Rights of Class A Interests. (a) The Class A Interests shall be entitled to receive (i) 100% of any amounts distributed by the Company (including liquidating distributions) until such time as the aggregate amount of distributions made with respect to Class A Interests equals the total consideration paid for such Class A Interests plus a 15% annual cumulative rate of return on such consideration compounded quarterly (such aggregate amount of distributions is hereinafter referred to as the "Class A Distribution Amount" and the period required to make such distributions with respect to Class A Interests in full is hereinafter referred to as the "Class A Distribution Period"); and (ii) after completion of the Class A Distribution Period and the Class B Distribution Period (as hereinafter defined), further distributions by the Company, if any, in an amount equal to 30% of the distribution. The distribution rights of the Class A Interests are set forth in more detail in Section A.11 of Schedule 4 annexed hereto. (b) Upon the liquidation of the Company, the holders of the Class A Interests shall be entitled to receive the Adjusted Realized Equity Value of such Class A Interests (the "Class A Liquidation Preference") before any assets of the Company may be distributed to the holders of the Class B Interests; provided, however, that the Class A Interests shall be entitled to such Class A Liquidation Preference only in the event such liquidation takes place before the completion of the Class A Distribution Period and then only to the extent that such Adjusted Realized Equity Value does not exceed the Class A Distribution Amount. After the completion of the Class A Distribution Period and the Class B Distribution Period and upon the liquidation of the Company, the holders of the Class A Interests shall be entitled to receive distributions in accordance with Section 2.7(a)(ii) hereof. Notwithstanding the foregoing provisions of this Section 2.7(b), the rights of the Class A Interests to receive distributions in liquidation of the Company are subject to the provisions of Section A.12 of Schedule 4 annexed hereto. (c) The holders of Class A Interests shall have one vote in the aggregate.
Appears in 3 contracts
Samples: Limited Liability Company Agreement (New Valley Corp), Limited Liability Company Agreement (New Valley Corp), Limited Liability Company Agreement (New Valley Corp)
Rights of Class A Interests. (a) The holders of the Class A Interests shall be entitled to receive (i) 100% of any amounts distributed by the Company (including liquidating distributions) until such time as the aggregate amount of distributions made with respect to Class A Interests equals the total consideration paid for such Class A Interests plus a 1520% annual cumulative rate of return on such consideration compounded quarterly (such aggregate amount of distributions is hereinafter referred to as the "Class A Distribution Amount" and the period required to make such distributions with respect to Class A Interests in full is hereinafter referred to as the "Class A Distribution Period"); and (ii) after completion of the Class A Distribution Period and the Class B Distribution Period (as hereinafter defined), further distributions by the Company, if any, in an amount equal to 3050% of the distribution. The distribution rights of the Class A Interests are set forth in more detail in Section A.11 of Schedule Schedul 4 annexed hereto.
(b) Upon the liquidation of the Company, the holders of the Class A Interests shall be entitled to receive the Adjusted Realized Equity Value of such Class A Interests (the "Class A Liquidation Preference") before any assets of the Company may be distributed to the holders of the Class B Interests; provided, however, that the holders of the Class A Interests shall be entitled to such Class A Liquidation Preference only in the event such liquidation takes place before the completion of the Class A Distribution Period and then only to the extent that such Adjusted Realized Equity Value does not exceed the Class A Distribution Amount. After the completion of the Class A Distribution Period and the Class B Distribution Period and upon the liquidation of the Company, the holders of the Class A Interests shall be entitled to receive distributions in accordance with Section 2.7(a)(ii) hereof. Notwithstanding the foregoing provisions of this Section 2.7(b), the rights of the holders of the Class A Interests to receive distributions in liquidation of the Company are subject to the provisions of Section A.12 of Schedule 4 annexed hereto.
(c) The holders of the Class A Interests shall have one vote in the aggregate.
Appears in 1 contract
Samples: Limited Liability Company Agreement (New Valley Corp)