Common use of Additional Distributions Clause in Contracts

Additional Distributions. Subject to any rights set forth in a Certificate of Designations, the Board of Managers may declare a distribution (“Additional Distribution”) payable to the holders of record as of the first day of the month designated by the Board of Managers (“Record Date”) out of available cash less the portion thereof used to pay or establish reserves for Company expenses, debt payments, capital improvements, replacements and contingencies, all as reasonably determined by the Board of Managers. Any Additional Distributions shall be mailed to such holders of record no later than the last day of the month. In lieu of mailing, the Company may transmit payment to a Member in any other manner agreed to in writing by the Member.