Limitations on Dividends and Distributions. (a) The Company shall pay no distributions to the Members except as provided in this Article 5 and Article 14. (b) A Member may not receive, and the Company, and Board of Directors on behalf of the Company may not make, distributions from the Company to the extent such distribution is inconsistent with, or in violation of, the Act or any provision of this Agreement.
Appears in 4 contracts
Samples: Operating Agreement (Compass Diversified Holdings), Operating Agreement (Compass Diversified Holdings), Operating Agreement (Compass Group Diversified Holdings LLC)
Limitations on Dividends and Distributions. (a) The Company shall pay no distributions to the Members except as provided in this Article 5 and Article 1414 or in any applicable Trust Interest Designation.
(b) A Member may not receive, and the Company, and Board of Directors on behalf of the Company may not make, distributions from the Company to the extent such distribution is inconsistent with, or in violation of, the Act or any provision of this Agreement.
Appears in 2 contracts
Samples: Operating Agreement (Compass Group Diversified Holdings LLC), Operating Agreement (Compass Group Diversified Holdings LLC)
Limitations on Dividends and Distributions. (a) The Company shall pay no distributions to the Members except as provided in this Article 5 V and Article 14XIV.
(b) A Notwithstanding anything to the contrary contained in this Agreement, a Member may not receive, and the Company, and Board of Directors on behalf of the Company may not make, distributions from the Company to the extent such distribution is inconsistent with, or in violation of, the Act or any provision of this Agreement.
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