Article 22
Distribution of proceeds and capital
1.
An ELTIF may regularly distribute to investors the proceeds generated by the assets contained in its portfolio. Those proceeds shall comprise:
(a)
proceeds that the assets are regularly producing;
(b)
capital appreciation realised after the disposal of an asset.
2.
The proceeds shall not be distributed to the extent that they are required for future commitments of the ELTIF.
3.
An ELTIF may reduce its capital on a pro rata basis in the event of a disposal of an asset during the life of the ELTIF, provided that such disposal is duly considered by the manager of the ELTIF to be in the investors’ interests.
4.
The rules or instruments of incorporation of an ELTIF shall specify the distribution policy that the ELTIF will apply during its life.