Creditors of Members Sample Clauses

The 'Creditors of Members' clause defines the relationship between a company's creditors and its individual members, clarifying that creditors of members do not have any claim against the company's assets or interests. In practice, this means that if a member of the company owes money to a third party, that creditor cannot pursue the company or its property to satisfy the member's personal debts. This clause serves to protect the company's assets from being targeted by the personal creditors of its members, thereby maintaining a clear separation between the financial obligations of the company and those of its individual members.
Creditors of Members. In no instance shall a creditor of a Member be entitled to rights greater than those of an Assignee set forth in Section 8.5 above.
View SourceView Similar (4)
Creditors of Members. To the fullest extent permitted by law, no creditor of any member (including, without limitation, any judgment creditor who obtains a charging order with respect to such member’s interest under Section 18-703 of the Act) shall, without the prior written consent of the Member, be entitled to share in any profits or losses, receive any distribution or distributions, receive any allocation of income, gain, loss, deduction or credit or similar item or acquire, possess or exercise any right to participate in the management of the business and affairs of the Company to which such Member was, is, or will be entitled under the Act, this Agreement or otherwise. No creditor who obtains any interest in or rights with respect to all or any portion of the interest of a member shall be admitted as member of the Company, or have or acquire any rights of a member (including, without limitation, any right to participate in the management of the business and affairs of the Company).
View Source

Related to Creditors of Members

  • Powers of Members Pursuant to Section ▇▇-▇▇-▇▇▇ of the Act, the Members are authorized: (a) to make all decisions regarding the Company’s operations and legal affairs, including but not limited to: i. the sale, development, lease, or other disposition of the Company's assets; ii. the purchase or acquisition of other assets; iii. the management of all or any part of the Company's assets; iv. the borrowing of money and granting of security interests in the Company's assets; v. the pre-payment, refinancing, or extension of any loan affecting the Company's assets; vi. the compromise or release of any of the Company's claims or debts; and vii. the employment of persons, firms, or corporations for the operation and management of the Company's business; and (b) to execute and deliver: i. all contracts, conveyances, assignments, leases, sub-leases, franchise agreements, licensing agreements, management contracts, and maintenance contracts covering or affecting the Company's assets; ii. all checks, drafts, and other orders for the payment of the Company's funds; iii. all promissory notes, loans, security agreements and other similar documents; and iv. all other instruments of any kind relating to the Company's business and affairs.

  • Investors of one Contracting Party whose investments in the territory of the other Contracting Party suffer losses owing to war or other anned conflict, a state of national emergency, revolt, insurrection or riot in the territory of the latter Contracting Party, shall be accorded by the latter Contracting Party treatment, as regards restitution, indemnification, compensation or other settlement no less favorable than that which the latter Contracting Party accords to its own investors or investors of any third State, whichever is the most favorable to the investor. Resulting payments shall be effectively realizable, freely convertible and immediately transferable.

  • Parent Board of Directors The Board of Directors of Parent will take all actions necessary such that two members of Company's Board of Directors reasonably acceptable to Parent, at least one of whom is an independent director of the Company's Board of Directors, shall be appointed to Parent's Board of Directors as of the Effective Time with a term expiring at the next annual meeting of Parent's stockholders.

  • Directors of the Surviving Corporation The directors of Merger Sub immediately prior to the Effective Time shall be the directors of the Surviving Corporation until the earlier of their resignation or removal or until their respective successors are duly elected and qualified, as the case may be.

  • Senior Management and Boards of Directors 1. Neither Party may require that an enterprise of that Party, that is a covered investment, appoint to senior management positions natural persons of any particular nationality. 2. A Party may require that a majority of the board of directors, or any committee thereof, of an enterprise of that Party that is a covered investment, be of a particular nationality, or resident in the territory of the Party, provided that the requirement does not materially impair the ability of the investor to exercise control over its investment.