Neither Responsible for Other’s Commitments. Neither the Members nor the Company shall be responsible or liable for any indebtedness or obligation of a particular Member incurred either before or after the execution of this Agreement, except (i) as to those joint responsibilities, liabilities, debts or obligations incurred pursuant to the terms of this Agreement, and each Member indemnifies and agrees to hold the other Member and the Company harmless from such personal obligations and debts, except as aforesaid; and (ii) as to the obligation of CNL to pay off and/or indemnify Crescent pursuant to Section 6.7 (c) of this Agreement, or as otherwise set forth in this Agreement.
Appears in 4 contracts
Samples: Limited Liability Company Agreement (CNL Growth Properties, Inc.), Limited Liability Company Agreement (CNL Growth Properties, Inc.), Limited Liability Company Agreement (Global Growth Trust, Inc.)
Neither Responsible for Other’s Commitments. Neither the Members nor the Company shall be responsible or liable for any indebtedness or obligation of a particular Member incurred either before or after the execution of this Agreement, except (i) as to those joint responsibilities, liabilities, debts or obligations incurred pursuant to the terms of this Agreement, and each Member indemnifies and agrees to hold the other Member and the Company harmless from such personal obligations and debts, except as aforesaid; and (ii) as to the obligation of CNL to pay off and/or indemnify Crescent LMI pursuant to Section 6.7 (c) of this Agreement, or as otherwise set forth in this Agreement.
Appears in 1 contract
Samples: Limited Liability Company Agreement (CNL Growth Properties, Inc.)
