation to return money or other property paid or distributed to such Member, Member whether or not such distribution was in violation of the Act, except to the extent arising from Disabling Conduct of such Member. The agreement set forth in the immediately preceding sentence will shall be deemed to be a compromise for purposes of §18-502(b) of the Act. However, if any court of competent jurisdiction holds that, notwithstanding the provisions of this Agreement, any Member is obligated to make any such return, such obligation shall be the obligation of such Member and not of any other Person.
Appears in 1 contract
