No Liability of Members. Except as otherwise provided under the Act, the debts, liabilities, contracts and other obligations of the Company (whether arising in contract, tort or otherwise) shall be solely the debts, liabilities, contracts and other obligations of the Company, and no Member in its capacity as such shall be liable personally (a) for any debts, liabilities, contracts or any other obligations of the Company, except to the extent and under the circumstances set forth in any non-waivable provision of the Act or in any separate written instrument signed by the applicable Member, or (b) for any debts, liabilities, contracts or other obligations of any other Member. No Member shall have any responsibility to restore any negative balance in its Capital Account or to contribute to or in respect of the liabilities or obligations of the Company or to return distributions made by the Company, except as expressly provided herein (including pursuant to Section 12.3) or required by any non-waivable provision of the Act; provided, however, that each Committed Member shall be responsible for its failure to make required Capital Contributions in accordance with this Agreement. The agreement set forth in the immediately preceding sentence shall be deemed to be a compromise with the consent of all of the Members for purposes of §18-502(b) of the Act. However, if any court of competent jurisdiction orders, holds or determines that, notwithstanding the provisions of this Agreement, any Member is obligated to restore any such negative balance, make any such contribution or make any such return, such obligation shall be the obligation of such Member and not of any other Person.
Appears in 2 contracts
Samples: Limited Liability Company Agreement (Laredo Petroleum - Dallas, Inc.), Limited Liability Company Agreement (Laredo Petroleum, Inc.)
No Liability of Members. (a) A debt, obligation or other liability of the Company is solely the debt, obligation, or liability of the Company. Except as otherwise provided under required by the Delaware Act, the debtsno Covered Person shall be obligated personally for any debt, liabilities, contracts and other obligations obligation or liability of the Company solely by reason of being a Covered Person.
(whether arising in contractb) Except as otherwise expressly required by Law, tort or otherwise) shall be solely the debts, liabilities, contracts and other obligations of the Company, and no a Member in its capacity as such a Member shall be liable personally have no liability in excess of: (ai) for the amount of its Capital Contributions to the Company; (ii) its share of any debts, liabilities, contracts or any other obligations assets and undistributed profits of the Company, except ; (iii) its obligation to make Capital Contributions to the extent expressly provided under Article 3; and under (iv) the circumstances set forth in any non-waivable provision of the Act or in any separate written instrument signed by the applicable Member, or (b) for any debts, liabilities, contracts or other obligations amount of any other Memberdistributions wrongfully distributed to it. No Member shall have any responsibility to restore any negative balance in its Capital Account or to contribute to or in respect of the liabilities or obligations of the Company or to return distributions made by the Company, except as expressly provided herein (including pursuant to Section 12.3) or required by any non-waivable provision of the Delaware Act; provided, however, that each Committed Member shall be responsible for its failure to make required Capital Contributions in accordance with this Agreement. The agreement set forth in the immediately preceding sentence shall be deemed to be a compromise with the consent of all of the Members for purposes of §18-502(b) of the Delaware Act. However, if any court of competent jurisdiction or properly constituted arbitration panel orders, holds or determines that, notwithstanding the provisions of this Agreement, any Member is obligated to restore any such negative balance, make any such contribution Additional Contribution or make any such return, such obligation shall be the obligation of such Member and not of any other Person.
Appears in 2 contracts
Samples: Limited Liability Company Agreement (PBF Holding Co LLC), Subscription Agreement (PBF Holding Co LLC)
No Liability of Members. Except as otherwise provided under the Act, the debts, liabilities, contracts and other obligations of the Company (whether arising in contract, tort or otherwise) shall be solely the debts, liabilities, contracts and other obligations of the Company, and no Member in its capacity as such shall be liable personally (a) for any debts, liabilities, contracts or any other obligations of the Company, except to the extent and under the circumstances set forth in any non-waivable provision of the Act or in any separate written instrument signed by the applicable MemberAct, or (b) for any debts, liabilities, contracts or other obligations of any other Member. Except as otherwise provided in the Act, this Agreement or in any separate written instrument signed by the applicable Member, no Member shall be obligated personally for any debt, obligation or liability of the Company or of any other Member solely by reason of being a Member. No Member shall have any responsibility to restore any negative balance in its Capital Account or to contribute to or in respect of the liabilities or obligations of the Company or to return distributions made by the Company, except as expressly provided herein (including pursuant to Section 12.3) or required by any non-waivable provision of the Act; provided, however, that each Committed Member shall be responsible for its failure to make required Capital Contributions in accordance with this Agreement. The agreement set forth in the immediately preceding sentence shall be deemed to be a compromise with the consent of all of the Members for purposes of §Section 18-502(b) of the Act. However, if any court of competent jurisdiction orders, holds or determines that, notwithstanding the provisions of this Agreement, any Member is obligated to restore any such negative balance, make any such contribution or make any such return, such obligation shall be the obligation of such Member and not of any other Person.. 4 ARTICLE 4 CAPITAL CONTRIBUTIONS 4.1
Appears in 1 contract
Samples: Limited Liability Company Agreement
No Liability of Members. Except as otherwise provided under the Act, the debts, liabilities, contracts and other obligations of the Company (whether arising in contract, tort or otherwise) shall be solely the debts, liabilities, contracts and other obligations of the Company, and no Member in its capacity as such shall be liable personally (a) for any debts, liabilities, contracts or any other obligations of the Company, except to the extent and under the circumstances set forth in any non-waivable provision of the Act or in any separate written instrument signed by the applicable MemberAct, or (b) for any debts, liabilities, contracts or other obligations of any other Member. Except as otherwise provided in the Act, this Agreement or in any separate written instrument signed by the applicable Member, no Member shall be obligated personally for any debt, obligation or liability of the Company or of any other Member solely by reason of being a Member. No Member shall have any responsibility to restore any negative balance in its Capital Account or to contribute to or in respect of the liabilities or obligations of the Company or to return distributions made by the Company, except as expressly provided herein (including pursuant to Section 12.3) or required by any non-waivable provision of the Act; provided, however, that each Committed Member shall be responsible for its failure to make required Capital Contributions in accordance with this Agreement. The agreement set forth in the immediately preceding sentence shall be deemed to be a compromise with the consent of all of the Members for purposes of §Section 18-502(b) of the Act. However, if any court of competent jurisdiction orders, holds or determines that, notwithstanding the provisions of this Agreement, any Member is obligated to restore any such negative balance, make any such contribution or make any such return, such obligation shall be the obligation of such Member and not of any other Person.
Appears in 1 contract
Samples: Limited Liability Company Agreement (Genesis Energy Lp)
No Liability of Members. Except as otherwise provided under the Act, the debts, liabilities, contracts and other obligations of the Company (whether arising in contract, tort or otherwise) shall be solely the debts, liabilities, contracts and other obligations of the Company, and no Member in its capacity as such shall be liable personally (a) for any debts, liabilities, contracts or any other obligations of the Company, except to the extent and under the circumstances set forth in any non-waivable provision of the Act or in any separate written instrument signed by the applicable MemberAct, or (b) for any debts, liabilities, contracts or other obligations of any other Member. Except as otherwise provided in the Act, this Agreement or in any separate written instrument signed by the applicable Member, no Member shall be obligated personally for any debt, obligation or liability of the Company or of any other Member solely by reason of being a Member. No Member shall have any responsibility to restore any negative balance in its Capital Account or to contribute to or in respect of the liabilities or obligations of the Company or to return distributions made by the Company, except expect as expressly provided herein (including pursuant to Section 12.3) or required by any non-waivable provision of the Act; provided, however, that each Committed Member shall be responsible for its failure to make required Capital Contributions in accordance with this Agreement. The agreement set forth in the immediately preceding sentence shall be deemed to be a compromise with the consent of all of the Members for purposes of §Section 18-502(b) of the Act. However, if any court of competent jurisdiction orders, holds or determines that, notwithstanding the provisions of this Agreement, any Member is obligated to restore any such negative balance, make any such contribution or make any such return, such obligation shall be the obligation of such Member and not of any other Person.
Appears in 1 contract
Samples: Limited Liability Company Agreement (Genesis Energy Lp)