Restrictions on Distributions. Notwithstanding the distributions contemplated by this Section, if the Company has creditors, no distribution may be made if, after giving effect to such distribution, either (i) the Company would be unable to pay its debts as they become due in the usual course of business or (ii) the net assets of the Company would be less than zero.
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Samples: Preferred Membership Unit Purchase Agreement (FVA Ventures, Inc.), Preferred Membership Unit Purchase Agreement (FVA Ventures, Inc.), Operating Agreement (Inland Real Estate Corp)
Restrictions on Distributions. Notwithstanding the No distributions contemplated by this Section, if the Company has creditors, no distribution may be made to the Members if, after giving effect to such distributiondistributions, either (i) the Company would be unable to pay its debts as they become due in the usual course of business or (ii) the net assets of the Company would be less than zero.
Appears in 2 contracts
Samples: Operating Agreement, Operating Agreement
Restrictions on Distributions. Notwithstanding the distributions contemplated by this Section, if the Company has creditors, no No distribution may shall be made if, after giving effect to such the distribution, either (i) the Company would not be unable able to pay its debts as they become due in the usual course of business or (ii) the net total assets of the Company would be less than zerothe sum of its total liabilities.
Appears in 2 contracts
Samples: Operating Agreement, Operating Agreement (155 East Tropicana, LLC)
Restrictions on Distributions. Notwithstanding the distributions contemplated by this Section, if the Company has creditors, no No distribution may shall be declared or made if, after giving effect to such distribution, either it effect: (ia) the Company would not be unable able to pay its debts as they become due in the usual course of business business; or (iib) the net Company’s total assets of the Company would be less than zerothe sum of its total liabilities (calculated without regard to Member Loans.
Appears in 1 contract
Samples: Limited Liability Company Agreement (Cooper-Standard Holdings Inc.)
Restrictions on Distributions. Notwithstanding the distributions contemplated by this Section, if the Company has creditors, no distribution may be made if, after giving effect to such distribution, either (i) the Company would be unable to pay its debts as they become due in the usual course of business or business, (ii) the net assets of the Company would be less than zero, or (iii) it would be in violation of the Act.
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