Manager’s Determination. The Manager shall have the sole authority to determine the timing and amount of all Distributions to Members; provided, however, that all Distributions shall be allocated among the Members in accordance with Section 9.2 hereof; provided, further, as long as any Obligation under the Loan Documents shall remain outstanding, Distributions by the Company shall be limited to amounts received by the Company pursuant to (i) on the Closing Date, the disbursement of the Loans under the Loan Agreement, (ii) so long as no Event of Default has occurred and is continuing, Clause Tenth of Section 1.15(a) of the Loan Agreement and (iii) if an Event of Default has occurred and is continuing, Clause Fifth of Section 1.15(b) of the Loan Agreement (collectively, the “Permitted Distributions”).
Appears in 3 contracts
Sources: Limited Liability Company Agreement (PLM Equipment Growth Fund V), Limited Liability Company Agreement (PLM Equipment Growth Fund Vi), Limited Liability Company Agreement (PLM Equipment Growth & Income Fund Vii)