Common use of Liability of the Members Generally Clause in Contracts

Liability of the Members Generally. Except as otherwise expressly provided in the 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 no Member shall be obligated personally for any such debt, obligation or liability of the Company solely by reason of being a Member. Except as otherwise expressly provided in the Delaware Act, the liability of each Member shall be limited to the amount of capital contributions required to be made by such Member in accordance with the provisions of this Agreement, but only when and to the extent the same shall become due pursuant to the provisions of this Agreement.

Appears in 5 contracts

Samples: Limited Liability Company Operating Agreement (DLP Positive Note Fund LLC), Limited Liability Company Operating Agreement (DLP Positive Note Fund LLC), Limited Liability Company Operating Agreement (DLP Positive Note Fund LLC)

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