Application of Cash. Subject to Section 6.03 and Article X, any Free Cash Flows after the creation of such reserves as the Managing Member deems necessary, in its sole discretion, shall be applied and distributed by way of distribution to the Members (pro rata to their Interests and which, for the avoidance of doubt, may include the Managing Member or its Affiliates).
Appears in 3 contracts
Samples: Limited Liability Company Agreement (Public Luxury Handbag Portfolio LLC), Limited Liability Company Agreement (Public 1997 Michael Jordan PMG LLC), Limited Liability Company Agreement (Public Alts 001 LLC)
Application of Cash. Subject to Section 6.03 and Article X, any Free Cash Flows after the creation of such reserves as the Managing Member deems necessarynecessary and after withholding any amounts required for federal, state and/or local corporate taxes, in its sole discretion, shall be applied and distributed by way of distribution as follows:
(a) 95% to the Members (pro rata to their Interests and which, for the avoidance of doubt, may include the Managing Member and its Affiliates if the Managing Member or any Affiliates acquired or received Interests); and
(b) 5% to the Asset Manager (which amount may be waived by the Asset Manager in its Affiliatessole discretion).
Appears in 1 contract
Samples: Limited Liability Company Agreement (Public Shrek Royalties LLC)
