Limited Liability of Members. Units are non-assessable. No Member shall be personally liable for any of the expenses, liabilities, or obligations of the Company or for any Losses beyond the amount of the Member’s Capital Contribution to the Company and the Member’s share of any undistributed net income and gains of the Company.
Appears in 6 contracts
Samples: Operating Agreement (Bayou City Exploration, Inc.), Operating Agreement (Bayou City Exploration, Inc.), Operating Agreement (IMH Financial Corp)
Limited Liability of Members. Units are non-assessable. No Member shall be personally liable for any of the expenses, liabilities, or obligations of the Company or for any Losses beyond the amount of the Member’s 's Capital Contribution to the Company and the Member’s 's share of any undistributed net income and gains of the Company.
Appears in 2 contracts
Samples: Operating Agreement (Yosemite Mortgage Fund Ii LLC), Operating Agreement (Yosemite Mortgage Fund Ii LLC)
Limited Liability of Members. Units are non-assessable. No , and no Member shall be personally liable for any of the expenses, liabilities, or obligations of the Company or for any Losses of the losses thereof beyond the amount of the such Member’s 's agreed upon Capital Contribution to the Company and the such Member’s 's share of any undistributed net income and gains of the Company; provided, that each Member shall remain liable to return to the Company any distributions that such Member is obligated to return pursuant to Section 68.4211 of the Act.
Appears in 1 contract
Limited Liability of Members. Units are non-assessable. No , and no Member shall be personally liable for any of the expenses, liabilities, or obligations of the Company or for any Losses of the losses thereof beyond the amount of the such Member’s agreed upon Capital Contribution to the Company and the such Member’s share of any undistributed net income and gains of the Company.;
Appears in 1 contract
Samples: Operating Agreement
