Common use of Capital Event Proceeds Clause in Contracts

Capital Event Proceeds. As and when Whitehall receives Capital Event Proceeds, Participant shall be entitled to receive an amount equal to (i) the Cash Interest Entitlement plus (ii) if the Unfunded Participating Investment is zero, the Participating Investment Entitlement. The Cash Interest Entitlement and the Current Portion of any Participating Investment Entitlement that Participant is entitled to receive pursuant to clause (ii) above will be payable to the Participant in cash within five business days of Whitehall’s receipt of such Capital Event Proceeds (as a Cash Distribution) and the remainder of such Participating Investment Entitlement will be escrowed and distributed to Participant in accordance with the vesting provisions set forth in Section 4 hereof. In addition, as of such date, to the extent there is then an Unfunded Participating Investment, Participant will be credited with a reduction of the Unfunded Participating Investment in an amount of the Funding Portion with respect to such Capital Event Proceeds. If the Unfunded Participating Investment is greater than zero, the “Funding Portion” under this Section 5(b) shall be equal to (A) Participant’s Participating Percentage Interest multiplied by such Capital Event Proceeds minus (B) the Unfunded Carry and, if the Unfunded Participating Investment is zero, the “Funding Portion” shall be zero.