Common use of Severability; Conflict with Act; Limitation on Distributions Clause in Contracts

Severability; Conflict with Act; Limitation on Distributions. If any one or more of the covenants, agreements, provisions or terms of this Agreement is held invalid, illegal or unenforceable, then such covenants, agreements, provisions or terms will be deemed severable from the remaining covenants, agreements, provisions or terms of this Agreement and will in no way affect the validity, legality or enforceability of the other provisions of this Agreement or of the Certificates or any Securities or the rights of any Holders or holders of Securities. If there is a direct conflict between the provisions of this Agreement and any mandatory provision of the Act, then the applicable provision of the Act will control. Notwithstanding any other provision of this Agreement to the contrary, neither the Company nor any Series shall make any distribution, payment or other transfer of assets to a Member or Holder if such distribution, payment or other transfer would violate the Act or other applicable law.