Return of Capital of Member. In accordance with the Act, an Owner may, under certain circumstances, be required to return to the Company, for the benefit of the Company's creditors, amounts previously distributed to the Owner. If any court of competent jurisdiction holds that any Owner is obligated to make any such payment, such obligation shall be the obligation of such Owner and not of the Company, the Manager or any other Owner.
Appears in 5 contracts
Samples: Operating Agreement (NNN 2003 Value Fund LLC), Operating Agreement (Ridgewood Properties Inc), Operating Agreement (NNN 2002 Value Fund LLC)
Return of Capital of Member. In accordance with the Act, an Owner may, under certain circumstances, be required to return to the Company, for the benefit of the Company's ’s creditors, amounts previously distributed to the Owner. If any court of competent jurisdiction holds that any Owner is obligated to make any such payment, such obligation shall be the obligation of such Owner and not of the Company, the Manager or any other Owner.
Appears in 3 contracts
Samples: Operating Agreement, Limited Liability Company Agreement, Operating Agreement (T Reit Inc)
Return of Capital of Member. In accordance with the Act, an Owner may, under certain circumstances, be required to return to the CompanyFund, for the benefit of the Company's Fund’s creditors, amounts previously distributed to the Owner. If any court of competent jurisdiction holds that any Owner is obligated to make any such payment, such obligation shall be the obligation of such Owner and not of the CompanyFund, the Manager or any other Owner.
Appears in 2 contracts
Samples: Limited Liability Company Agreement, Operating Agreement
Return of Capital of Member. In accordance with the Act, an Owner may, --------------------------- under certain circumstances, be required to return to the Company, for the benefit of the Company's creditors, amounts previously distributed to the Owner. If any court of competent jurisdiction holds that any Owner is obligated to make any such payment, such obligation shall be the obligation of such Owner and not of the Company, the Manager or any other Owner.
Appears in 1 contract
Samples: Operating Agreement (T Reit Inc)
Return of Capital of Member. In accordance with the Act, an Owner may, under certain circumstances, be required to return to the Company, Company for the benefit of the Company's ’s creditors, amounts previously distributed to the Owner. If any court of competent jurisdiction holds that any Owner is obligated to make any such payment, such obligation shall be the obligation of such Owner and not of the Company, the Manager or any other Owner.
Appears in 1 contract
Samples: Operating Agreement
Return of Capital of Member. In accordance with the Act, an Owner a Member may, under certain circumstances, be required to return to the Company, for the benefit of the Company's creditors, amounts previously distributed to the OwnerMember. If any court of competent jurisdiction holds that any Owner Member is obligated to make any such payment, such obligation shall be the obligation of such Owner Member and not of the Company, the Manager or any other OwnerMember.
Appears in 1 contract
Samples: Limited Liability Company Agreement (Terra Secured Income Fund 5, LLC)
Return of Capital of Member. In accordance with the Act, an Owner may, under certain circumstances, be required to return to the Company, for the benefit of the Company's ’s creditors, amounts previously distributed to the Owner. If any court of competent jurisdiction holds that any Owner is obligated to make any such payment, such obligation shall be the obligation of such Owner and not of the Company, the Manager or any other Owner.. 8.8
Appears in 1 contract
Samples: Operating Agreement
Return of Capital of Member. In accordance with the Act, an Owner a Member may, under certain circumstances, be required to return to the Company, for the benefit of the Company's creditors, amounts previously distributed to the Owner. If any court of competent jurisdiction holds that any Owner is obligated to make any such payment, such obligation shall be the obligation of such Owner and not of the Company, the Manager or any other Owner.
Appears in 1 contract