Limitation Upon Distribution Clause Samples
Limitation Upon Distribution. No distribution shall be declared and paid unless, if after the distribution is made, the value of assets of the Company would exceed the liabilities of the Company, except liabilities to the Member on account of its Capital Contributions.
Limitation Upon Distribution. (a) No distribution shall be declared and paid unless, if after the distribution is made, the value of assets of the Company would exceed the liabilities of the Company, except liabilities to the Class A Member on account of its Capital Contributions.
(b) Notwithstanding anything to the contrary contained in this Agreement, without first obtaining the Unanimous Consent of the Board, the Company shall not cause or permit the Partnership to make any distribution of cash or property to any holder of Class A Units (as defined in the Partnership Agreement) unless, at the time of such distribution, no PIK Dividends are accrued and unpaid at such time. Notwithstanding the foregoing, to the extent a tax distribution is made from the Partnership to the Company pursuant to Section 4.2 of the Partnership Agreement, the Company shall distribute the same to the Class A Member promptly upon receipt of such distribution.
Limitation Upon Distribution. Notwithstanding any provision to the contrary contained in this Agreement, the Company shall not make any distribution to the Members if such distribution would violate the Delaware Act or other Applicable Law or if such distribution is prohibited by the Company’s then-applicable debt-financing agreements. [***] Confidential treatment has been requested for the bracketed portions. The confidential redacted portion has been omitted and filed separately with the Securities and Exchange Commission.
Limitation Upon Distribution. No distribution shall be made if, after such distribution:
(a) the Company would be insolvent; or
(b) the net assets of the Company would be less than zero. The Managers may base a determination that a distribution is made in compliance with this Section 6.6 if said distribution is made in good faith reliance upon a balance sheet and profit and loss statement of the Company represented to be correct by the Person having charge of its books of account or by an outside accountant regularly engaged by the Company.
Limitation Upon Distribution. No distribution shall be made to Members or Shareholders if prohibited by Section ▇▇-▇▇-▇▇▇ of the Georgia Act.