Common use of Liability of a Member to the Company Clause in Contracts

Liability of a Member to the Company. A Member who or which ------------------------------------ rightfully receives the return of any portion of a Capital Contribution is liable to the Company only to the extent now or hereafter provided by the Delaware Act. A Member who or which receives a Distribution made by the Company in violation of this Agreement or made when the Company's liabilities exceed its assets (after giving effect to such Distribution) shall be liable to the Company for the amount of such Distribution.

Appears in 2 contracts

Samples: Limited Liability Company Agreement (Project Orange Capital Corp), Operating Agreement (Mediacom LLC)

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Liability of a Member to the Company. A Notwithstanding Section 6.1: (a) a Member who or which ------------------------------------ that rightfully receives the return in whole or in part of any portion its "contribution" (as defined in section 18-101(3) of a Capital Contribution the Delaware Act) to the Company is nevertheless liable to the Company only to the extent now or hereafter provided by the Delaware Act. A ; and (b) a Member who or which receives a Distribution distribution made by the Company which is in violation of this LLC Agreement or made when the Company's liabilities exceed its assets (after giving effect to such Distribution) Applicable Law shall be liable to the Company for the full amount of such Distributiondistribution.

Appears in 2 contracts

Samples: Operating Agreement (Angeion Corp/Mn), Operating Agreement (Angeion Corp/Mn)

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Liability of a Member to the Company. A Member who or which ------------------------------------ rightfully receives the return of any portion of a Capital Contribution is liable to the Company only to the extent now or hereafter provided by the Delaware Act. A Member who or which receives a Distribution made by the Company in violation of this Agreement or made when the Company's liabilities exceed its assets (after giving effect to such Distribution) shall be liable to the Company for the amount of such Distribution.

Appears in 1 contract

Samples: Operating Agreement (Victory Entertainment Corp)

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