Revenue Distribution Clause Samples

Revenue Distribution. (a) The Managing Partner shall deposit, or cause to be deposited, all monies due to the Partnership and payable by third parties in a bank account of the Partnership. Except as otherwise specifically provided in this Agreement or in related agreements associated with the financing of the Partnership, the Managing Partner shall pay, from those monies received, all expenses accrued by the Partnership on a current basis. At least monthly, by the last day of each month (commencing the first month after the receipt by the Partnership of its first revenues), all cash funds of the Partnership, other than funds provided by capital contributions which shall not be distributed, that the Management Committee reasonably determines are not needed for the payment of current Partnership obligations or significant Partnership expenditures known by the Managing Partner to be payable within the next ninety (90) day period shall be distributed to the Partners in proportion to their respective Ownership Interests. (b) The distributions provided in this Section are subject to the rights of the Participating Partners under SECTION 0 to receive the distributions otherwise payable to a defaulting Partner. (c) Notwithstanding the foregoing or any other provision contained in this Agreement, (1) the Partnership may retain such insurance proceeds and other amounts as the Management Committee shall reasonably determine are necessary to pay Partnership liabilities and expenses and to restore, preserve and protect Partnership property upon the occurrence of an accident, catastrophe or similar event or to comply with all applicable environmental laws, ordinances, rules and regulations, and (2) the Partnership may retain amounts, as determined by the Management Committee, for the purpose of creating a reserve from which to pay the remainder of (i) the Partnership's share of the estimated cost of abandoning any facilities owned by the Partnership minus (ii) the Partnership's share of the estimated fair market value of any salvageable materials, supplies, equipment and other personal property or fixtures located on or used in connection with the Partnership's facilities in excess of the Partnership's share of the estimated cost of salvage of such items. (d) All Partnership distributions shall be charged to each Partner's Capital Account.