Limitations on Payments Made in Dissolution Clause Samples
The 'Limitations on Payments Made in Dissolution' clause restricts the types and amounts of payments that can be made by a company or partnership when it is being dissolved. Typically, this clause outlines the order in which creditors, shareholders, and other stakeholders are paid, and may prohibit certain distributions until all outstanding debts and obligations are settled. By establishing clear rules for the distribution of assets during dissolution, this clause helps prevent disputes among stakeholders and ensures that legal and financial obligations are prioritized and met.
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Limitations on Payments Made in Dissolution. Except as otherwise specifically provided in this Agreement, each Member will be entitled to look only to the assets of the Fund for Distributions (including Distributions in liquidation) and the Parties will have no personal liability for any Distributions.
Limitations on Payments Made in Dissolution. Except as otherwise specifically provided in this Agreement, the Member shall only be entitled to look solely to the assets of Company for the return of its positive Capital Account balance and shall have no recourse for its Capital Contribution and/or share of net income (upon dissolution or otherwise) against any Manager.
Limitations on Payments Made in Dissolution. Each Member is entitled to look solely at the assets of the Company for the return of any distributions to which such Member is entitled and will have no recourse for the return of the Member’s investment or the receipt of distributions to which such Member is entitled hereunder (upon dissolution or otherwise) against the Manager or any other Member, except for fraud, intentional misconduct, or an intentional violation of law.
Limitations on Payments Made in Dissolution. Each Member shall be entitled to look solely to the assets of the Company for the return of such Member’s positive Capital Account balance. Notwithstanding that the assets of the Company remaining after payment of or due provision for all debts, liabilities, and obligations of the Company may be insufficient to return the Capital Contributions or share of Profits reflected in such Member’s positive Capital Account balance, a Member shall have no recourse against the Company or any other Member.
Limitations on Payments Made in Dissolution. Except as otherwise specifically provided in this Agreement, each Member shall only be entitled to look solely at the assets of the Company for the return of his/her/its positive Capital Account balance and shall have no recourse for his/her/its Capital Contributions and/or share of Profits (upon dissolution or otherwise) against the Managers or any other Member except as provided in Article 7.
Limitations on Payments Made in Dissolution. Except as otherwise specifically provided in this Agreement, each Member shall be entitled to look only to the assets of the Company for Distributions (including Distributions in liquidation) and no Member, Manager or officer of the Company shall have any personal liability therefor.
Limitations on Payments Made in Dissolution. Each Member shall only be entitled to look to the assets of the Company for the return of its Initial Capital Contribution, Working Capital Contribution and positive Capital Account balance and shall have no recourse for its Initial Capital Contribution, Working Capital Contribution, positive Capital Account balance and/or share of Gross Cash Proceeds (upon dissolution or otherwise) against the Management Committee or any other Member in the event the assets of the Company remaining after payment of or due provision for all debts, liabilities and obligations of the Company are insufficient to return such Member’s Initial Capital Contribution and positive Capital Account balance.
Limitations on Payments Made in Dissolution. Except for the liability of the Management Committee pursuant to SECTION 5.4 or as otherwise specifically provided in this Agreement, each Member shall only be entitled to look solely at the assets of the Company for the return of its Capital Contributions and positive Capital Account balance and shall have no recourse for its Capital Contribution, positive Capital Account balance and/or share of Net Profits (upon dissolution or otherwise) against the Management Committee or any other Member.
Limitations on Payments Made in Dissolution. Except as otherwise ------------------------------------------- specifically provided in this Agreement, each Member shall be entitled to look only to the assets of the Company for the return of his or her positive Capital Account balance and shall have no recourse for his or her Capital Contribution and/or share of Net Profits against any other Member except as provided in Article X.
Limitations on Payments Made in Dissolution. Except as otherwise specifically provided in this Agreement, each Member will be entitled to look solely to the assets of the Company (other than the Property and certain additional intellectual property, if any, which shall be distributed in accordance with Section 4.2(b)) for the return of such Member’s positive Capital Account balance and will have no recourse for its Capital Contribution and/or share of allocated net income or gain against the Directors or any other Member. If any Member has a deficit balance in its Capital Account (after taking into account all Capital Account adjustments for the Company’s taxable year in which the liquidation occurs), such Member will have no obligation to make any contribution to the capital of the Company with respect to such deficit, such deficit will not be considered a debt owed to the Company or to any other person for any purpose whatsoever and such Member will not be liable for such deficit in any manner.