Common use of Limitation of Liability and Duties of Members Clause in Contracts

Limitation of Liability and Duties of Members. Except as provided in this Agreement or in the Act, no Member (including any Member who is the Manager) shall be obligated personally for any debt, obligation or liability solely by reason of being a Member. Notwithstanding anything contained herein to the contrary, the failure of the Company to observe any formalities or requirements relating to the exercise of its powers or management of its business and affairs under this Agreement or the Act shall not be grounds for imposing personal liability on the Members for liabilities of the Company.

Limitation of Liability and Duties of Members. Except as provided in this Agreement or in the Act, no Member (including any Member who is the Manager) shall be obligated personally for any debt, obligation or liability solely by reason of being a Member. Notwithstanding anything contained herein to the contrary, the failure of the Company to observe any formalities or requirements relating to the exercise of its powers or management of its business and affairs under this Agreement or the Act shall not be grounds for imposing personal liability on the Members for liabilities of the Company.

Limitation of Liability and Duties of Members. Except as specifically provided in this Agreement these Regulations or in the ActTBOC, no Member (including any Member who is the Manager) shall be obligated personally for any debt, obligation or liability solely by reason of being a MemberMember or acting as the Manager of the Company. Notwithstanding anything contained herein to the contrary, the failure of the Company to observe any formalities or requirements relating to the exercise of its powers or management of its business and affairs under this Agreement these Regulations or the Act TBOC shall not be grounds for imposing personal liability on the Members for liabilities of the Company.