Limitations on Distribution. Except as provided in this Agreement, no Member shall be entitled to any distribution of cash or other property from the Company. Notwithstanding any provision to the contrary contained in this Agreement, the Company shall not make a distribution to any Member on account of its Interest in the Company if such distribution would violate the Act or other applicable law.
Appears in 10 contracts
Sources: Agreement and Plan of Reorganization (SeqLL, Inc.), Co Venture Agreement (VirTra, Inc), Limited Liability Company Agreement (MPLX Lp)
Limitations on Distribution. Except as provided in this Agreement, no Member shall will be entitled to any distribution of cash or other property from the Company. Notwithstanding any provision to the contrary contained in this Agreement, the Company shall will not make a distribution to any Member on account of its Interest in the Company if such distribution would violate the Act or other applicable law.
Appears in 2 contracts
Sources: Limited Liability Company Agreement (Rice Energy Inc.), Limited Liability Company Agreement (Rice Energy Inc.)
Limitations on Distribution. Except as provided in this Agreement, no Member shall be entitled to any distribution of cash or other property from the Company. Notwithstanding any provision to the contrary contained in this Agreement, the Company shall not make a payment or distribution to any Member on account of its Interest in the Company if such distribution would violate the Act or other applicable lawLaw.
Appears in 1 contract
Sources: Limited Liability Company Agreement
Limitations on Distribution. Except as provided in this Agreement, no Member shall be entitled to any distribution of cash or other property from the Company. Notwithstanding any provision to the contrary contained in this Agreement, the Company shall not make a distribution to any Member on account of its Interest in the Company Membership Units if such distribution would violate the Act or other applicable lawLaw. The Company shall not make a distribution to the extent that all liabilities of the Company exceed the fair value of the assets of the Company.
Appears in 1 contract