Restriction on Distribution. The Company will not make a distribution to the members unless immediately after giving effect to the distribution, all liabilities of the Company do not exceed the fair value of the Company assets. Liabilities do not include liabilities to the members on account of their interest in the Company and liabilities to which creditors’ recourse is limited to specified property of the Company. The fair value of any property that is subject to a liability to which creditors’ recourse is limited will be included in the Company assets only to the extent that the fair value of the property exceeds the liability.
Appears in 33 contracts
Samples: Operating Agreement, Operating Agreement, Operating Agreement
Restriction on Distribution. The Company will shall not make a distribution to the members unless immediately after giving effect to the distribution, all liabilities of the Company do not exceed the fair value of the Company assets. Liabilities do not include Company, other than liabilities to the members on account of their interest in the Company and liabilities as to which creditors’ recourse of creditors is limited to specified property of the Company. The , do not exceed the fair value of the Company assets, provided that the fair value of any property that is subject to a liability as to which creditors’ recourse of creditors is so limited will shall be included in the Company assets only to the extent that the fair value of the property exceeds the such liability.
Appears in 3 contracts
Samples: Operating Agreement (Badlands Power Fuels, LLC), Operating Agreement (Nuverra Environmental Solutions, Inc.), Operating Agreement (Nuverra Environmental Solutions, Inc.)
