Withholding of Certain Amounts. (a) Subject to Section 5.07(c) but notwithstanding any other provision contained herein to the contrary, the Board of Managers may withhold from any distribution to any Member contemplated by this Agreement any amounts due and payable by such Member to the Company or to any other Person in connection with the Company Business to the extent not otherwise paid. Any amount withheld pursuant to this Section 5.05(a) shall be applied or paid by the Company to discharge the obligation in respect of which such amount was withheld.
Appears in 4 contracts
Samples: Agreement and Plan of Merger (STR Holdings, Inc.), Joinder Agreement (STR Holdings (New) LLC), Agreement and Plan of Merger (STR Holdings (New) LLC)
Withholding of Certain Amounts. (a) Subject to Section 5.07(c5.08(c) but notwithstanding any other provision contained herein to the contrary, the Board of Managers may withhold from any distribution to any Member contemplated by this Agreement any amounts due and payable by such Member to the Company or to any other Person in connection with the Company Business to the extent not otherwise paid. Any amount withheld pursuant to this Section 5.05(a5.06(a) shall be applied or paid by the Company to discharge the obligation in respect of which such amount was withheld.
Appears in 3 contracts
Samples: Contribution Agreement (STR Holdings (New) LLC), Limited Liability Company Agreement (STR Holdings LLC), Limited Liability Company Agreement (STR Holdings (New) LLC)
Withholding of Certain Amounts. (a) Subject to Section 5.07(c) but notwithstanding any other provision contained herein Notwithstanding anything to the contrarycontrary contained herein, the Board of Managers may withhold from any distribution to any Member contemplated by Sections 5.02 or 5.03 of this Agreement any amounts due and payable by from such Member to the Company or to any other Person in connection with the Company Business to the extent not otherwise paid. Any amount withheld pursuant to this Section 5.05(a) shall be applied or paid by the Company Board of Managers to discharge the obligation in respect of which such amount was withheld.
Appears in 2 contracts
Samples: Contribution Agreement (Trxade Group, Inc.), Limited Liability Company Agreement (Trxade Group, Inc.)
Withholding of Certain Amounts. (a) Subject to Section 5.07(c) but notwithstanding any other provision contained herein Notwithstanding anything to the contrarycontrary contained herein, the Board of Managers may withhold from any distribution to any Management Member contemplated by this Agreement any amounts due and payable by from such Management Member to the Company or to any other Person in connection with the Company Business to the extent not otherwise paid. Any amount withheld pursuant to this Section 5.05(a) shall be applied or paid by the Company Board of Managers to discharge the obligation in respect of which such amount was withheld.
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