Liability of Members and Manager. Neither the Members nor the Manager shall be liable as Members or Manager for the liabilities of the Company to third parties. The failure of the Company to observe any formalities or requirements relating to the exercise of its powers or management of its business or affairs under this Agreement or the Texas Limited Liability Company Act shall not be grounds for imposing personal liability on the Members or the Manager for liabilities of the Company. In the event the Manager does not comply with the standard of care set forth herein, in compliance with the requirements set forth herein, or breaches this Agreement, the Manager shall be liable to the Company and the Members for any and all damages caused directly or indirectly by said non-compliance or breach and the Company and/or the Members may pursue an action against the Manager. However, under no circumstances will a third party be deemed to be a third-party beneficiary of this or any provision in this Agreement.
Liability of Members and Manager. To the fullest extent permitted under the Act, no Member of Manager shall be liable to the Company or any Member for breach of any duty established in Section 404 of the Act, excepting any liability for any (a) breach of any duty of loyalty, (b) the receipt of a financial benefit to which the Member or Manager is not entitled,
Liability of Members and Manager. Neither the Members nor the Manager shall be liable as Members or Manager for the liabilities of the Fund to third parties. The failure of the Fund to observe any formalities or requirements relating to the exercise of its powers or management of its business or affairs under this Agreement or the Act shall not be grounds for imposing personal liability on the Members or the Manager for liabilities of the Fund. In the event the Manager does not comply with the standard of care set forth herein, in compliance with the requirements set forth herein, or breaches this Agreement, the Manager shall be liable to the Fund and the Members for any and all damages caused directly or indirectly by said non-compliance or breach and the Fund and/or the Members may pursue an action against the Manager.
Liability of Members and Manager. No Member or Manager shall have any liability for the obligations or liabilities of the Company except to the extent provided in the Act and other applicable law. A Member and/or Manager shall not be personally liable for any indebtedness, liability or obligation of the Company, except as otherwise set forth under the Act and any other applicable law. Without limiting the generality of the preceding sentence, a Member or Manager does not in any way guaranty the return of any Capital Contribution to any other Member or a profit for the Members from the operations of the Company. No Member shall be obligated to restore by way of Capital Contribution or otherwise any deficit in its Capital Account or the Capital Account of any Member (if such deficits occur). Except as may otherwise be specifically provided in this Agreement, each Member’s and Manager’s personal liability shall be limited to the fullest extent under the Act and other applicable law.
Liability of Members and Manager. No Member or Manager, solely by reason of being a Member or Manager, or both, will be liable, under a judgment, decree or order of a court, or in any other manner, for a debt, obligation or liability of the Company, whether arising in contract, tort or otherwise, or for the acts or omissions of any other Member, Manager, agent, or employee of the Company. The failure of the Company to observe any formalities or requirements relating to the exercise of its powers or management of its business or affairs under this Agreement or the Act will not be grounds for imposing liability on the Members or Managers for the debts, obligations, or liabilities of the Company.
Liability of Members and Manager. Except as otherwise provided in the North Carolina LLC Act, the debts, obligations and liabilities of the Company, whether arising in contract, tort or otherwise, shall be solely the debts, obligations and liabilities of the Company, and none of the Members or Managers shall be obligated personally for any such debt, obligation or liability of the Company solely by reason of being a Member or Manager. The failure of the Company to observe any formalities or requirements relating to the exercise of its power or management of its business, activities or operations under the North Carolina LLC Act or this Agreement shall not be grounds for imposing personal liability on any Member or Manager for liabilities of the Company.
Liability of Members and Manager. To the fullest extent permitted under the Act, the Members and Manager are not liable for any debts, obligations or liabilities of the Company or each other, whether arising in tort, contract or otherwise, solely by reason of being a Member or Manager.
Liability of Members and Manager. No Member or Manager, solely by reason of being a Member or Manager, or both, shall be liable, under a judgment, decree or order of a court, or in any other manner, for a debt, obligation or liability of the Company, whether arising in contract, tort or otherwise, or for the acts or omissions of any other Member, Manager, agent, or employee of the Company. The failure of the Company to observe any formalities or requirements relating to the exercise of its powers or management of its business or affairs under this Agreement or the Act shall not be grounds for imposing liability on the Members or Managers for the debts, obligations, or liabilities of the Company. The Members acknowledge and agree that the relationship they share in connection with the Company, this Agreement, the Sales Agency Agreement and any other agreements related thereto is now and hereafter essentially contractual in nature and the Members agree that, to the full extent permitted by applicable law, neither shall have any fiduciary duty to the other or to the Company.
