Status of Members. SECTION 3.1 No Member will be bound by, or be personally liable for, the expenses, liabilities or obligations of the Company.
Status of Members. Notwithstanding anything to the contrary contained in Section 18-304 of the Act, no Member and no Special Member shall cease to be a member of the Company upon the happening of any of the following events (each such event referred to as “Bankruptcy”):
Status of Members. Upon the Effective Date the Members shall constitute all of the members of the Company.
Status of Members. The Members shall not be managers of the Company for purposes of the Delaware Act by virtue of their status as Members.
Status of Members. The Initial Members and any additional or substituted Members shall be "members" of the Company, as that term is used in the Act, subject to the terms and provisions of this Agreement. The Managing Members shall have authority as specified herein.
Status of Members. INDEMNIFICATION 10 Section 6.1 Role of Non-Managing Members. 10 Section 6.2 Liability of Members. 10 Section 6.3 Bankruptcy of Member 10 Section 6.4 Relationship of Members 11 Section 6.5 Other Activities; Affiliates; Non-Compete 11 Section 6.6 Indemnification 12 Section 6.7 Right of First Offer 14 ARTICLE VII. TRANSFER OF MEMBERSHIP INTERESTS 15 Section 7.1 General 15 Section 7.2 Permitted Transferees. 15 Section 7.3 Right of First Refusal 15 Section 7.4 Effect of Assignment. 17
Status of Members. No Member shall have any personal liability whatever, whether to the Company, to any of the Members or to the creditors of the Company, for the debts of the Company or any of its losses beyond the amount agreed to be contributed by it to the capital of the Company as set forth in Section 7.1 except to the extent required by the Act. No Member shall be obligated to restore any deficit in its Capital Account upon the liquidation of the Company or its Membership Interest.
Status of Members. Upon the Effective Date, the Persons executing the Original Agreement constituted all of the Members of the Company. From and after the Effective Date, additional Members may be admitted as the result of the issuance of Units pursuant to the Long-term Incentive Plan, or as the result of an assignee being admitted to the Company as a Member in conformity with this Agreement and the Transfer Restriction Agreement.
Status of Members. 4 4.2.1. LIMITED LIABILITY........................................4 4.2.2. ROLE OF MEMBER...........................................4 4.2.3. DEATH OF MEMBER..........................................4
Status of Members. Notwithstanding anything to the contrary in this Agreement, no transferee of any Ownership Interest received pursuant to a Transfer shall become a Member in respect of or be deemed to have any ownership rights in the Ownership Interest so Transferred unless the purported transferee is admitted as a Member as set forth below.
