Common use of No Recourse Against Members Clause in Contracts

No Recourse Against Members. Except as provided by law, upon dissolution, each Member shall look solely to the assets of the Company for the return of his Capital Contribution. If the Company property remaining after the payment or discharge of the debts and liabilities of the Company is insufficient to return the Capital Contribution of each Member, such Member shall have no recourse against any other Member.

Appears in 4 contracts

Samples: Operating Agreement, Operating Agreement, Operating Agreement (Delta Mine Holding CO)

AutoNDA by SimpleDocs

No Recourse Against Members. Except as provided by law, upon dissolution, each Member shall look solely to the assets of the Company for the return of his Capital Contributioncapital contribution. If the Company property remaining after the payment or discharge of the debts and liabilities of the Company is insufficient to return the Capital Contribution capital contribution of each Member, such Member shall have no recourse against any other Member.,

Appears in 1 contract

Samples: Operating Agreement (RoomStore, Inc.)

No Recourse Against Members. Except as provided by law, upon dissolution, each Member shall look solely to the assets of the Company for the return of his or her Capital Contribution. If the Company property remaining after the payment or discharge of the debts and liabilities of the ofthe Company is insufficient to return the Capital Contribution of each Member, such Member shall have no recourse against any other Member.

Appears in 1 contract

Samples: Operating Agreement

AutoNDA by SimpleDocs

No Recourse Against Members. Except as provided by law, upon dissolution, each Member shall look solely to the assets of the Company for the return of his Capital Contributionor her capital contribution. If the Company property remaining after the payment or discharge of the debts and liabilities of the Company is insufficient to return the Capital Contribution capital contribution of each Member, such Member shall have no recourse against any other Member.

Appears in 1 contract

Samples: Operating Agreement

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!