Distribution of Company Funds. In General. 13
Distribution of Company Funds. The Manager shall distribute available funds to each Member in proportion to the Units held by such Member. During the period of time wherein the Initial Manager continues to serve, “available funds” shall mean any amount in excess of the Company’s gross receipts over the Company’s expenditures and which the Initial Manager, in his sole discretion, determines need not be retained by the Company. During any period of time in which a successor Manager is serving the Company, “available funds” shall mean any amount in excess of the Company’s gross receipts over the Company’s expenditures and which the Manager determines need not be retained by the Company; provided, however, that the Company shall retain no more than those funds remaining after paying the Members: (1) the amount necessary to pay federal and state income taxes on the Company’s profits attributable to the Members at the then highest tax rate for individuals, and (2) ten percent (10%) of the net profit attributable to the Members. The minimum distribution provided for in the foregoing sentence shall be made after the close of the Company’s fiscal year but before the 31st day of May following such fiscal year.
Distribution of Company Funds. 8 ARTICLE 7. INDEMNIFICATION......................................................................................8
Distribution of Company Funds. The timing of distributions by the Company (other than distributions in dissolution to which Section 10.3 applies) shall be determined in accordance with the provisions of Section [4.3] of the Collaboration Agreement. Such distributions shall be made to the Members first in proportion to the excess of the positive balances in their Capital Accounts over the amounts of their Capital Contributions, and then in proportion to their remaining positive Capital Account balances; PROVIDED, HOWEVER, that the amount distributable to the Members pursuant to this Section 6.1 shall be reduced by the amount required to fund the budgeted capital, working capital and reserve requirements of the Company during the one hundred and eighty (180) day period following the proposed distribution date and by such other amounts as the Steering Committee reasonably determines to be necessary or appropriate for the operation of the Company.
Distribution of Company Funds. Except as provided in Rule 4.02 and Rule 4.04, all Company funds which are determined by the Board to be available for distribution shall be distributed to the Members in proportion to their respective Percentage Interests.
Distribution of Company Funds. The timing of distributions by the Company (other than distributions in dissolution to which Section 10.3 applies) shall be determined in accordance with the provisions of Section 4.4 of the Collaboration Agreement. Such distributions shall be made first one hundred percent (100%) to the GelTex Companies until the GelTex Companies have received distributions equal to the amount of items of gross income allocated to them pursuant to Section 5.2(b) hereof and, thereafter, to the Members in proportion to their positive Capital Accounts reduced by the amounts of their initial Capital Contributions listed in SCHEDULE A hereto; provided, however, that the amount of Net Profit distributable to the Members shall be reduced by the amount required to fund the budgeted capital, working capital and reserve requirements of the Company during the one hundred and eighty (180) day period following the proposed distribution date and by such other amounts as the Steering Committee reasonably determines to be necessary or appropriate for the operation of the Company.
Distribution of Company Funds. The timing of distributions by the Company (other than distributions in dissolution to which Section 10.3 applies) shall be determined in accordance with the provisions of Section 4.3 of the Collaboration Agreement. Such distributions shall be made (a) first to Genzyme and/or GTC until Genzyme and/or GTC, as applicable, have received distributions equal to the amount of items of gross income allocated to them respectively pursuant to Section 5.2(b) hereof and (b) thereafter, to the Members in proportion to their positive Capital Accounts reduced by the amounts of their initial Capital Contributions listed in Schedule A hereto on the date hereof; provided, however, that in the event that items of gross income are to be distributed to both Genzyme and GTC pursuant to clause (a) hereof and there are insufficient items of gross income available to distribute to both Genzyme and GTC in full, the available items of gross income shall be distributed to Genzyme and GTC on a pro rata basis based on the aggregate amounts distributable to Genzyme and GTC, respectively, pursuant to clause (a) hereof; provided further that the amount of Net Profit distributable to the Members pursuant to clause (b) hereof shall be reduced by the amount required to fund the budgeted capital, working capital and reserve requirements of the Company during the one hundred and eighty (180) day period following the proposed distribution date and by such other amounts as the Steering Committee reasonably determines to be necessary or appropriate for the operation of the Company, which amounts may be used to the extent necessary to make distributions of items of gross income allocated pursuant to Section 5.2(b) hereof.
Distribution of Company Funds. After providing for the payment of any amounts due on the indebtedness of the Company, if any, and providing for a reasonable reserve for the payment of expenses of the Company, the balance of the Net Pretax Profits of the Company (other than Net Pretax Profits
Distribution of Company Funds. After providing for the payment of any amounts due on any indebtedness of the Company and providing for a reasonable reserve for the payment of expenses of the Company, any remaining cash funds of the Company may be distributed or advanced to the Member.
Distribution of Company Funds. 29 5.2 Distribution of Assets in Kind..................................31 5.3 Allocations of Net Income and Net Loss..........................32
