Common use of No Member Responsible for Other Member’s Commitment Clause in Contracts

No Member Responsible for Other Member’s Commitment. In the event that a Member (or a Member's shareholders, partners, members, owners, or affiliates) has incurred any indebtedness or obligation before the date of this Agreement that relates to or otherwise affects the Company, neither the Company nor any other Member has any liability or responsibility with respect to the indebtedness or obligation unless the indebtedness or obligation is assumed by the Company pursuant to a written instrument signed by all Members. Furthermore, neither the Company nor any Member is responsible or liable for any indebtedness or obligation that is subsequently incurred by any other Member (or a Member's shareholder, partners, members, owners, or affiliates). In the event that a Member (or a Member's shareholders, partners, members, owners, or affiliates; collectively called the "liable Member"), whether before or after the date of this Agreement, incurs (or has incurred) any debt or obligation that neither the Company nor any of the other Members is to have any responsibility or liability for, the liable Member must indemnify and hold harmless the Company and the other Members from any liability or obligation they may incur in respect of the debt or obligation.

Appears in 5 contracts

Samples: Operating Agreement (Dover Investments Corp), Operating Agreement (Dover Investments Corp), Operating Agreement (Dover Investments Corp)

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No Member Responsible for Other Member’s Commitment. In the event that a If any Member (or a any Member's shareholders, partners, members, owners, ’s shareholders or affiliates) affiliates has incurred any indebtedness or obligation before prior to the date of this Agreement hereof that relates to or otherwise affects the Company, neither the Company nor any other Member has will have any liability or responsibility for or with respect to the such indebtedness or obligation unless the indebtedness or obligation is assumed by the Company pursuant to a written instrument signed by all Membersthe chief executive officer or approved by the Supermajority-In-Interest and signed by a party duly authorized by such action. Furthermore, neither the Company nor any Member is will be responsible or liable for any indebtedness or obligation that is subsequently hereafter incurred by any other Member or any Member’s shareholders or affiliates (or a collectively, the “Liable Member's shareholder, partners, members, owners, or affiliates). In the event that a Member (or a Member's shareholders, partners, members, owners, or affiliates; collectively called the "liable Member"), whether before prior to or after the date of this Agreementhereof, and if Liable Member incurs (or has incurred) any debt or obligation that neither the Company nor any of the other Members is to will have any responsibility or liability for, the liable Liable Member must does hereby indemnify and hold harmless the Company and the other Members from any liability or obligation they may incur in respect of the debt or obligationthereof.

Appears in 2 contracts

Samples: Amended Operating Agreement (Castle Arch Real Estate Investment Company, LLC), Operating Agreement (Castle Arch Real Estate Investment Company, LLC)

No Member Responsible for Other Member’s Commitment. In the event that a any Member (or a any of such Member's shareholders, partners, members, owners, or affiliatesAffiliates) (collectively, the "Liable Member") has incurred any indebtedness or obligation before prior to the date of this Agreement hereof that relates to or otherwise affects the Company, neither the Company nor any other Member has shall have any liability or responsibility for or with respect to the such indebtedness or obligation unless the such indebtedness or obligation is assumed by the Company pursuant to a written instrument signed by all Membersthe Managers or their authorized delegee. Furthermore, neither the Company nor any Member is shall be responsible or liable for any indebtedness or obligation that is subsequently hereafter incurred by any other Member (or a Liable Member's shareholder, partners, members, owners, or affiliates). In the event that a Member (or a Liable Member's shareholders, partners, members, owners, or affiliates; collectively called the "liable Member"), whether before prior to or after the date of this Agreementhereof, incurs (or has incurred) any debt or obligation that neither the Company nor any of the other Members is to have any responsibility or liability for, the liable Liable Member must shall indemnify and hold harmless the Company and the other Members from any liability or obligation they may incur in respect of the debt or obligationthereof.

Appears in 1 contract

Samples: Operating Agreement (InSight Imaging Services Corp.)

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No Member Responsible for Other Member’s Commitment. In the event that a any Member (or a any of such Member's ’s shareholders, partners, members, owners, or affiliatesAffiliates) has incurred any indebtedness or obligation before prior to the date of this Agreement that relates to or otherwise affects the Companyhereof, neither the Company nor any other Member has shall have any liability or responsibility for or with respect to the such indebtedness or obligation unless the such indebtedness or obligation is assumed by the Company pursuant to a written instrument signed by all Members. Furthermore, neither the Company nor any Member is shall be responsible or liable for any indebtedness or obligation that is subsequently hereafter incurred by any other Member (or a any of such Member's shareholder’s shareholders, partners, members, owners, or affiliatesAffiliates). In the event that a Member (or a any of such Member's ’s shareholders, partners, members, owners, or affiliates; collectively called the "liable Member"Affiliates), whether before prior to or after the date of this Agreementhereof, incurs (or has incurred) any debt or obligation that neither the Company nor any of the other Members is to have any responsibility or liability for, the liable Member must who incurs or has incurred such obligation shall indemnify and hold harmless the Company and the all other Members from any liability or obligation they may incur in respect of the debt or obligationthereof.

Appears in 1 contract

Samples: Operating Agreement (Sport Haley Inc)

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