Limitation Upon Distributions. No distribution shall be declared and paid unless, after the distribution is made, the fair value of the Company assets is in excess of all liabilities of the Company and no default has occurred and is continuing under the Indenture or any Series of Bonds then outstanding.
Appears in 8 contracts
Samples: Limited Liability Company Agreement (PSE&G Transition Funding II LLC), Limited Liability Company Agreement (Consumers Funding LLC), Limited Liability Agreement (Consumers Funding LLC)
Limitation Upon Distributions. No distribution shall be declared and paid unless, unless after the distribution is made, the fair value Company is able to pay its debts as they become due in the usual course of business or the assets of the Company assets is are in excess of all liabilities of the Company and no default has occurred and is continuing under Company, except liabilities to the Indenture or any Series Member on account of Bonds then outstandinghis contributions.
Appears in 2 contracts
Samples: Operating Agreement (Majestic Investor Capital Corp), Operating Agreement (Majestic Star Casino LLC)
Limitation Upon Distributions. No distribution shall be declared and paid unless, after the distribution is made, the fair value of the Company assets is in excess of all liabilities of the Company and no default has occurred and is continuing under the Indenture or any Series of Transition Bonds then outstanding.
Appears in 2 contracts
Samples: Limited Liability Company Agreement (Jcp&l Transition Funding LLC), Limited Liability Company Agreement (Jcp&l Transition Funding LLC)
Limitation Upon Distributions. No distribution shall be declared and paid unless, after the distribution is made, the fair value of the Company assets is in excess of all liabilities of the Company and no default has occurred and is continuing under the Indenture or any Series of Storm-Recovery Bonds then outstanding.
Appears in 1 contract
Samples: Limited Liability Company Agreement (Florida Power & Light Co)
Limitation Upon Distributions. No distribution shall be declared and paid unlessif, after the distribution is made, made the sum of the fair market value of the Company Company's total assets is in excess would be less than the sum of all liabilities of the Company and no default has occurred and is continuing under the Indenture or any Series of Bonds then outstandingits total liabilities.
Appears in 1 contract
Limitation Upon Distributions. No distribution shall be declared and ----------------------------- paid unless, after the distribution is made, the then fair market value of the assets of the Company assets is are in excess of all liabilities of the Company and no default has occurred and is continuing under the Indenture or any Series Company, except liabilities to Members on account of Bonds then outstandingtheir contributions.
Appears in 1 contract
Samples: Operating Agreement (Raceland Truck Plaza & Casino LLC)
