Common use of Return of Distributions of Capital Clause in Contracts

Return of Distributions of Capital. Except as otherwise expressly required by law, a Member, in such capacity, shall have no liability for obligations or liabilities of the Company in excess of (a) the amount of such Member’s Capital Contributions, (b) such Member’s share of any assets and undistributed profits of the Company and (c) to the extent required by law, the amount of any Distributions wrongfully distributed to such Member. Except as required by law, no Member shall be obligated by this Agreement to return any Distribution to the Company or pay the amount of any Distribution for the account of the Company or to any creditor of the Company; provided, however, that if any court of competent jurisdiction holds that, notwithstanding this Agreement, any Member is obligated to return or pay any part of any Distribution, such obligation shall bind such Member alone and not any other Member or any Manager. The provisions of the immediately preceding sentence are solely for the benefit of the Members and shall not be construed as benefiting any third party. The amount of any Distribution returned to the Company by a Member or paid by a Member for the account of the Company or to a creditor of the Company shall be added to the account or accounts from which it was subtracted when it was distributed to such Member.

Appears in 10 contracts

Samples: Limited Liability Company Agreement (Jefferies Financial Group Inc.), Purchase and Sale Agreement (Leucadia National Corp), Limited Liability Company Agreement (Leucadia National Corp)

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Return of Distributions of Capital. Except as otherwise expressly required by law, a Member, in such capacityits capacity as such, shall have no liability for obligations or liabilities of the Company in excess of (a) the amount of such Member’s its Capital ContributionsContributions actually made to the Company, (b) such Member’s its share of any assets and undistributed profits of the Company Company, and (c) to the extent required by lawthe Act, the amount of any Distributions wrongfully distributed to such Memberit. Except as required by lawthe Act, no Member shall be obligated by this Agreement to return any Distribution to the Company or pay the amount of any Distribution for the account of the Company or to any creditor of the Company; provided. However, however, that if any court of competent jurisdiction holds that, notwithstanding the provisions of this Agreement, any Member is obligated to return or pay any part of any Distribution, such the obligation shall bind be that of such Member alone and not of any Manager or any other Member or any Manager. The provisions of the immediately preceding sentence are solely for the benefit of the Members and shall not be construed as benefiting any third partyMember. The amount of any Distribution returned to the Company by a Member or paid by a Member for the account of the Company or to a creditor of the Company shall be added to the account or accounts from which it was subtracted when it was distributed to such the Member.

Appears in 3 contracts

Samples: Limited Liability Company Agreement (Rio Vista Energy Partners Lp), Limited Liability Company Agreement (Rio Vista Energy Partners Lp), Limited Liability Company Agreement (Rio Vista Energy Partners Lp)

Return of Distributions of Capital. Except as otherwise expressly required by applicable law, a Member, in such capacity, shall have no liability for obligations or liabilities of the Company in excess of (a) the amount of such Member’s Capital Contributions, (b) such Member’s share of any assets and undistributed profits of the Company and (c) to the extent required by applicable law, the amount of any Distributions wrongfully distributed to such Member. Except as required by applicable law, no Member shall be obligated by this Agreement to return any Distribution to the Company or pay the amount of any Distribution for the account of the Company or to any creditor of the Company; provided, however, that if any court of competent jurisdiction holds that, notwithstanding this Agreement, any Member is obligated to return or pay any part of any Distribution, such obligation shall bind such Member alone and not any other Member or any Manager. The provisions of the immediately preceding sentence are solely for the benefit of the Members and shall not be construed as benefiting any third party. The amount of any Distribution returned to the Company by a Member or paid by a Member for the account of the Company or to a creditor of the Company shall be added to the account or accounts from which it was subtracted when it was distributed to such Member.

Appears in 1 contract

Samples: Limited Liability Company Agreement (Golden Queen Mining Co LTD)

Return of Distributions of Capital. Except as otherwise expressly required by law, a Member, in such capacityits capacity as such, shall have no liability for obligations or liabilities of the Company in excess of (a) the amount of such Member’s its Capital Contributions, (b) such Member’s its share of any assets and undistributed profits of the Company Company, (c) its obligation to make other payments expressly provided for in this Agreement, and (cd) to the extent required by law, the amount of any Distributions wrongfully distributed to such Memberit. Except as required by law, no Member shall be obligated by this Agreement to return any Distribution to the Company or to pay the amount of any Distribution for the account of the Company or to any creditor of the Company; provided. However, however, that if any court of competent jurisdiction holds that, notwithstanding the provisions of this Agreement, any Member is obligated to return or pay any part of any Distribution, such the obligation shall bind be that of such Member alone and not of any other Member or any Manager. The provisions of the immediately preceding sentence are solely for the benefit of the Members and shall not be construed as benefiting any third partyMember. The amount of any Distribution returned to the Company by a Member or paid by a Member for the account of the Company or to a creditor of the Company shall be added to the account or accounts from which it was subtracted when it was distributed to such the Member.

Appears in 1 contract

Samples: Limited Liability Company Agreement (PSF Holdings LLC)

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Return of Distributions of Capital. Except as otherwise expressly required by law, a Member, in such capacity, shall have no liability for obligations or liabilities of the Company in excess of (a) the amount of such Member’s 's Capital Contributions, (b) such Member’s 's share of any assets and undistributed profits of the Company and (c) to the extent required by law, the amount of any Distributions wrongfully distributed to such Member. Except as required by law, no Member shall be obligated by this Agreement to return any Distribution to the Company or pay the amount of any Distribution for the account of the Company or to any creditor of the Company; provided, however, that if any court of competent jurisdiction holds that, notwithstanding this Agreement, any Member is obligated to return or pay any part of any Distribution, such obligation shall bind such Member alone and not any other Member or any Manager. The provisions of the immediately preceding sentence are solely for the benefit of the Members and shall not be construed as benefiting any third party. The amount of any Distribution returned to the Company by a Member or paid by a Member for the account of the Company or to a creditor of the Company shall be added to the account or accounts from which it was subtracted when it was distributed to such Member.

Appears in 1 contract

Samples: Limited Liability Company Agreement (U. S. Premium Beef, LLC)

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