01A Application of Cash for Grandfathered Series Sample Clauses

01A Application of Cash for Grandfathered Series. (a) Subject to the applicable provisions of the Delaware Act, Section 7.03A, Article XI and any Series Designation, for each Grandfathered Series, the Administrative Manager shall review, on a monthly basis, beginning on the month-end date following the 90th calendar day following the Initial Date of the respective Grandfathered Series, the financial performance of that Grandfathered Series to determine whether there exists Free Cash Flow of that Grandfathered Series available for distribution. Subject to the approval of the Managing Member, the Administrative Manager will be entitled to exercise discretion in making such computations, since the amount of the Free Cash Flow will depend, among other things, upon the Administrative Manager’s assessment as to whether available cash flow should be used to fund indebtedness, obligations and liabilities attributable to that Grandfathered Series, and to be set aside for Reserves. The Administrative Manager’s decisions regarding such computations shall be final and binding upon all Members. (b) For each calendar year, the Company shall distribute to the Economic Members of each Grandfathered Series: (i) their Preferred Return (and any Preferred Return that accrued with respect to a prior calendar year but has not yet been distributed) and (ii) the Excess Free Cash Flow less any amounts paid for the Service Fee, in accordance with their Percentage Interest. (c) For each Grandfathered Series, the Company generally intends, but is not required, to distribute enough each month to the Economic Members to satisfy the amount of Preferred Return that has accrued. In addition, for each Series, the Company intends, but is not required, to distribute any additional amounts to the Economic Members on a quarterly basis, where such additional amounts may be credited to the Preferred Return that accrues for that year (including for periods that occur after the distribution is made) or that accrued for a prior year, with any excess being credited to the amount of Excess Free Cash Flow distributed under Section 7.01(b)(ii).
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