Common use of Effect on Percentage Interests and Capital Accounts Clause in Contracts

Effect on Percentage Interests and Capital Accounts. If the Non‑Defaulting Member makes a Default Contribution as provided in clause (x) of Section 5.3(a) then, effective from the date on which the Non‑Defaulting Member makes a Capital Contribution in an amount equal to the Deficiency Amount, the Percentage Interest of the Defaulting Member immediately prior thereto shall be reduced (but not below 0%) by the number of percentage points equivalent to the fraction (the “Dilution Fraction”) obtained by dividing (i) 100% of the applicable Deficiency Amount by (ii) the aggregate amount of the Capital Contributions made by all of the Members (including said Default Contribution), and concomitantly, the Percentage Interest of the Non‑Defaulting Member shall be increased by the same number of percentage points. By way of example, suppose that each Member had previously funded $50 in Capital Contributions, that a Capital Call for $100 in Additional Capital Contributions is made, and that one Member fails to contribute its share ($50) of said Additional Capital Contributions. If the Non‑Defaulting Member elects to make a Default Contribution of $50 under clause (x) of Section 5.3(a), then the Dilution Fraction would be equal to $50 (100% of the Default Amount) divided by $200, or 0.25. Thus, the Percentage Interest of the Defaulting Member would be reduced by 25 percentage points, to 25%; the Percentage Interest of the Non‑Defaulting Member would be increased by 25 percentage points, to 75%, and any amounts otherwise distributable to the Defaulting Member under Section 7.4(d) would be reduced by 50%, with said amount being distributed instead to the Non‑Defaulting Member. The Incentive Distribution Percentage (as defined in Section 7.4(d) hereof), shall also be adjusted as described in Section 7.4(d)(iii).

Effect on Percentage Interests and Capital Accounts. If the Non‑Defaulting Non-Defaulting Member makes a Default Contribution as provided in clause (x) of Section 5.3(a) then, effective from the date on which the Non‑Defaulting Non-Defaulting Member makes a Capital Contribution in an amount equal to the Deficiency Amount, the Percentage Interest of the Defaulting Member immediately prior thereto shall be reduced (but not below 0%) by the number of percentage points equivalent to the fraction (the “Dilution Fraction”) obtained by dividing (i) 100% of the applicable Deficiency Amount by (ii) the aggregate amount of the Capital Contributions made by all of the Members (including said Default Contribution), and concomitantly, the Percentage Interest of the Non‑Defaulting Non-Defaulting Member shall be increased by the same number of percentage points. By way of example, suppose that each Member had previously funded $50 in Capital Contributions, that a Capital Call for $100 in Additional Capital Contributions is made, and that one Member fails to contribute its share ($50) of said Additional Capital Contributions. If the Non‑Defaulting Non-Defaulting Member elects to make a Default Contribution of $50 under clause (x) of Section 5.3(a), then the Dilution Fraction would be equal to $50 (100% of the Default Amount) divided by $200, or 0.25. Thus, the Percentage Interest of the Defaulting Member would be reduced by 25 percentage points, to 25%; the Percentage Interest of the Non‑Defaulting Non-Defaulting Member would be increased by 25 percentage points, to 75%, and any amounts otherwise distributable to the Defaulting Member under Section 7.4(d) would be reduced by 50%, with said amount being distributed instead to the Non‑Defaulting Non-Defaulting Member. The Incentive Distribution Percentage (as defined in Section 7.4(d) hereof), shall also be adjusted as described in Section 7.4(d)(iii).

Effect on Percentage Interests and Capital Accounts. If there is a Deficiency Amount as a result of the Non‑Defaulting Member failure of a Defaulting Partner to make a Capital Contribution, and a Limited Partner makes a Default Contribution of all or any portion of the Deficiency Amount as provided in clause (x) of a Capital Contribution for its own account pursuant to Section 5.3(a) 6.4(a)(ii), then, effective from the date on which the Non‑Defaulting Member Limited Partner makes a any such Capital Contribution in an amount equal to the Deficiency AmountContribution, the Percentage Interest of the Defaulting Member Partner immediately prior thereto shall be reduced (but not below 0%) by the number of percentage points equivalent to the fraction (the “Dilution Fraction”) obtained by dividing (i) 100% of the applicable Deficiency Amount by (ii) the aggregate amount of the Capital Contributions made by all of the Members Partners (including said any Default Contribution treated as a Capital Contribution), and concomitantly, the Percentage Interest of the Non‑Defaulting Member Non-Defaulting Partner (calculated after adjusting for any Capital Contributions made with respect to the Capital Call resulting in the Deficiency Amount) shall be increased by the same number of percentage points. By way of example, suppose that each Member all Partners had previously funded an aggregate of $50 100 in Capital Contributions, that a Capital Call for $100 in Additional additional Capital Contributions is made, and that one Member PGGM PRE Fund fails to contribute its share ($5045) of said Additional additional Capital Contributions. If the Non‑Defaulting Member Inland elects to make a Default Capital Contribution of $50 55 and a Default Contribution treated as a Capital Contribution under clause Section 6.4(a)(ii) in the amount of PGGM PRE Fund’s Deficiency Amount (x) of Section 5.3(ai.e., $45), then the Dilution Fraction would be equal to $50 45 (100% of the Default Deficiency Amount) divided by $200, or 0.250.225. Thus, the Percentage Interest of the Defaulting Member PGGM PRE Fund would be reduced by 25 22.5 percentage points, to 25%; points and the Percentage Interest of the Non‑Defaulting Member Inland would be increased by 25 22.5 percentage points, to 75%, and any amounts otherwise distributable to the Defaulting Member under Section 7.4(d) would be reduced by 50%, with said amount being distributed instead to the Non‑Defaulting Member. The Incentive Distribution Percentage (as defined in Section 7.4(d) hereof), shall also be adjusted as described in Section 7.4(d)(iii).

Effect on Percentage Interests and Capital Accounts. If there is a Deficiency Amount as a result of the Non‑Defaulting failure of a Defaulting Member to make a Capital Contribution, and the Non-Defaulting Member makes a Default Contribution of all or any portion of the Deficiency Amount as provided in clause (x) of Section 5.3(a) a Capital Contribution for its own account, then, effective from the date on which the Non‑Defaulting Non-Defaulting Member makes a such Capital Contribution in an amount equal to the Deficiency AmountContribution, the Percentage Interest of the Defaulting Member immediately prior thereto shall be reduced (but not below 0%) by the number of percentage points equivalent to the fraction (the “Dilution Fraction”) obtained by dividing (i) 100% of the applicable Deficiency Amount by (ii) the aggregate amount of the Capital Contributions made by all of the Members (including said any Default Contribution), and concomitantly, the Percentage Interest of the Non‑Defaulting Non-Defaulting Member (calculated after adjusting for any Capital Contributions made with respect to the Capital Call resulting in the Deficiency Amount) shall be increased by the same number of percentage points. By way of example, suppose that each Member all Members had previously funded an aggregate of $50 100 in Capital Contributions, that a Capital Call for $100 in Additional additional Capital Contributions is made, and that one Member fails to contribute its share ($5020) of said Additional additional Capital Contributions. If the Non‑Defaulting Non-Defaulting Member elects to make a Default Capital Contribution of $50 20 under clause (x) of Section 5.3(a), then the Dilution Fraction would be equal to $50 20 (100% of the Default Amount) divided by $200, or 0.250.10. Thus, the Percentage Interest of the Defaulting Member would be reduced by 25 10 percentage points, to 25%; the Percentage Interest of the Non‑Defaulting Non-Defaulting Member would be increased by 25 10 percentage points, to 75%, and any amounts otherwise distributable to the Defaulting Member under Section 7.4(d7.4(b) and (c) would be reduced by 50%proportionally, with said amount being distributed instead to the Non‑Defaulting Non-Defaulting Member. The Incentive Distribution Percentage (as defined in Section 7.4(d) hereof), shall also be adjusted as described in Section 7.4(d)(iii).

Effect on Percentage Interests and Capital Accounts. If the Non‑Defaulting Non-Defaulting Member makes a Default Contribution as provided in clause (x) of Section 5.3(a) then, effective from the date on which the Non‑Defaulting Non-Defaulting Member makes a Capital Contribution in an amount equal to the Deficiency Amount, the Percentage Interest of the Defaulting Member immediately prior thereto shall be reduced (but not below 0%) by the number of percentage points equivalent to the fraction (the “Dilution Fraction”) obtained by dividing (i) 100% of the applicable Deficiency Amount by (ii) the aggregate amount of the Capital Contributions made by all of the Members (including said Default Contribution), and concomitantly, the Percentage Interest of the Non‑Defaulting Non-Defaulting Member shall be increased by the same number of percentage points. By way of example, suppose that each Member NYSTRS had previously funded $50 80 in Capital ContributionsContributions and that Inland had previously funded $20, that a Capital Call for $100 in Additional additional Capital Contributions is made, and that one Member (Inland) fails to contribute its share ($5020) of said Additional Capital Contributions. If the Non‑Defaulting Non-Defaulting Member (NYSTRS) elects to make a Default Contribution of $50 20 under clause (x) of Section 5.3(a), then the Dilution Fraction would be equal to $50 20 (100% of the Default Amount) divided by $200, or 0.250.10. Thus, the Percentage Interest of the Defaulting Member (Inland) would be reduced by 25 10 percentage points, from 20% to 2510%; the Percentage Interest of the Non‑Defaulting Non-Defaulting Member (NYSTRS) would be increased by 25 10 percentage points, to 7590%, and any amounts otherwise distributable to the Defaulting Member under Section 7.4(d) would be reduced by 50from 20% to 10%, with said amount being distributed instead to the Non‑Defaulting Non-Defaulting Member. The Incentive Distribution Percentage (as defined in Section 7.4(d) hereof), shall also be adjusted as described in Section 7.4(d)(iii).