Distributions on Common Units. (a) For each full quarter ending on or prior to the Conversion Date, distributions on Class A Units shall be paid from Net LNG Sales Proceeds on each Quarterly Distribution Date following such declaration by the Board to the Members holding Class A Units as they appear on the Schedule A at the close of business on the relevant record date for such distribution. (b) For any distributions of Available Cash following the Conversion Date, distributions on Common Units shall be paid from Available Cash on a quarterly basis on each Quarterly Distribution Date following such declaration by the Board to the Members holding Common Units as they appear on the Schedule A at the close of business on the relevant record date for such distribution. Notwithstanding anything to the contrary, (i) any distributions on Class A Units pursuant to this Section 6.02(b) concurrently with or following a distribution of a Special Class B Distribution Amount shall be reduced (without duplication) by an amount in the aggregate equal to such Special Class B Distribution Amount, if any (it being understood and agreed, for the avoidance of doubt, after such aggregate reduction has occurred one time, such reduction shall no longer apply in respect of such Special Class B Distribution Amount) and (ii) any distributions on Class B Units pursuant to this Section 6.02(b) concurrently with or following a distribution of a Special Class A Distribution Amount shall be reduced (without duplication) by an amount in the aggregate equal to such Special Class A Distribution Amount, if any (it being understood and agreed, for the avoidance of doubt, after such aggregate reduction has occurred one time, such reduction shall no longer apply in respect of such Special Class A Distribution Amount).
Appears in 3 contracts
Sources: Limited Liability Company Agreement (Venture Global, Inc.), Limited Liability Company Agreement (Venture Global, Inc.), Limited Liability Company Agreement (Venture Global, Inc.)