Common use of Limitation of Liability of Members and Managers Clause in Contracts

Limitation of Liability of Members and Managers. The debts, obligations and liabilities of the Company, whether arising in contract, tort or otherwise, shall be solely the debts, obligations and liabilities of the Company. Neither the Member nor any Manager shall be obligated or liable to the Company, any creditor of the Company or any other Person for any losses, debts, obligations or liabilities of the Company, solely by reason of being a shareholder of the Member, the Member or the Manager, as the case may be. Except as required by applicable law, the Member shall not be liable to the Company or the Manager, the creditors of the Company or any other person for the repayment of amounts received from the Company. The failure by the Company to observe any formalities or requirements relating to the exercise of its powers or management of its business or affairs under this Operating Agreement or the Delaware Act shall not be grounds for imposing personal liability on the Member or the Manager for debts, obligations or liabilities of the Company.

Limitation of Liability of Members and Managers. The debts, obligations and liabilities of the Company, whether arising in contract, tort or otherwise, shall be solely the debts, obligations and liabilities of the Company. Neither Fxxxxx Companies Inc., the Member nor any Manager shall be obligated or liable to the Company, any creditor of the Company or any other Person for any losses, debts, obligations or liabilities of the Company, solely by reason of being a shareholder of the Member, the Member or the a Manager, as the case may be. Except as required by applicable law, the Member shall not be liable to the Company or the ManagerManagers, the creditors of the Company or any other person for the repayment of amounts received from the Company. The failure by the Company to observe any formalities or requirements relating to the exercise of its powers or management of its business or affairs under this Operating Agreement or the Delaware Act shall not be grounds for imposing personal liability on the Member or the Manager Managers for debts, obligations or liabilities of the Company.