Common use of Distributions of Operating Profits Clause in Contracts

Distributions of Operating Profits. To the extent the Company has available cash (as determined by the Board of Managers), the Company shall distribute Net Operating Profits to the Members at such times, and in such amounts, as may be determined by the Board of Managers; provided, that to the extent the Company has available cash (as determined by the Board of Managers) the Company shall distribute Net Operating Profits in accordance with this Section 3.2 not less frequently than once per year. Notwithstanding the foregoing, the Company shall maintain and withhold from such distributions of Net Operating Profits a cash reserve in the amount determined by the Board of Managers to be sufficient to meet the working capital requirements of the Company (“Retained Cash”); provided, that the Members agree that a cash reserve equal to thirty percent (30%) of the amount of Net Operating Profits (determined without consideration of such cash reserve) shall be retained unless otherwise approved by the Board of Managers, except that the Retained Cash shall not exceed a total amount of $1,000,000.00 unless unanimously approved by the Board of Managers. Notwithstanding the frequency or amounts of distributions, Net Operating Profits which are distributed to the Members shall be distributed as follows: (a) First, to the Members pro rata in accordance with their respective then Undistributed Preferred Return, in such amounts and until such times as each Member’s Undistributed Preferred Return has been reduced to zero (0); (b) Next, to the Members pro rata in accordance with the Members’ proportionate Unreturned Capital Contributions in such amounts, and until such time, as each Member’s Unreturned Capital Contributions have been reduced to zero (0); and (c) Thereafter, to the Members pro rata in accordance with their respective Percentage Interests.

Distributions of Operating Profits. To the extent the Company has available cash (as determined by the Board of Managers), the Company shall distribute Net Operating Profits to the Members at such times, and in such amounts, as may be determined by the Board of Managers; provided, that to the extent the Company has available cash (as determined by the Board of Managers) the Company shall distribute Net Operating Profits in accordance with this Section 3.2 not less frequently than once per year. Notwithstanding the foregoing, the Company shall maintain and withhold from such distributions of Net Operating Profits a cash reserve in the amount determined by the Board of Managers to be sufficient to meet the working capital requirements of the Company (“Retained Cash”); provided, that the Members agree that a cash reserve equal to thirty percent (30%) of the amount of Net Operating Profits (determined without consideration of such cash reserve) in no event shall be retained unless otherwise approved by the Board of Managers, except that the Retained Cash shall not exceed a total amount of $1,000,000.00 50,000.00 unless unanimously approved by the Board of Managers. Notwithstanding the frequency or amounts of distributionsdistributions and except as otherwise provided in Section 3.7 below, Net Operating Profits which are distributed to the Members shall be distributed as follows: (a) First, to the Members pro rata in accordance with their respective then Undistributed Preferred Return, in such amounts and JBGL until such times time as each MemberJBGL’s Unreturned Capital Contributions have been reduced to zero (0); (b) Next, to JBGL until such time as JBGL’s Undistributed Preferred Return has been reduced to zero (0); (bc) Next, to the Members pro rata in accordance with the Members’ proportionate Unreturned Capital Contributions in such amounts, and MCWP until such time, time as each MemberMCWP’s Unreturned Capital Contributions have been reduced to zero (0); and; (cd) Next, to MCWP until such time as MCWP’s Undistributed Preferred Return has been reduced to zero (0); (e) Thereafter, to the Members pro rata in accordance with their respective Percentage Interests.

Distributions of Operating Profits. To the extent the Company has available cash (as determined by the Board of Managers), the Company shall distribute Net Operating Profits to the Members at such times, and in such amounts, as may be determined by the Board of Managers; provided, that to the extent the Company has available cash (as determined by the Board of Managers) the Company shall distribute Net Operating Profits in accordance with this Section 3.2 not less frequently than once per year. Notwithstanding the foregoing, the Company shall maintain and withhold from such distributions of Net Operating Profits a cash reserve in the amount determined by the Board of Managers to be sufficient to meet the working capital requirements of the Company (“Retained Cash”); provided, that the Members agree that a cash reserve equal to thirty percent (30%) of the amount of Net Operating Profits (determined without consideration of such cash reserve) shall be retained unless otherwise approved by the Board of Managers, except that the Retained Cash shall not exceed a total amount of $1,000,000.00 unless unanimously approved by the Board of Managers. Notwithstanding the frequency or amounts of distributions, Net Operating Profits which are distributed to the Members shall be distributed as follows: (a) First, to the Members pro rata in accordance with their respective then Undistributed Preferred Return, in such amounts and until such times as each Member’s Undistributed Preferred Return has been reduced to zero (0); (b) Next, to the Members pro rata in accordance with the Members’ proportionate Unreturned Capital Contributions in such amounts, and until such time, as each Member’s Unreturned Capital Contributions have been reduced to zero (0); and; (c) ThereafterNext, to the Members in the following percentages until such time as all Members within the JBGL Member Group have received aggregate distributions resulting in an Internal Rate Return of fifteen percent (15%): (i) seventy percent (70%) to the Members which are included within the JBGL Member Group, pro rata in accordance with their respective Percentage Interests, and (ii) thirty percent (30%) to the Members which are included within the Xxxxxx Member Group, pro rata in accordance with their respective Percentage Interests; and (d) Thereafter, fifty percent (50%) to the Members included within the JBGL Member Group and fifty percent (50%) to the Members included within the Xxxxxx Member Group, in each case pro rata in accordance with this respective Percentage Interests.