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GIS » Topics » 6.8 Members Liability.

This excerpt taken from the GIS 10-Q filed Jan 6, 2005.

        6.8     Members’ Liability.

        (a)    Except as otherwise provided herein and by applicable law, no Member shall be liable under a judgment, decree, or order of a court, or in any other manner for any other obligations or liabilities of the Company solely by reason of being a Member. A Member shall be liable only to make its Capital Contribution pursuant to Section 2.1 and shall not be required to restore a deficit balance in its Capital Account (other than pursuant to Section 13.3) or to lend any funds to the Company or, after its Capital Contribution has been made pursuant to Section 2.1, to make any



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additional contributions, assessments, or payments to the Company; provided that a Member may be required to repay distributions made to it as provided in the Act, subject to Section 4.4.

        (b)    Notwithstanding anything to the contrary in this Agreement, in no event will any indemnification obligation of the Company or a receiver or trustee to indemnify, save harmless, or pay all Expenses set forth in Section 6.7 subject any Member to personal liability.

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