Distributions of Net Capital Proceeds. Except as otherwise provided in Article 12 hereof, as soon as practicable after the event giving rise to the receipt of Net Capital Proceeds by the Company, Net Capital Proceeds shall be distributed (taking into consideration all prior distributions made pursuant to Section 7.1) in the same order and priority as set forth in Section 7.1.
Distributions of Net Capital Proceeds. Net Capital Proceeds shall be distributed as soon as reasonably practical (but not later than sixty (60) days of receipt after the Capital Event) in the following order of priority (subject, however, to Sections 3.5, 3.6 and 4.5);
(i) Net Capital Level 1. First, to repay any then outstanding Contribution Loans and accrued interest thereon if such distribution is prior to the Election Date as to such Contribution Loan under Section 3.5(b), with the first such distributions hereunder to be applied to accrued but unpaid interest and the next distributions to be applied to the principal amount of the outstanding Contribution Loan;
Distributions of Net Capital Proceeds. The Partnership and the General Partner hereby covenant and agree that, for as long as any Preferred Units are outstanding and for as long as a Cash Flow Sweep Event has not occurred and is not continuing, Net Capital Proceeds from a Capital Event in any fiscal quarter shall be distributed or utilized in such quarter as follows:
(i) first, to repay Indebtedness to the extent necessary to reduce the Partnership’s Senior Loan-to-Value Ratio to fifty percent (50%) or to repay any drawdowns on the KeyBank Bridge Credit Facility, pursuant to the terms thereof;
(ii) second, to pay all accrued and unpaid Distributions on the Preferred Units (plus accrued interest thereon pursuant to Section 3(b));
(iii) third, to repurchase all or a portion of the then-outstanding Preferred Units until the Semi-Annual Repurchase has been made, if so required pursuant to Section 5(b); and
(iv) thereafter, to invest in new properties and for other general partnership purposes.
Distributions of Net Capital Proceeds. Within thirty (30) days after a Capital Transaction or at such other times as the Manager shall determine, the Company shall distribute its Net Capital Proceeds:
(a) First, to all Class A Members in proportion to each Class A Member’s Unreturned Investment, until the Unreturned Investment of all Class A Members has been reduced to zero.
(b) Second, seventy percent (70%) to the Class A Members in proportion to the number of Class A Shares owned by each and thirty percent (30%) to holders of the Class B Shares. P a g e | 5
Distributions of Net Capital Proceeds. Net Capital Proceeds will be ------------------------------------- distributed as follows:
(a) First, among the holders of the Class A Units until the Unpaid Preferred Return has been reduced to zero;
(b) Then to the Members as required by Section 3.6;
(c) Then, among the holders of the Class A Units until they have received distributions pursuant to this Section 3.2(b) equal to the par value of their outstanding Class A Units (and each holder of Class A Units shall surrender to the Company the number of Class A Units determined by dividing the amount of the distribution received by such holder pursuant to this Section 3.2(b) by the par value of the Class A Units);
Distributions of Net Capital Proceeds. Net Capital Proceeds shall be reasonably determined by the Management Board. At such time as is determined by the Management Board, distributions of Net Capital Proceeds shall (subject to Section 7.4) be made as follows:
(a) First, to the Members holding Class A Interests in proportion to their Class A Percentages until the Members holding Class A Interests have received aggregate distributions of Net Capital Proceeds under this Section 7.2(a) equal to their Capital Contributions.
(b) Second, eighty eight percent (88%) to the Members holding Class A Interests in proportion to their Class A Percentages and twelve percent (12%) to the Members holding Class B Interests in proportion to their Class B Percentages.
Distributions of Net Capital Proceeds. Net Capital Proceeds will be distributed among the Members within thirty (30) days after receipt by the Company as follows:
(a) First, among the Members in proportion to their relative Unreturned Capital Contributions, until all Unreturned Capital Contributions have been reduced to zero;
(b) Then, 50% to MOS and 50% to JWE.
Distributions of Net Capital Proceeds. Net Capital Proceeds from a Capital Transaction (other than a Terminating Capital Transaction) shall be distributed as soon after the consummation of such Capital Transaction as the Board reasonably determines is practicable, in accordance with and in the order and priority set forth in Section 7.4; provided, however, that the Company shall be required to make the distributions set forth in Section 7.4(a) to the extent Net Capital Proceeds are available therefor.
Distributions of Net Capital Proceeds. (a) All Net Capital Proceeds, if any, realized by or available to the Partnership shall be distributed as follows and in the following order of priority:
(i) First, to the Partners, on a pari passu basis with respect to the outstanding loan balances, the funds necessary to pay any outstanding principal and interest on any and all Emergency Loans made pursuant to Section 3.4 hereof (with any such payments being treated, first, as a payment of interest and, second, as a repayment of principal);
(ii) Second, to the Partners, on a pari passu basis with respect to the outstanding loan balances, the funds necessary to pay any outstanding principal and interest on any and all Default Loans made to the Partnership pursuant to Section 3.3 hereof (with any such payments being treated, first, as a payment of interest and, second, as a repayment of principal);
(iii) Third, to the Partners, on a pro rata basis in accordance with each Partner's Unreturned Capital Contributions, until each Partner has received distributions in an aggregate amount equal to such Partner's Preferred Amount; and
(iv) Fourth, the balance, if any, to the Partners in accordance with their respective Net Capital Proceeds Participation Percentages.
(b) All Net Capital Proceeds shall be distributed as soon as practicable after the closing of the capital transaction which has given rise to such Net Capital Proceeds.
(c) The foregoing priorities for the application of Net Capital Proceeds are for the benefit of the Partners only and not for the benefit of any third party or creditor of the Partnership, and neither the Partnership nor any Partner shall be liable or responsible to any third party or creditor of the Partnership for any deviation from the priorities provided for hereinabove.
(d) Neither any Make-Whole Payment by BIT Partner to Sponsor Partner nor any payment from the Liability Account (as defined on EXHIBIT F attached hereto) by Sponsor Partner to BIT Partner shall be included in Net Capital Proceeds or considered in the distribution of Net Capital Proceeds pursuant to this Section 5.2, provided, however, that such payments shall be included in calculating the aggregate amount distributed to each Partner toward such Partner's Preferred Amount.
Distributions of Net Capital Proceeds. Net Capital Proceeds will be distributed among the Partners as follows:
(a) First, among the Partners in proportion to their relative Unreturned Capital Contributions, until all Unreturned Capital Contributions have been reduced to zero;
(b) Then, among the Partners in accordance with their Capital Interests.
