Other Distribution Rules. Subject to the provisions of Section 3.3, distributions in respect of an LLC Interest shall be made only to the Person or Persons that, according to the Company’s books and records, are the holders of record of the LLC Interests in respect of which such distributions are made on the actual date of distribution. Neither the Company nor the Manager shall incur any liability for making distributions in accordance with the provisions of the preceding sentence, whether or not the Company or the Manager has knowledge or notice of any Transfer or purported Transfer of ownership of any LLC Interest.
Other Distribution Rules. A. For purposes of Sections 4.2, 4.3 and 4.4:
(i) Distributions of Net Cash Flow of the Company for any calendar month will be considered distributed before the Net Proceeds of a Capital Transaction and Net Proceeds of a Financing occurring during the same calendar month.
(ii) Whenever possible, Net Cash Flow of the Company for any calendar month will be distributed before the Net Proceeds of a Capital Transaction and Net Proceeds of a Financing are distributed if the Net Proceeds of a Capital Transaction arise from a Capital Transaction or the Net Proceeds of a Financing arise from an Approved Financing that occurred within such calendar month or within the first ten (10) days of the immediately following calendar month.
(iii) The Manager shall adopt other reasonable ordering conventions as may be necessary to prevent any duplication of amounts that are distributable under both of such Sections.
B. Subject to the provisions of Section 3.4 and Section 6.5.F relating to Default Loans, distributions in respect of an LLC Interest shall be made only to the Person or Persons that, according to the Company's books and records, are the holders of record of the LLC Interests in respect of which such distributions are made on the actual date of distribution. Neither the Company nor the Manager shall incur any liability for making distributions in accordance with the provisions of the preceding sentence, whether or not the Company or the Manager has knowledge or notice of any Transfer or purported Transfer of ownership of any LLC Interest. Except with respect to Default Loans, the Manager shall have no right or authority to set off any debts or obligations of Cordish against any distributions due to Cordish hereunder, including distributions under Section 9.6 hereof.
Other Distribution Rules. Except as provided in Section 4.5 below, (a) no Member will have the right to demand and receive property other than cash in payment for its share of any distribution and (b) distribution of non-cash property may be made with the consent of both Members. The preceding sentence expressly overrides the contrary provisions of DLLCA § 18—605 as to non-cash distributions.
Other Distribution Rules. (i) Within thirty-five (35) days after the end of each calendar quarter during the term of this Agreement, the Company shall, subject to compliance with NASD rules, distribute to the Unit Holders all Net Available Cash in excess of the greater of (a) $500,000, or (b) the minimum net capital requirements of the Company as determined by the Manager, in his discretion, applying the rules and regulations of NASD.
(ii) All distributions made by the Company pursuant to Section 8.1 hereof shall be made only in cash.
(iii) No distribution pursuant to Section 8.1 hereof shall be made if such distribution would cause the Company to be in violation of applicable state law or if such distribution is prohibited by the terms of any agreement of the Company with a third party (provided that such agreement with a third party was approved by the Members by Required Vote).
(iv) All amounts withheld pursuant to the Code or any provision of any state or local tax law with respect to any payment, distribution or allocation to the Company or the Unit Holders shall be treated as amounts distributed to the Unit Holders pursuant to this Article VIII for all purposes of this Agreement. The Manager is authorized to withhold, or cause to be withheld, from distributions, or with respect to allocations, to the Unit Holders and to pay over to any federal, state or local government any amounts required to be so withheld pursuant to the Code or any provision of any other federal, state or local law and shall allocate such amounts to those Unit Holders with respect to which such amounts were withheld.
Other Distribution Rules. All distributions of property in kind shall be made as Available Cash under and in accordance with Section 6.4 and/or Section 8.3, as applicable. Property distributed in kind shall be unencumbered and, for purposes of determining Available Cash, shall be treated as cash in an amount equal to its In-Kind Value. Except as explicitly provided under this Agreement or as otherwise required under the LLC Act, no Member shall be entitled to distributions of property other than cash.
Other Distribution Rules. Distributions shall be made to those Partners holding the applicable Interest on the applicable distribution date.
Other Distribution Rules. No Member will have the right to demand and receive property other than cash in payment for its share of any distribution. Distribution of non-
Other Distribution Rules. Subject to the proviso in Section 11.3(d) and the flush language in Section 11.3 (which applies upon a dissolution of the Company), no Member shall have the right to demand and receive property other than cash in payment for its share of any distribution. Distribution of non-cash property may be made with the consent of both Members. The preceding sentence expressly overrides the contrary provisions of DLLCA § 18–605 as to non-cash distributions.
Other Distribution Rules
