42 lines
1.8 KiB
Markdown
42 lines
1.8 KiB
Markdown
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# Distributions to Members
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## Distributions in General
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From time to time, but not less often than
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monthly, the CEO and CFO shall determine (i) the amount, if any, by
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which the Company's funds then on hand exceed the Reserve Amount (such
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excess being referred to herein as "**Excess Funds**").
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If the CEO and CFO determines that there are
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Excess Funds subject to distribution but that additional Capital Contributions
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will be required for future Company needs within the next two
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(2) calendar month period, then the CEO and CFO may elect to not make
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a distribution of such Excess Funds.
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Not later than the 15th day of each calendar month, the Excess Funds derived
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from the business shall be distributed to the Company Members in accordance with
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their Sharing Ratios.
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## Withholding
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The Company may withhold distributions or portions
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thereof if it is required to do so by any applicable rule, regulation,
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or law, and each Member hereby authorizes the Company to withhold from
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or pay on behalf of or with respect to such Member any amount of
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federal, state, local or foreign taxes that the Board Of Directors, CEO
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and CFO reasonably determines that the Company is required to withhold
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or pay with respect to any amount distributable or allocatable to such
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Member pursuant to this Agreement. Any amounts so paid or withheld with
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respect to a Member pursuant to this Section shall be treated as having
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been distributed to such Member and shall reduce any amounts otherwise
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distributable to such Member (either currently or in the future)
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pursuant to Section "Distributions to Members" or Section
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"Withdrawl, Dissolution, Liquidation and Termination".
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The Company desires to issue Units in respect of the Company designated as
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“Profits Interest Units” to Participant in connection with Participant’s performance
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of services to or for the benefit of the Company.
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