Liability of the Members and the Managers. Except for the obligations hereunder and under the Subscription Agreements, the liability of the Members shall be limited to the maximum extent permitted by the Act. If a Member is required under the Act to return to the Company or pay, for the benefit of creditors of the Company, amounts previously distributed to such Member, the obligation of such Member to return or pay any such amount to the Company shall be the obligation of such Member and not the obligation of the Managers. The liability of the Managers shall be limited to the maximum extent permitted by the Act.
Appears in 8 contracts
Samples: Limited Liability Company Agreement, Limited Liability Company Agreement (Excelsior Private Markets Fund III (TE), LLC), Limited Liability Company Agreement (Excelsior Private Markets Fund III (Master), LLC)
Liability of the Members and the Managers. Except for the obligations set forth hereunder and under the Subscription Agreements, the liability of the Members shall be limited to the maximum extent permitted by the Act. If a Member is required under the Act to return to the Company or pay, for the benefit of creditors of the Company, amounts previously distributed to such Member, the obligation of such Member to return or pay any such amount to the Company shall be the obligation of such Member and not the obligation of the Managers. The liability of the Managers shall be limited to the maximum extent permitted by the Act.
Appears in 3 contracts
Samples: Limited Liability Company Agreement (NB Crossroads Private Markets Fund IV Holdings LLC), Limited Liability Company Agreement (NB Crossroads Private Markets Fund IV (TE) - Client LLC), Limited Liability Company Agreement (NB Crossroads Private Markets Fund IV (TI) - Client LLC)
