Common use of Effect and Continuation Clause in Contracts

Effect and Continuation. The indemnification and advancement of expenses authorized in or ordered by a court pursuant to this Article 10: (a) Does not exclude any other rights to which a Person seeking indemnification or advancement of expenses may be entitled under any limited liability company agreement, vote of Members, or otherwise, for either an action in his official capacity or an action in another capacity while holding his office, except that indemnification, unless ordered by a court pursuant to Article 10.4 for the advancement of expenses made pursuant to Article 10.6, may not be made to or on behalf of any Member or officer if a final adjudication establishes that his acts or omissions involved intentional misconduct, fraud or a knowing violation of the law and was material to the cause of action. (b) Continues for a Person who has ceased to be a Member, officer, employee or agent and inures to the benefit of his heirs, executors and administrators.

Effect and Continuation. The indemnification and advancement of expenses authorized in or ordered by a court pursuant to this Article 10: (a) Does not exclude any other rights to which a Person seeking indemnification or advancement of expenses may be entitled under any limited liability company agreement, vote of MembersPartners, or otherwise, for either an action in his official capacity or an action in another capacity while holding his office, except that indemnification, unless ordered by a court pursuant to Article Section 10.4 for the advancement of expenses made pursuant to Article Section 10.6, may not be made to or on behalf of any Member Partner or officer if a final adjudication establishes that his acts or omissions involved intentional misconduct, fraud or a knowing violation of the law and was material to the cause of action. (b) Continues for a Person who has ceased to be a MemberPartner, officer, employee or agent and inures to the benefit of his heirs, executors and administrators.