Limited Liability of the Sample Clauses

Limited Liability of the. Company It is understood and agreed that: • the Company’s maximum liability to make payment of the Total Statutory Gratuity Benefit and the Extraordinary Gratuity Benefit the under this Master Policy in respect of all Members is the Fund Value; • if the Fund Value is insufficient to make payment of the Total Statutory Gratuity Benefit and the Extraordinary Gratuity Benefit the under this Master Policy for any reasons (such as, but not limited to non payment of past service Contributions, erosion of the Fund Value or large number of exits from the employment of the Employer), the Master Policyholder shall make payment in full of the additional Contribution required for the Company to pay the Gratuity Benefits under 6.1. The additional Contribution payable shall be calculated in accordance with the actuarial valuation certificate submitted to the Company by the Master Policyholder; • The Company shall not be considered to be in default in the performance of its obligations, or be liable in damages or otherwise to, any circumstances which are beyond the reasonable control of the Company and are not avoidable by the exercise of reasonable effort or foresight by the Company. Without limiting the generality of the foregoing, such circumstances shall include natural catastrophe, labour, industrial or civil disturbances, armed conflict, government regulations (whether or not valid), Acts of God, market conditions, and delays caused by other parties.
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Limited Liability of the. Company The liability of the Company in respect of any Accrued Gratuity of Members shall strictly be restricted to the balance lying in the Account Value of the Group Policy Holder. In case of insufficient funds in the Group Policy Holder’s Account to meet Accrued Gratuity liability of Members, for any reasons, including but not limited to • Non payment of past service contributions, • Erosion in value of the Fund, • Instances of large number of exits at one single point (e.g. by way of Voluntary Retirement Scheme of the Employer) The Group Policy Holder will be required to make additional payments into the Fund to enable the Company to pay such Accrued Gratuity amounts due to Members leaving the Service of the Employer. In any case including events such as the closure of the Employer’s business for any reason whatsoever, the Company shall be liable to pay only the amounts lying to the Credit of the Group Policy Holder’s Account Value after deducting charges and penalties, wherever applicable. The Company will not be considered in default in the performance of its obligations, or be liable in damages or otherwise to, any circumstances which are beyond the reasonable control of the Company and are not avoidable by the exercise of reasonable effort or foresight by the Company. Without limiting the generality of the foregoing, such circumstances will include natural catastrophe, labour, industrial or civil disturbances, armed conflict, government regulations (whether or not valid), Acts of God, market conditions, and delays caused by other parties.
Sample 1
Limited Liability of the. Company It is agreed and understood that: a) The Company’s maximum liability to make payment of the Policy Benefits under this Group Policy in respect of all Members is the Fund Value; b) If the Fund Value is insufficient to make payment of the total amount due for any reasons (such as, but not limited to erosion of the Fund Value or large number of exits from the employment of the Employer), the Group Policyholder shall make payment in full of the additional Contribution required for the Company to make payment of the Policy Benefits. The additional Contribution shall be calculated in accordance with the independent actuarial valuation certificate as per AS15 (revised). c) The Company shall not be considered to be in default in the performance of its obligations, or be liable in damages or otherwise, to any circumstances which are beyond the reasonable control of the Company and are not avoidable by the exercise of reasonable effort or foresight by the Company. Without limiting the generality of the foregoing, such circumstances shall include natural catastrophe, labour, industrial or civil disturbances, armed conflict, government regulations (whether or not valid), Acts of God, market conditions and delays caused by other parties.
Sample 1
Limited Liability of the. Company The liability of the Company in respect of any payout in accordance of the Trust Deed or the Scheme Rules shall strictly be restricted to the available balance in all the Accounts pertaining to this Policy of the Group Policyholder. In case available balance in all the Accounts pertaining to this Group Policy is insufficient to meet the required Payout, including but not limited to Non payment of past service contributions, Erosion in value of the balance in all the Accounts pertaining to this Group Policy Instances of large number of exits at one single point (e.g. by way of Voluntary Retirement Scheme of the Employer) The Group Policyholder will be required to make additional payments into the Fund to enable the Company to pay such benefits Payout due to Members leaving the Service of the Employer. In any case including events such as the closure of the Employer’s business for any reason whatsoever, the Company shall be liable to pay only the amounts lying to the Credit of the available balance in all the Group Policyholder’s Accounts pertaining to this Policy after deducting charges and penalties, wherever applicable.
Sample 1

Related to Limited Liability of the

  • Limited Liability of Members No Member shall be liable for any debts or obligations of the Company beyond the amount of the Capital Contributions made by such Member.

  • Limited Liability Except as provided by 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 the Member shall not be obligated personally for any such debt, obligation or liability of the Company solely by reason of being a member of the Company.

  • Limited Liability of Limited Partners (1) Each Unit of Limited Partnership Interest, when purchased by a Limited Partner, subject to the qualifications set forth below, shall be fully paid and non-assessable. (2) A Limited Partner shall have no liability in excess of his obligation to make contributions to the capital of the Partnership and his share of the Partnership’s assets and undistributed profits, subject to the qualifications provided in the Partnership Act.

  • The Limited Liability Company The Members have created a limited liability company: The operations of the Company shall be governed by the laws located in the State of Governing Law and in accordance with this Agreement as follows:

  • Limited Liability Company The Member intends to form a limited liability company and does not intend to form a partnership under the laws of the State of Delaware or any other laws.

  • Certificate of Limited Liability Company Interest A Member’s limited liability company interest may be evidenced by a certificate of limited liability company interest executed by the Manager or an officer in such form as the Manager may approve; provided that such certificate of limited liability company interest shall not bear a legend that causes such limited liability company interest to constitute a security under Article 8 (including Section 8-103) of the Uniform Commercial Code as enacted and in effect in the State of Delaware, or the corresponding statute of any other applicable jurisdiction.

  • Formation of Limited Liability Company The Company was formed on January 13, 2017, pursuant to the Delaware Limited Liability Company Act, 6 Del. C. § 18-101, et seq., as amended from time to time (the “Delaware Act”), by the filing of a Certificate of Formation of the Company with the office of the Secretary of the State of Delaware. The rights and obligations of the Member and the administration of the Company shall be governed by this Agreement and the Delaware Act. To the extent this Agreement is inconsistent in any respect with the Delaware Act, this Agreement shall control.

  • Unlimited Liability Neither party will exclude or limit its liability for damages resulting from: a) unauthorized use or disclosure of Confidential Information, b) either party’s breach of its data protection and security obligations that result in an unauthorized use or disclosure of personal data,

  • Limited Liability Company Agreement The Member hereby states that except as otherwise provided by the Act or the Certificate of Formation, the Company shall be operated subject to the terms and conditions of this Agreement.

  • Partnership and Limited Liability Company Interests Except as previously disclosed to the Administrative Agent, none of the Collateral consisting of an interest in a partnership or a limited liability company (i) is dealt in or traded on a securities exchange or in a securities market, (ii) by its terms expressly provides that it is a Security governed by Article 8 of the UCC, (iii) is an Investment Company Security, (iv) is held in a Securities Account or (v) constitutes a Security or a Financial Asset.

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