Limitation on Member Liability. (a) Except as otherwise expressly required by law, 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 neither the Organizer nor any Member shall be obligated personally for any such debt, obligation or liability of the Company solely by reason of being the Organizer or a Member. (b) Except as otherwise expressly required by law, a Member, in its capacity as a Member, shall have no liability to any Person hereunder in excess of (i) its obligation to make payments expressly provided for in this Agreement and (ii) the amount of any distributions wrongfully distributed to it.
Appears in 3 contracts
Samples: Limited Liability Company Agreement (Fortress Investment Corp), Limited Liability Company Agreement (Newcastle Investment Corp), Limited Liability Company Agreement (Newcastle Investment Corp)
Limitation on Member Liability. (a) Except as otherwise expressly required by law, 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 neither the Organizer nor any no Member or Managing Member shall be obligated personally for any such debt, obligation or liability of the Company solely by reason of being the Organizer a Member or a Managing Member.
(b) Except as otherwise expressly required by law, a Member, including the Managing Member, in its capacity as a Member or Managing Member, shall have no liability to any Person hereunder in excess of (i) its obligation to make payments expressly provided for in this Agreement and (ii) the amount of any distributions wrongfully distributed to it.
Appears in 2 contracts
Samples: Limited Liability Company Operating Agreement (Northstar Capital Investment Corp /Md/), Limited Liability Company Operating Agreement (Northstar Capital Investment Corp /Md/)
Limitation on Member Liability. (a) Except as otherwise expressly required by law, 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 neither the Organizer nor any no Member or Managing Member shall be obligated personally for any such debt, obligation or liability of the Company solely by reason of being the Organizer a Member or a Managing Member.
(b) Except as otherwise expressly required by law, a Member, including a Managing Member, in its capacity as a Member or Managing Member, shall have no liability to any Person hereunder in excess of (i) its obligation to make payments expressly provided for in this Agreement and (ii) the amount of any distributions wrongfully distributed to it.
Appears in 2 contracts
Samples: Limited Liability Company Agreement (Zell Samuel), Limited Liability Company Agreement (Zell Samuel)
