Distributions of Net Cash from Operations. Net Cash from Operations, if any, for any fiscal year, will be distributed to the Members on not less than an annual basis in an amount sufficient to reduce the Company’s cumulative Net Cash from Operations to $200,000.00, unless otherwise determined by a Super Majority Vote of the Board of Managers and provided that any such distribution does not violate or cause the Company to default under the terms of any of the Company’s credit facilities or debt instruments or violate Section 6.10 of this Operating Agreement. Additional distributions, if any, may be made as the Board of Managers shall determine in its sole discretion. Distributions shall be made to all Members ratably in proportion to their Ownership Percentages.
Distributions of Net Cash from Operations. Distributions of Net Cash from Operations, if any, for any fiscal year, will be made on not less than an annual basis with a minimum of 20% to be distributed so long as the Net Cash from Operations is in excess of $500,000.00 for such year and provided that any such distribution does not violate or cause the Company to default under any the terms of any of the Company’s credit facilities or debt instruments. Additional distributions, if any, may be made as the Board of Managers shall determine in its sole discretion. Distributions shall be made to all Members ratably in proportion to their Ownership Percentages.
Distributions of Net Cash from Operations. Net Cash From Sales. and Net Cash From Refinancings. Net Cash from Operations, Net Cash from Sales, and Net Cash from Refinancings shall be distributed, at such times as the Manager(s) may determine, to the Members in accordance with the respective Percentage Interests.
Distributions of Net Cash from Operations. Allocations of Income, Gain, Loss, Deductions, and Credits
Distributions of Net Cash from Operations. Except for a cash reserve determined by the Board in its sole discretion, Distributions of Net Cash from Operations for each Fiscal Year shall be made from time to time, but no less frequently than annually, first to the Members in an amount equal to the Estimated Member Tax Liability for each such Member; and thereafter, to the Members in proportion to their respective Units.
Distributions of Net Cash from Operations. Except for a cash reserve determined by the Member, Distributions of Net Cash from Operations for each Fiscal Year shall be made from time to time, but no less frequently than annually, to the Member. Distribution of any net proceeds upon the sale, exchange or other disposition of all or substantially all of the Company Property shall be made in accordance with Article 14.
Distributions of Net Cash from Operations. Distributions of Net Cash From Operations shall be made in the following order of priority:
(a) first, 85% to the Class B Limited Partner and 15% to the General Partner and the Class A Limited Partners until the Class B Limited Partner has received aggregate distributions from the Partnership since the Effective Date equal to the Class B Limited Partner’s aggregate Capital Contributions since the Effective Date (the “1x Return Amount”);
(b) second, 85% to the Class B Limited Partner and 15% to the General Partner and the Class A Limited Partners until the cumulative amount of distributions to the Class B Limited Partner pursuant to this Agreement results in the Class B Limited Partner achieving a 15% IRR;
(c) third, 65% to the Class B Limited Partner and 35% to the General Partner and the Class A Limited Partners until the cumulative amount of distributions to the Class B Limited Partner pursuant to this Agreement result in the Class B Limited Partner achieving a 27.5% IRR; and
(d) thereafter, 25% to the Class B Limited Partner and 75% to the General Partner and the Class A Limited Partners. All distributions made to the General Partner and the Class A Limited Partners under this Section 4.1 shall be made Pro Rata to such Partners.”
Distributions of Net Cash from Operations. Distributions of Net Cash from Operations shall be made for each calendar month of each fiscal year of the Company within thirty (30) days of the end of each such month and shall be paid to the Members in the following manner:
a. first, to the Members who have made loans to the Company, until such loans and all accrued interest thereon have been repaid;
b. second, to the Members in an amount equal to a cumulative preferential return equal to fifteen percent (15%) per annum, compounded, on the Capital Contributions made by the Member from the date the Capital Contributions were made to the date of payment, ratably in proportion to the Members respective Percentage Interests in the Company, until such preferential return has been fully paid (the "MEMBERS' PREFERRED RETURN");
c. third, to the extent any Members have made any additional Capital Contributions in excess of such Members' Committed Capital, then to such Members, ratably in proportion to such additional Capital Contributions;
d. fourth, ten percent (10%) of the monthly Net Cash from Operations remaining after the distributions set forth in subsections (a), (b) and (c) above shall be placed in a reserve for payment of an annual contribution to the TIC profit-sharing plan, and annual distributions from such reserve to such profit-sharing plan shall require the unanimous consent of the Governors; and
e. fifth, to the Members in an amount equal to one hundred percent (100%) of their Capital Contributions up to their Committed Capital, ratably in proportion to the Members respective Percentage Interest in the Company, until such Capital Contributions have been fully repaid; and
f. thereafter, thirty seven percent (37%) of Net Cash From Operations shall be distributed to * and sixty three percent (63%) of Net Cash From Operations shall be distributed to TIC.
Distributions of Net Cash from Operations. (a) For each Fiscal Year, Net Cash from Operations shall be divided among the Partners according to their percent interest. The default distribution frequency will be every quarter. However, the frequency of said distributions shall be decided by Managing Partner and may change based on performance. The amount that will be distributed shall be decided by the managing partner. The general guideline for distribution will be to keep funds in the account in worth of two months operational expenses.
Distributions of Net Cash from Operations. (a) From time to time (but not less often than within 90 days after the end of each calendar year) the Board shall determine the amount of Net Cash From Operations available for distributions to the Members. In making such determinations, the Board shall take into account reasonably anticipated needs of the business of the Company (including, without limitation, establishment of and additions to reserve accounts for obligations of the Company, for future capital expenditures by the Company and for any other purpose deemed by the Managers to be in the best interest of the Company). Any distributions to the Members must be approved by the affirmative vote of all Managers. Notwithstanding the foregoing, Net Cash From Operations will first be used to repay loans and advances from IMI or its Affiliates, which loans were made to fund startup expenses, including acquisition of tooling, labor costs and factory space to commence manufacture of the Products. The Members intend that approximately 50% of Net Cash From Operations will be retained by the Company and be reinvested in the Company business and the balance will be distributed to the Members.
(b) Notwithstanding the foregoing, on or before April 1 of each calendar year, the Company shall make distributions in respect of the Company's most recently ended tax year to each Member in an amount at least equal to the amount which is necessary to satisfy the highest federal, state, and local income taxes payable by any Member in respect of the Company's net taxable income for such tax year (the "Tax Distribution”). The Company shall retain the services of the outside accountant then being regularly used by the Company for tax purposes to assist in determining the amount of the Tax Distribution.
