Common use of Cash Available for Distributions Clause in Contracts

Cash Available for Distributions. 8.1.1 At such times as are determined by the Managing Member (but no less frequently than quarterly), the Company shall make a distribution of Net Operating Cash Flow of the Company (to the extent positive). Net Operating Cash Flow distributions shall be made pro rata to the Members, in accordance with their Percentage Interests. 8.1.2 Except upon the liquidation of the Company (in which event Net Capital Proceeds shall be distributed pursuant to Section 10.2) any Net Capital Proceeds shall be distributed within thirty (30) days following receipt by the Company to the Members pro rata to the Members, in accordance with their Percentage Interests. 8.1.3 Except as provided in subsection 8.1.1 and subsection 8.1.2 above, no portion of any capital contribution made by any Member to the Company may be withdrawn or distributed at any time. 8.1.4 If the Percentage Interests of the Members are adjusted effective at any time or times during any fiscal year of the Company, all distributions of cash made to the Members during such fiscal year (without regard to the actual timing of such distributions) shall be allocated to each portion of such fiscal year during which different Percentage Interests are in effect in the proportion that the number of days in such portion bears to the total number of days in such fiscal year except with respect to Net Capital Proceeds, in which case such proceeds shall be distributed in accordance with the Percentage Interests on the date of the applicable transaction. The amounts so allocated to each such portion of said fiscal year shall be divided among the Members in proportion to their respective Percentage Interests in effect during each such portion of the fiscal year in question. Such allocations to such portions of a fiscal year, and the adjustments, if any, of such cash distributions made during such year, shall be determined with reasonable promptness after the close of each such fiscal year by the Company's accountant. The Members will promptly make any adjusting payments between them as may be required in order to effect any adjustments of such cash distributions as determined by the Company Accountant.

Appears in 2 contracts

Samples: Limited Liability Company Agreement (Wyndham International Inc), Limited Liability Company Agreement (Interstate Hotels Management Inc)

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Cash Available for Distributions. 8.1.1 At such times as are determined by the Managing Member (but no less frequently than quarterly), the Company shall make a distribution of Net Operating Cash Flow of the Company (to the extent positive). Net Operating Cash Flow distributions shall be made pro rata to the Members, in accordance with their Percentage Interests. 8.1.2 Except upon the liquidation of the Company (in which event Net Capital Proceeds shall be distributed pursuant to Section 10.2) and as provided in Article 8A, any Net Capital Proceeds shall be distributed within thirty (30) days following receipt by the Company to the Members pro rata to the Members, in accordance with their Percentage Interests, within thirty (30) days following receipt. 8.1.3 Except as provided in subsection 8.1.1 and subsection 8.1.2 above, no portion of any capital contribution made by any Member to the Company may be withdrawn or distributed at any time. 8.1.4 If the Percentage Interests of the Members are adjusted effective at any time or times during any fiscal year of the Company, all distributions of cash made to the Members during such fiscal year (without regard to the actual timing of such distributions) shall be allocated to each portion of such fiscal year during which different Percentage Interests are in effect in the proportion that the number of days in such portion bears to the total number of days in such fiscal year except with respect to Net Capital Proceeds, in which case such proceeds shall be distributed in accordance with the Percentage Interests on the date of the applicable transaction. The amounts so allocated to each such portion of said fiscal year shall be divided among the Members in proportion to their respective Percentage Interests in effect during each such portion of the fiscal year in question. Such allocations to such portions of a fiscal year, and the adjustments, if any, of such cash distributions made during such year, shall be determined with reasonable promptness after the close of each such fiscal year by the Company's accountantCompany Accountant. The Members will promptly make any adjusting payments between them as may be required in order to effect any adjustments of such cash distributions as determined by the Company Accountant.

Appears in 1 contract

Samples: Limited Liability Company Agreement (Interstate Hotels Corp)

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Cash Available for Distributions. 8.1.1 At such times as are determined by the Managing Member (but no less frequently than quarterly), the Company shall make a distribution of Net Operating Cash Flow of the Company (to the extent positive). Net Operating Cash Flow distributions shall be made pro rata to the Members, in accordance with their Percentage Interests. 8.1.2 Except upon the liquidation of the Company (in which event Net Capital Proceeds shall be distributed pursuant to Section 10.2) and as provided in Section 8A, any Net Capital Proceeds shall be distributed within thirty (30) days following receipt by the Company to the Members pro rata to the Members, in accordance with their Percentage Interests. 8.1.3 Except as provided in subsection 8.1.1 and subsection 8.1.2 above, no portion of any capital contribution made by any Member to the Company may be withdrawn or distributed at any time. 8.1.4 If the Percentage Interests of the Members are adjusted effective at any time or times during any fiscal year of the Company, all distributions of cash made to the Members during such fiscal year (without regard to the actual timing of such distributions) shall be allocated to each portion of such fiscal year during which different Percentage Interests are in effect in the proportion that the number of days in such portion bears to the total number of days in such fiscal year except with respect to Net Capital Proceeds, in which case such proceeds shall be distributed in accordance with the Percentage Interests on the date of the applicable transaction. The amounts so allocated to each such portion of said fiscal year shall be divided among the Members in proportion to their respective Percentage Interests in effect during each such portion of the fiscal year in question. Such allocations to such portions of a fiscal year, and the adjustments, if any, of such cash distributions made during such year, shall be determined with reasonable promptness after the close of each such fiscal year by the Company's accountant. The Members will promptly make any adjusting payments between them as may be required in order to effect any adjustments of such cash distributions as determined by the Company Accountant.be

Appears in 1 contract

Samples: Limited Liability Company Agreement (Interstate Hotels Management Inc)

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