Common use of Limited Liability of Series Clause in Contracts

Limited Liability of Series. Under Section 8-215(b) of the Act, there will be a limitation of each series of limited liability company interests such that (i) the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing for a particular series will be enforceable against the assets of such series only, and not against the assets of the Company generally or the assets of any other series and (ii) none of the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing of the Company generally or any other series will be enforceable against the assets of such series.