State Law Limitation on Distributions. Notwithstanding any provision to the contrary contained in this Agreement, the Company shall not make a distribution to any Member on account of such Member’s Units if such distribution would violate the Act or other applicable law.
Appears in 2 contracts
Samples: Operating Agreement (Franklin Covey Co), Operating Agreement (Franklin Covey Co)
State Law Limitation on Distributions. Notwithstanding any provision to the contrary contained in this Agreement, the Company Manager shall not make a distribution to any Member on account of such Member’s its Units if such distribution would violate the Act or other applicable law.
Appears in 2 contracts
Samples: Operating Agreement (World Tree Usa, LLC), Operating Agreement (World Tree Usa, LLC)
State Law Limitation on Distributions. Notwithstanding any provision to the contrary contained in this Agreement, the Company shall not make a distribution to any Member on account of such Member’s Units if such distribution would violate the Act or other applicable law.. 5.6
Appears in 1 contract
Samples: Operating Agreement
State Law Limitation on Distributions. Notwithstanding any provision to the contrary contained in this Agreement, the Company Manager(s) shall not make a distribution to any Member on account of such Member’s Units his or her interest in the Company if such distribution would violate the Act or other applicable law.
Appears in 1 contract
