Not for Benefit of Creditors Sample Clauses
The 'Not for Benefit of Creditors' clause establishes that the agreement and its provisions are not intended to benefit, or be enforceable by, the creditors of any party involved. In practice, this means that if a party to the contract owes money to third parties, those creditors cannot claim rights or benefits under this agreement, nor can they use the contract to satisfy debts owed to them. The core function of this clause is to prevent third-party creditors from interfering with or asserting claims based on the contract, thereby protecting the parties from unintended obligations or complications arising from external debts.
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Not for Benefit of Creditors. The provisions of this Agreement are intended only for the regulation of relations among Members and the Company. The Agreement is not intended for the benefit of a creditor who is not a Member and does not grant any rights to or confer any benefits on any creditor who is not a Member or any other person who is not a Member, a Manager or an officer. ARTICLE 12 INVESTMENT REPRESENTATIONS 12.1.
Not for Benefit of Creditors. The provisions of this Agreement are intended only for the regulation of relations among past, present and future Members, Directors, the Manager and the Company. This Agreement is not intended for the benefit of non-member creditors and no rights are granted to non-Member creditors under this Agreement.
Not for Benefit of Creditors. The provisions of this Agreement are intended only for the regulation of relations among Partners and between Partners and former or prospective Partners and the Partnership. This Agreement is not intended for the benefit of any Person who is not a Partner, and no rights are intended to be granted to any other Person who is not a Partner under this Agreement.
Not for Benefit of Creditors. The provisions of this Agreement are intended only for the regulation of relations among past, present, and future Members (including the Investment Adviser),
Not for Benefit of Creditors. The provisions of this Agreement are intended only for the regulation of relations among past, present and future Members, Managers, First Trust and the Fund. This Agreement is not intended for the benefit of non-Member creditors and no rights are granted to non-Member creditors under this Agreement, except that any Secured Party (as defined in Annex 1 to this Agreement) shall be a third-party beneficiary of the provisions of Annex 1 to this Agreement. Those certain Pledge Provisions as set forth on Annex 1 to this Agreement are incorporated by reference as if fully set forth herein. Annex 1 to this Agreement may not be amended or modified so long as any Pledge (as defined in Annex 1 to this Agreement) is in effect without the Secured Party’s prior written consent.
Not for Benefit of Creditors. The provisions of this Agreement (including this Section 8.14) are intended only for the regulation of relations among current, prospective and former Members, the Manager and the Company. Subject to the provisions of Sections 2.6 and 2.7 as they apply to an Exculpated Party, this Agreement is not intended for the benefit of non-Member creditors and no rights are granted to non-Member creditors under this Agreement.
Not for Benefit of Creditors. The provisions of this Agreement are intended only for the regulation of relations among past, present and future Members, Managers, and the Fund. This Agreement is not intended for the benefit of creditors, in their capacity as such, and no rights are granted to creditors, in their capacity as such, under this Agreement. 8.8 THIRD-PARTY BENEFICIARIES Each Indemnitee is a third-party beneficiary of Section 3.
Not for Benefit of Creditors. The provisions of this Agreement are intended only for the regulation of relations among past, present and future Shareholders, Managers and the Fund. This Agreement is not intended for the benefit of non-Shareholder creditors of any Shareholder, any Manager, or the Fund, and no rights are granted to non-Shareholder creditors under this Agreement.
Not for Benefit of Creditors. The provisions of this Section 3.3 are expressly intended for the regulation of relations among the Members and the Company and do not grant any rights to, or confer any benefits on, nonmember creditors or any other person who is not a Member.
Not for Benefit of Creditors. The provisions of this Agreement are intended only for the regulation of relations among Members and between Members and former or prospective Members and the LLC. None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the LLC or by any creditor of a Member. Nothing in this Agreement shall be deemed to create any right in any Person (other than Covered Persons) not a party hereto, and this Agreement shall not be construed in any respect to be a contract in whole or in part for the benefit of any third Person (other than Covered Persons).