Liability Assumption. For purposes of Section 3.1(b) and (g), a liability is “assumed” by the Company or a Member only to the extent that the assuming party is thereby subjected to personal liability with respect to such obligation, the obligee is aware of the assumption and can directly enforce the assuming party’s obligation, and, as between the assuming party and the party from whom the liability is assumed, the assuming party is ultimately liable.
Appears in 1 contract
Sources: Limited Liability Company Agreement (A-Power Energy Generation Systems, Ltd.)
Liability Assumption. For purposes of Section 3.1(b) and (g), a liability is “assumed” by the Company or a Member only to the extent that the assuming party is thereby subjected to personal liability with respect to such obligation, the obligee is aware of the assumption and can directly enforce the assuming party’s obligation, and, as between the assuming party and the party from whom the liability is assumed, the assuming party is ultimately liable.
Appears in 1 contract