DISTRIBUTABLE CAPITAL PROCEEDS. The excess of (a) (i) the Capital Proceeds from a Capital Transaction, and (ii) any decrease in the reserves of the Company or a Project Entity or Owner, to the extent such reserves were funded with proceeds from a Capital Transaction; over (b) the sum of (i) amounts paid or payable by the Company to satisfy any debt required to be repaid in connection with any Capital Transaction giving rise to the Distributable Capital Proceeds or to satisfy liabilities and expenses attributable to the
... Capital Transaction, (ii) any other costs or expenditures attributable to the Capital Transaction or which are then due and payable by the Company or the applicable Project Entity, (iii) such reserves as the Board determines are appropriate for the Company and its future needs in connection; (iv) repayment of all principal of and interest on the Company Required Funds Loans (provided that the amount paid with respect to Company Required Funds Loans does not exceed the aggregate amount in clause (a) that is derived from sources other than the Promotional Interest, unless the Capital Proceeds are from the disposition of the Last Project) and all interest on the Working Capital Line to the extent then due and payable; (v) the entire outstanding balance under the Working Capital Line if the Capital Proceeds are from the Last Project; and (vi) amounts needed to pay any unpaid expenses in the development budget for the applicable Project.
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