No Division. Notwithstanding Section 18- 217 of the Delaware Limited Liability Company Act or the Depositor’s limited liability company agreement, for so long as the Notes remain Outstanding, the Depositor shall not divide or enter into a plan of division within the meaning of Section 18- 217 of the Delaware Limited Liability Company Act.
Appears in 14 contracts
Sources: Omnibus Amendment (Verizon Owner Trust 2020-A), Transfer and Servicing Agreement (Verizon Owner Trust 2020-B), Omnibus Amendment (Verizon Owner Trust 2020-C)
No Division. Notwithstanding Section 18- 18-217 of the Delaware Limited Liability Company Act (6 Del. C. § 18-101, et seq., the “LLC Act”) or the Depositor’s limited liability company agreement, for so long as the Notes any Credit Extensions remain Outstanding, the Depositor shall not divide or enter into a plan of division within the meaning of Section 18- 18-217 of the Delaware Limited Liability Company LLC Act.
Appears in 5 contracts
Sources: Master Collateral Agency and Intercreditor Agreement (Verizon Master Trust), Master Collateral Agency and Intercreditor Agreement (Verizon Master Trust), Transfer and Servicing Agreement (Verizon Master Trust)