Distribution of Capital Proceeds. Capital Proceeds shall be distributed promptly after a Capital Transaction (unless (x) such distribution is not in compliance with law or (y) such distribution would result in a breach of any covenants or undertakings provided by the Company (including covenants or undertakings provided for third party financing) or would, in the opinion of the Members, acting reasonably, be likely to do so during the following twelve (12) months) in the following order of priority:
Appears in 6 contracts
Samples: Limited Liability Company Agreement (CNL Healthcare Trust, Inc.), Limited Liability Company Agreement (CNL Healthcare Trust, Inc.), Limited Liability Company Agreement (CNL Lifestyle Properties Inc)
Distribution of Capital Proceeds. Capital Proceeds shall will be distributed promptly after a Capital Transaction (unless (x) such distribution is not in compliance with law or (y) such distribution would result in a breach of any covenants or undertakings provided by the Company (including covenants or undertakings provided for third party financing) or would, in the opinion of the MembersManager, acting reasonably, be likely to do so during the following twelve (12) months) to each Member in accordance with the following order of prioritypriorities:
Appears in 1 contract
Samples: Limited Liability Company Agreement (Summit Healthcare REIT, Inc)
