Reserves and Distributions. From time to time, but not less often than quarterly, the General Partner shall review the Partnership’s accounts and determine the amount of the Partnership’s available cash and appropriate reserves (including cash reserves for future maintenance capital expenditures, working capital, turnaround reserves and other matters), and the Partnership shall make a distribution to the Partners of the available cash, subject to the reserves. The General Partner’s determination of the amount of distributions and reserves shall be made on its behalf by its sole member, Columbia Pipeline Partners LP. The General Partner may make such cash distributions as it may determine and without being limited to current or accumulated income or gains from any Partnership funds, including, without limitation, Partnership revenues, capital contributions or borrowed funds; provided, that no such distribution shall be made if, after giving effect thereto, the liabilities of the Partnership exceed the fair market value of the assets of the Partnership. The General Partner may, subject to the foregoing proviso, also cause the Partnership to distribute to the Partners other Partnership property or other securities of the Partnership or other entities. Except as provided in Section 10.2, all distributions shall be made to the Partners in accordance with their Percentage Interests.
Reserves and Distributions. Within 60 days after the end of each quarter, the Managing Member shall review the Company’s accounts and determine the amount of the Company’s available cash and appropriate reserves (including cash reserves for future maintenance capital expenditures, working capital and other matters), and the Company shall make a distribution to the Members of the available cash, subject to the reserves pursuant to Section 5.2. The Company may make such additional cash distributions as the Managing Member may determine and without being limited to current or accumulated income or gains from any Company funds, including, without limitation, Company revenues, capital contributions or borrowed funds; provided, that no such distribution shall be made if, after giving effect thereto, the liabilities of the Company exceed the fair market value of the assets of the Company. In its sole discretion, the Managing Member may, subject to the foregoing proviso, also distribute to the Members other Company property or other securities of the Company or other entities.
Reserves and Distributions. From time to time, but not less often than quarterly, the General Partner shall review the Partnership’s accounts and determine the amount of the Partnership’s available cash and appropriate reserves (including cash reserves for future maintenance capital expenditures, working capital and other matters), and the Partnership shall make a distribution to the Partners of the available cash, subject to the reserves. The General Partner may make such cash distributions as it may determine and without being limited to current or accumulated income or gains from any Partnership funds, including, without limitation, Partnership revenues, capital contributions or borrowed funds; provided, that no such distribution shall be made if, after giving effect thereto, the liabilities of the Partnership exceed the fair market value of the assets of the Partnership. In its sole discretion, the General Partner may, subject to the foregoing provision, also distribute to the Partners other Partnership property or other securities of the Partnership or other entities. All distributions, including distributions in liquidation of the Partnership, shall be made in accordance with the Percentage Interests of the Partners.
Reserves and Distributions. To the setting up of such reserves as the Members may deem reasonably necessary for any contingent or unforeseen liabilities or obligations of the Company arising out of or in connection with the Company business; and
Reserves and Distributions. From time to time, but not less often than quarterly, the Board of Directors shall review the Company’s accounts and determine the amount of the Company’s available cash and appropriate reserves (including cash reserves for future maintenance capital expenditures, working capital and other matters), and the Company shall make a distribution to the Member of the available cash, subject to the reserves. The Board of Directors may make such cash distributions as it may determine and without being limited to current or accumulated income or gains from any Company funds, including, without limitation, Company revenues, capital contributions or borrowed funds; provided, that no such distribution shall be made if, after giving effect thereto, the liabilities of the Company exceed the fair market value of the assets of the Company. In its sole discretion, the Board of Directors may, subject to the foregoing proviso, also distribute to the Member other Company property or other securities of the Company or other entities. All distributions, including distributions in liquidation of the Company, shall be made in accordance with the Percentage Interests of the Company.
Reserves and Distributions. (a) At all times, Reserves shall be maintained and/or (with respect to Subsidiaries of the Company) caused to be maintained in amounts sufficient (determined in a reasonable and prudent manner, taking into account funds reasonably anticipated to be paid, contributed or loaned to the Company and its Subsidiaries) to provide for all reasonably possible and foreseeable present and future cash needs of the Company and its Subsidiaries, including (in each case in respect of the Company and its Subsidiaries) to provide for all reasonably possible and foreseeable present and future working capital requirements, capital expenditures, contingent liabilities and operating shortfalls, and to pay all reasonably possible and foreseeable present and future taxes, insurance, debt service and other costs, fees or expenses incident to the conduct of the business of the Company and/or its Subsidiaries. Without limitation of the preceding sentence, the Board shall review the Reserves periodically, and if any Manager requests, once every quarter.
(b) The Board shall determine in good faith as of each Quarterly Payment Date if Excess Cash exists, and if so, the Board shall (unless otherwise agreed by Unanimous Member Consent in any instance) cause the Company to distribute such Excess Cash to the Members in accordance with this Section 5.4 (including for this purpose by causing its Subsidiaries to make a prior corresponding distribution to the Company). The Board in its discretion may determine in good faith more frequently than quarterly if Excess Cash exists, and if so, the Board may cause the Company to distribute such Excess Cash to the Members in accordance with this Section 5.4.
(c) Subject to the other provisions of this Section 5.4 and Section 4.3(c), any distribution of Excess Cash shall be distributed to the Members as follows:
(i) Prior to the dissolution of the Company in accordance with Section 11:
(A) First, to the Class B Members and Class C2 Members, with the Class C2 Distribution Share payable pro rata to the Class C2 Members in accordance with their respective Class C2 Pro Rata Share and the remainder payable to the Class B Members pro rata in accordance with their respective Class B Pro Rata Shares, until the aggregate amount distributed in respect of the Class B Interests and Class C2 Interests of such Class B Members and Class C2 Members is equal to 100% of the Quarterly Distribution due and payable to Class B Members and Class C2 Members on such Quarterly...
Reserves and Distributions. To establish cash reserves for contingencies and to make distributions of Partnership income, provided, however, that the General Partners may jointly elect not to make a distribution in any calendar year if they reasonably determine that by doing so the Partnership would not be able to maintain adequate reserves;
Reserves and Distributions. After making payment or provision for payment of debts and liabilities of the Partnership and all expenses of liquidation, the Liquidator may set up such cash reserves as it deems reasonably necessary for contingent or unforeseen liabilities of the Partnership. Upon the winding up and termination of the business of the Partnership, its assets other than cash shall be sold and provision for its liabilities and obligations be made. Each holder of an interest in the Partnership shall look solely to the assets of the Partnership for all distributions in respect to the Partnership and shall have no recourse against the General Partner or Liquidator. No such holder shall have any right to demand or receive property other than cash upon dissolution and termination of the Partnership. All Partnership property shall be sold or distributed in kind in the discretion of the Liquidator. Any in kind distribution need not be pro rata as long as the value of assets and cash, if any, distributed to each Partner is pro rata in accordance with the Partner's ownership of Units.
Reserves and Distributions. From time to time, but not less often than quarterly, the General Partner shall review the Partnership's accounts and determine the amount of the Partnership's available cash and appropriate reserves (including cash reserves for future maintenance capital expenditures, working capital and other matters), and the Partnership shall make a distribution to the Partners of the available cash, subject to the reserves. The General Partner's determination of the amount of distributions and reserves shall be made on its behalf by its sole member, Teekay Offshore Partners L.P. The General Partner may make such cash TEEKAY OFFSHORE OPERATING L.P. AGREEMENT OF LIMITED PARTNERSHIP distributions as it may determine and without being limited to current or accumulated income or gains from any Partnership funds, including, without limitation, Partnership revenues, capital contributions or borrowed funds; provided that no such distribution shall be made if, after giving effect thereto, the liabilities of the Partnership exceed the fair market value of the assets of the Partnership. In its sole discretion, the General Partner may, subject to the foregoing proviso, also distribute to the Partners other Partnership property or other securities of the Partnership or other entities. All distributions, including distributions in liquidation of the Partnership, shall be made in accordance with the Percentage Interests of the Partners.
Reserves and Distributions. From time to time, but not less often than quarterly, the General Partner shall review the Partnership’s accounts and determine the amount of the Partnership’s available cash and appropriate reserves (including cash reserves for future maintenance capital expenditures, working capital and other matters), and the Partnership shall make a distribution to the Partners of the available cash, subject to the reserves. The General Partner’s determination of the amount of distributions and reserves shall be made on its behalf by its sole member, Seadrill Partners LLC. The General Partner may make such cash distributions as it may determine and without being limited to current or accumulated income or gains from any Partnership funds, including, without limitation, Partnership revenues, capital contributions or borrowed funds; provided, that no such distribution shall be made if, after giving effect thereto, the liabilities of the Partnership exceed the fair market value of the assets of the Partnership or if the distribution would violate applicable law. In its sole discretion, the General Partner may, subject to the foregoing proviso, also distribute to the Partners other Partnership property or other securities of the Partnership or other entities. All distributions, including distributions in liquidation of the Partnership, shall be made in accordance with the Percentage Interests of the Partners.
