Net Sales Proceeds. Subject to the provisions of Sections 5.1(f), 5.3, 5.4, 12.2(c) and 13.2, Net Sales Proceeds shall be distributed as follows: (i) First, 100% to the Partners holding GP Units and/or OP Units in proportion to each such Partner’s respective Percentage Interest with respect to such GP Units and/or OP Units until the Net Investment Balance is zero; (ii) Second, 100% to the Partners holding GP Units and/or OP Units in proportion to each such Partner’s respective Percentage Interest with respect to such GP Units and/or OP Units until such Partners have received in the aggregate, pursuant to this Section 5.1(b)(ii) and Section 5.1(a), an amount such that the Priority Return Balance is zero; and (iii) Thereafter, (A) 15% to the Special Limited Partner, and (B) 85% to be distributed to the Partners holding GP Units, OP Units and/or Class B Units in proportion to their respective Percentage Interests with respect to such GP Units, OP Units and/or Class B Units.
Appears in 23 contracts
Samples: Merger Agreement, Agreement of Limited Partnership (American Finance Trust, Inc), Merger Agreement (American Realty Capital - Retail Centers of America, Inc.)
Net Sales Proceeds. Subject to the provisions of Sections 5.1(f), 5.3, 5.4, 12.2(c) and 13.2, Net Sales Proceeds shall be distributed as follows:
(i) First, 100% to the Partners holding GP Units and/or OP Units in proportion to each such Partner’s respective Percentage Interest with respect to such GP Units and/or OP Units until the Net Investment Balance is zero;
(ii) Second, 100% to the Partners holding GP Units and/or OP Units in proportion to each such Partner’s respective Percentage Interest with respect to such GP Units and/or OP Units until such Partners have received in the aggregate, pursuant to this Section 5.1(b)(ii) and Section 5.1(a), an amount such that the Priority Return Balance is zero; and
(iii) Thereafter, (A) 15% to the Special Limited Partner, and (B) 85% to be distributed to the Partners holding GP Units, OP Units and/or Class B OP Units in proportion to their respective Percentage Interests with respect to such GP Units, OP Units and/or Class B OP Units.
Appears in 2 contracts
Samples: Limited Partnership Agreement (American Realty Capital New York City REIT II, Inc.), Limited Partnership Agreement (American Realty Capital New York City REIT II, Inc.)
Net Sales Proceeds. Subject to the provisions of Sections 5.1(f5.1(g), 5.3, 5.4, 12.2(c) and 13.2, Net Sales Proceeds shall be distributed as follows:
(i) First, 100% to the Partners holding GP Units and/or OP Units in proportion to each such Partner’s respective Percentage Interest with respect to such GP Units and/or OP Units until such Partners have received in the aggregate, pursuant to this Section 5.1(b)(i) and Section 5.1(a), an amount such that the Net Investment Balance is zero;
(ii) Second, 100% to the Partners holding GP Units and/or OP Units in proportion to each such Partner’s respective Percentage Interest with respect to such GP Units and/or OP Units until such Partners have received in the aggregate, pursuant to this Section 5.1(b)(ii) and Section 5.1(a), an amount such that the Priority Return Balance is zero; and
(iii) Thereafter, (A) 15% to the Special Limited Partner, and (B) 85% to be distributed to the Partners holding GP Units, OP Units and/or Class B OP Units in proportion to their respective Percentage Interests with respect to such GP Units, OP Units and/or Class B OP Units.
Appears in 1 contract
Samples: Limited Partnership Agreement (Phillips Edison Grocery Center REIT III, Inc.)
Net Sales Proceeds. Subject to the provisions of Sections 5.1(f), 5.3, 5.4, 12.2(c) and 13.2, Net Sales Proceeds shall be distributed as follows:
(i) First, 100% to the Partners holding GP Units and/or OP Units in proportion to each such Partner’s respective Percentage Interest with respect to such GP Units and/or OP Units until the Net Investment Balance is zero;
(ii) Second, 100% to the Partners holding GP Units and/or OP Units in proportion to each such Partner’s respective Percentage Interest with respect to such GP Units and/or OP Units until such Partners have received in the aggregate, pursuant to this Section 5.1(b)(ii) and Section 5.1(a), an amount such that the Priority Return Balance is zero; and
(iii) Thereafter, (A) 15% to the Special Limited PartnerPartner and its assigns, and (B) 85% to be distributed to the Partners holding GP Units, OP Units and/or Class B OP Units in proportion to their respective Percentage Interests with respect to such GP Units, OP Units and/or Class B OP Units.
Appears in 1 contract
Samples: Limited Partnership Agreement (Lightstone Real Estate Income Trust Inc.)
Net Sales Proceeds. Subject to the provisions of Sections 5.1(f), 5.3, 5.4, 12.2(c) and 13.2, Net Sales Proceeds shall be distributed as follows:
(i) First, 100% to the Partners holding GP Units and/or and any Class of OP Units in proportion to each such Partner’s respective Percentage Interest with respect to such GP Units and/or and Class of OP Units until the Net Investment Balance is zero;
(ii) Second, 100% to the Partners holding GP Units and/or and any Class of OP Units in proportion to each such Partner’s respective Percentage Interest with respect to such GP Units and/or and Class of OP Units until such Partners have received in the aggregate, pursuant to this Section 5.1(b)(ii) and Section 5.1(a), an amount such that the Priority Return Balance is zero; and
(iii) Thereafter, (A) 15% to the Special Limited PartnerPartner with respect to the Special Limited Partner Interest, and (B) 85% to be distributed to the Partners holding GP Units, OP Partnership Units and/or Class B Units pari passu and in proportion to their each such Partner’s respective Percentage Interests Interest with respect to such GP Units, OP Units and/or Partner’s Class B or series of Partnership Units.
Appears in 1 contract
Samples: Limited Partnership Agreement (Inland Residential Properties Trust, Inc.)
Net Sales Proceeds. Subject to the provisions of Sections 5.1(f), 5.3, 5.4, 12.2(c) and 13.2, Net Sales Proceeds shall be distributed as follows:
(i) First, 100% to the Partners holding GP Units and/or OP Units in proportion to each such Partner’s respective Percentage Interest with respect to such GP Units and/or OP Units until the Net Investment Balance is zero;
(ii) Second, 100% to the Partners holding GP Units and/or OP Units in proportion to each such Partner’s respective Percentage Interest with respect to such GP Units and/or OP Units until such Partners have received in the aggregate, pursuant to this Section 5.1(b)(ii) and Section 5.1(a), an amount such that the Priority Return Balance is zero; and
(iii) Thereafter, (A) 15% to the Special Limited Partner, and (B) 85% to be distributed to the Partners holding GP Units, OP Units and/or Class B Units in proportion to their respective Percentage Interests with respect to such GP Units, OP Units and/or Class B Units.
Appears in 1 contract
Samples: Limited Partnership Agreement (American Realty Capital - Retail Centers of America, Inc.)