Common use of Distributions When Class B Units Are Outstanding Clause in Contracts

Distributions When Class B Units Are Outstanding. Holders of Class B Units shall receive quarterly distributions for each calendar quarter (or portion thereof) in an aggregate amount equal to 25% of the amount, if any, by which (i) the sum of Funds From Operations plus any gains (or losses) from debt restructuring or property sales exceeds (ii) the product of the Partnership’s weighted average Stockholders Equity multiplied by 2.375% (such percentage to be prorated for any partial quarter). These distributions shall be paid to Holders of Class B Units within 45 days after the end of each quarter. These distributions shall be recalculated at the end of each calendar year beginning with 2004, as 25% of the amount by which (A) annual Funds From Operations plus any gains (or losses) from debt restructuring and gains (or losses) or property sales for such calendar year (or part thereof) exceeds (B) the Partnership’s weighted average Stockholders Equity for such year multiplied by 9.5% (such percentage to be prorated for any partial year). To the extent quarterly distributions exceed the annual recalculated amount, the Holders of Class B Units shall refund the excess to the Partnership, and to the extent the annual recalculated amount exceeds the quarterly distributions made for such year, such excess shall be paid by the Partnership to such Holders within 90 days after the end of such calendar year. Distributions (and any refunds of distributions) made pursuant to this Section 5.01.C shall be apportioned, subject to Section 5.01.D, among the holders of Class B Units pro rata in accordance with their Class B Distribution Percentages, determined as of the date of such distribution (or, in the case of any refund, as of the date of the distribution(s) with respect to which such refund is attributable).