Return of Distributions. Members and Assignees who receive distributions made in violation of the Act or this Agreement shall return such distributions to the Company. Except for those distributions made in violation of the Act or this Agreement, no Member or Assignee shall be obligated to return any distribution to the Company or pay the amount of any distribution for the account of the Company or to any creditor of the Company. The amount of any distribution returned to the Company by a Member or Assignee or paid by a Member or Assignee for the account of the Company or to a creditor of the Company shall be added to the account or accounts from which it was subtracted when it was distributed to the Member or Assignee.
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Samples: Operating Agreement (Benchmark Real Estate Investment Fund, LLC), Operating Agreement (Real Street Build-to-Rent Fund I, LLC), Operating Agreement (Brookwood Fenton Investments LLC)
Return of Distributions. Members and Assignees who receive distributions made in violation of the Act or Actor this Agreement shall return such distributions to the Company. Except for those distributions made in violation of the Act or this Agreement, Agreement no Member or Assignee shall be obligated to return any distribution to the Company or pay the amount of any distribution for the account of the Company or to any creditor of the Company. The amount of any distribution returned to the Company by a Member or Assignee or paid by a Member or Assignee for the account of the Company or to a creditor of the Company shall be added to the account or accounts from which it was subtracted when it was distributed to the Member or Assignee.
Appears in 2 contracts
Samples: Operating Agreement (Dover Investments Corp), Dover Investments Corp
Return of Distributions. Members and Assignees who receive distributions made in violation of the Act or this Agreement shall return such distributions to the CompanyCompany to the extent required to do so by the Act. Except for those distributions made in violation of the Act or this Agreement, no Member or Assignee shall be obligated to return any distribution to the Company or pay the amount of any distribution for the account of the Company or to any creditor of the Company. The amount of any distribution returned to the Company by a Member or Assignee or paid by a Member or Assignee for the account of the Company or to a creditor of the Company shall be added to the account or accounts from which it was subtracted when it was distributed to the Member or the Assignee.
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Return of Distributions. Members Unitholders and Assignees who receive distributions made in violation of the Act Act, applicable law, or this Agreement shall return such distributions to the Company. Except for those distributions made in violation of the Act Act, applicable law, or this Agreement, no Member or Assignee Unitholder shall be obligated to return any distribution to the Company or pay the amount of any distribution for the account of the Company or to any creditor of the Company. The amount of any distribution returned to the Company by a Member Unitholder or Assignee or paid by a Member Unitholder or Assignee for the account of the Company or to a creditor of the Company shall be added to the account or accounts from which it was subtracted when it was distributed to the Member Unitholder or Assignee.
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Samples: Limited Liability Company Agreement (Borqs Technologies, Inc.)
Return of Distributions. Members and Assignees who receive distributions made in violation of the Act or this Agreement shall return such distributions to the Company. Except for those distributions made in violation of the Act or this Agreement, no Member or Assignee shall be obligated to return any distribution to the Company or pay the amount of any distribution for the account of the Company or to any creditor of the Company. The amount of any distribution returned to the Company by a Member or Assignee or paid by a Member or Assignee for the account of the Company or to a creditor of the Company shall be added to the account or accounts from which it was subtracted when it was shall have been distributed to the Member or Assignee.
Appears in 1 contract
Samples: License Agreement (Simpson Manufacturing Co Inc /Ca/)
Return of Distributions. Members The Member and the Member’s Assignees who receive distributions made in violation of the Act or this Agreement shall return such distributions to the Company. Except for those distributions made in violation of the Act or this Agreement, no neither the Member or nor its Assignee shall be obligated to return any distribution to the Company or pay the amount of any distribution for the account of the Company or to any creditor of the Company. The amount of any distribution returned to the Company by a the Member or Assignee or paid by a the Member or Assignee for the account of the Company or to a creditor of the Company shall be added to the account or accounts from which it was subtracted when it was distributed to the Member or Assignee.
Appears in 1 contract
Samples: Limited Liability Company Operating Agreement (GLCC Laurel, LLC)
Return of Distributions. Members and Assignees assignees who receive distributions made in error or in violation of the Act or this Agreement shall hold such improper distributions in trust for, and promptly return such improper distributions to to, the Company. Except for those distributions made in violation of the Act or this Agreementsuch improper distributions, no Member or Assignee shall be obligated to return any distribution to the Company or pay the amount of any distribution for the account of the Company or to any creditor of the Company. The amount of any distribution returned to the Company by a Member or Assignee or paid by a Member or Assignee for the account of the Company or to a creditor of the Company shall be added to the account or accounts Capital Account(s) from which it was subtracted when it was distributed to the Member or AssigneeMember.
Appears in 1 contract
Samples: Operating Agreement
Return of Distributions. Members and Assignees who receive distributions made in violation of the Act or Actor this Agreement shall return such distributions to the Company. Except for those distributions made in violation of the Act or this Agreement, no Member or Assignee shall be obligated to return any distribution to the Company or pay the amount of any distribution for the account of the Company or to any creditor of the Company. The amount of any distribution returned to the Company by a Member or Assignee or paid by a Member or Assignee for the account of the Company or to a creditor of the Company shall be added to the account or accounts from which it was subtracted when it was distributed to the Member or Assignee.
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