Consensus One Venture Capital Limited Partnership Deed


6. DISTRIBUTIONS OTHER THAN IN DISSOLUTION

6.1 General 
6.2 Exception 
6.3 Priority

6.1 General

Subject to clause 6.2 (Exception), the General Partner:

(a) must, as soon as practicable after receipt by the Partnership, distribute any cash or other immediately available funds which the General Partner considers to be available for distribution by the Partnership, unless the General Partner is of the opinion that the Partnership will not have sufficient funds to satisfy any actual, anticipated or contingent Outgoings of the Partnership; and

(b) may make distributions of Investments (other than cash or other immediately available funds) with approval by Special Majority Resolution.

6.2 Exception

Clause 6.1 (General) does not apply to a distribution under clause 3.1(c) or 10.3 (Winding up of the Partnership).

6.3 Priority

A distribution by the General Partner under clause 6.1 (General) must be made in the order of priority specified in clause 1 of schedule C.

 

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