Distribution Limitations. Notwithstanding any provision to the contrary contained in this Agreement, the LLC shall not make a distribution to any Member on account of its Interest if such distribution would violate the Act or other applicable law or breach any contract or agreement to which the LLC is a party.
Appears in 2 contracts
Sources: Limited Liability Company Agreement (Theravance Inc), Limited Liability Company Agreement (Theravance Biopharma, Inc.)
Distribution Limitations. Notwithstanding any provision to the contrary contained in this Agreement, the LLC shall not make a distribution to any Member on account of its Interest in the LLC if such distribution would violate the Act or other applicable law or breach any contract or agreement to which the LLC is a party.
Appears in 2 contracts
Sources: Limited Liability Company Agreement (pdvWireless, Inc.), Limited Liability Company Agreement