Common use of Allocations of Company Income Clause in Contracts

Allocations of Company Income. As of the end of each Fiscal Year (or any other, shorter period selected by the Executive Committee), the Company Income shall be determined in accordance with Section 4.2. No later than ninety (90) days after the end of the Fiscal Year, the Company shall make an annual distribution to its Members equal to no less than one hundred percent (100%) of its Company Income for the immediately preceding Fiscal Year, unless otherwise determined by a unanimous vote of the Members. The distribution shall be allocated among the Members in accordance with the Members’ Allocable Shares as of the end of the Fiscal Year for which the Company Income has been calculated; provided however, that the allocation of any cash distribution between the Current Members shall be adjusted as necessary to maintain the Current Members’ Company Interest as reflected in the Capital Accounts of each Member in proportion with the other as of the end of the prior Fiscal Year, which adjustment may include a distribution of cash to maintain such proportions in the event of the Company’s loss of earnings for any Fiscal Year.

Appears in 2 contracts

Samples: Admission Agreement (Piedmont Natural Gas Co Inc), Services Agreement (Agl Resources Inc)

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Allocations of Company Income. As of the end of each Fiscal Year (or any other, shorter period selected by the Executive Committee), the Company Income shall be determined in accordance with generally accepted accounting principles, as provided in Section 4.2. No later than ninety (90) 90 days after the end of the Fiscal Year, the Company shall make an annual distribution to its Members equal to no less than one hundred percent (100%) 75% of its Company Income for the that immediately preceding Fiscal Year, unless otherwise determined by a unanimous vote Unanimous Vote of the Members. The distribution shall be allocated among the Members in accordance with the Members’ their Allocable Shares Share as of the end of the Fiscal Year for which the Company Income has been calculated; provided however, that the allocation of any cash distribution between the Current Members shall be adjusted as necessary to maintain the Current Members' Company Interest as reflected in the Capital Accounts of each Member in proportion with the other as of the end of the prior Fiscal Year, which adjustment may include a distribution of cash to maintain such proportions in the event of the Company’s 's loss of earnings for any Fiscal Year.

Appears in 1 contract

Samples: Limited Liability Company Agreement (Piedmont Natural Gas Co Inc)

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Allocations of Company Income. As of the end of each Fiscal Year (or any other, shorter period selected by the Executive Committee), the Company Income shall be determined in accordance with generally accepted accounting principles, as provided in Section 4.2. No later than ninety (90) 90 days after the end of the Fiscal Year, the Company shall make an annual distribution to its Members equal to no less than one hundred percent (100%) 75% of its Company Income for the that immediately preceding Fiscal Year, unless otherwise determined by a unanimous vote Unanimous Vote of the Members. The distribution shall be allocated among the Members in accordance with the Members’ their Allocable Shares Share as of the end of the Fiscal Year for which the Company Income has been calculated; provided however, that the allocation of any cash distribution between the Current Members shall be adjusted as necessary to maintain the Current Members’ Company Interest as reflected in the Capital Accounts of each Member in proportion with the other as of the end of the prior Fiscal Year, which adjustment may include a distribution of cash to maintain such proportions in the event of the Company’s loss of earnings for any Fiscal Year.

Appears in 1 contract

Samples: Limited Liability Company Agreement (Agl Resources Inc)

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