Distributions Other than Upon Liquidation. Distributions of available cash shall be made at such time and in such amounts as in the discretion of the Partners, the business, the affairs and the financial circumstances of the Venture permit.
Distributions Other than Upon Liquidation. At such times as the General Partner may determine, the General Partner may cause the Partnership to distribute some or all of the cash held by it which is not reasonably necessary for the operation of the Partnership. Cash available for distribution shall be distributed to the Partners in proportion to their respective Percentage Interests.
Distributions Other than Upon Liquidation. The General Partner shall make distributions to the Partners in proportion to the Partners' Percentage Interests, in cash or property, at such times and in such amounts as the General Partner shall determine, provided that no Partner's Adjusted Capital Account Balance shall fall below zero (or become more negative) as a result of such distribution.
Distributions Other than Upon Liquidation. Distributions of profits shall take place semi-annually — or at such other intervals determined by the Parties - from the profits of the activities of the Venture in accordance with the terms of this Agreement. Sky and Grow Tech shall provide for a joint bank account, mutually approved by the parties, and shall collect and disburse all revenues received from the exploitation of the Projects. After payment of all approved and contracted distribution expenses and sales commissions, distribution fees and approved marketing expenses, any and all of Sky's and Grow Tech's obligations pertaining to the repayment and profit sharing on each Project shall be paid in the following manner;
i. First, to the payment of all development, Projection, sales and marketing of each Project, together with interest and fees advanced by any funding source, including interest, if any.
ii. Second, to the repayment of any continuing marketing expenses advanced as Equity to each Project, along with any costs related to the financing of the project.
iii. Thirdly, to any entity and or individual in each Project who are contracted to receive deferred compensation, such sums as may be mutually agreed upon by the parties herein, but in no case to exceed Two Hundred Thousand Dollars ($250,000) if any.
iv. Fourthly, the payment of any mutually agreed upon adjusted gross profit participation amounts contracted by each Project, including but not limited to certain mutually approved entities and or individuals whose said payments are to be calculated on a pan passu basis with each other according to their percentage arrangement with each Projects financiers in a final financing agreement.
v. Thereafter, any amounts of profit remaining from each Projects revenue stream shall be allocated amongst the investors pursuant to their agreements. Of portions payable to Sky and Grow Tech, 50% shall be paid to Sky, and 50% shall be paid to Grow Tech, in perpetuity, from all revenue streams. It is understood that the above terms as described on paragraphs 15. i, ii, iii and iv above will be subject to the final financing agreement negotiated between Sky, Grow Tech, and any third party sales and distribution entities, including, but not limited to, any licensing agreements. All Payments made by the Venture to any party must be agreed to in writing by Xxxxxx Xxxxxx and Xxxxxxx Xxxxxxx. In that event, the above paragraphs may not be changed accept by the mutual consent of Sky and Grow Tech.
Distributions Other than Upon Liquidation. (a) At least one time with respect to each Fiscal Quarter and no later than 30 business days after the end of each Fiscal Quarter, the Partnership shall distribute all of its excess cash with respect to such Fiscal Quarter ("Cash Available for Distribution") as determined by the Managing Partner, in its sole discretion, taking into account the Partnership's financial condition, results of operations, payment of interest or principal on any indebtedness, cash requirements (including capital expenditures and possible acquisitions) and general economic conditions. Such distributions shall be made to all Partners in accordance with their Percentage Interests.
(b) In addition to the distributions contemplated by Section 6.06(a) hereof, the Managing Partner is authorized to make, at such time and from time to time as the Managing Partner shall elect in its sole discretion, any other distributions in cash or in kind to all Partners in accordance with their Percentage Interests. If a distribution is made in kind, immediately prior to such distribution, the Managing Partner shall determine the fair market value of the property distributed and adjust the Capital Accounts of all Partners upwards or downwards to reflect the difference, if any, between the book value and the fair market value thereof, as if such gain or loss had been recognized upon an actual sale of such property and allocated pursuant to Section 6.03 hereof. Each such distribution shall reduce the Capital Account of the distributee Partner by the fair market value thereof.
(c) The Managing Partner may withhold taxes from any distribution to any Partner to the extent required by the Code or any other applicable law. For purposes of this Agreement, any taxes so withheld by the Partnership with respect to any amount distributed by the Partnership to any Partner shall be deemed to be a distribution or payment to such Partner, reduce the amount otherwise distributable to such Partner pursuant to this Agreement and reduce the Capital Account of such Partner.
(d) If, as a result of a change in the Code or the occurrence of any other event, Op L.P. should cease to be treated as a partnership for federal income tax purposes or the Partnership effects a transaction pursuant to Section 3.03 hereof or Section 3.03 of the Op L.P. Agreement
