Common use of Net Sales Proceeds Clause in Contracts

Net Sales Proceeds. Subject to the provisions of Sections 5.1F, 5.3, 5.4, 12.2B and 13.2, Net Sales Proceeds shall be distributed as follows: (1) First, 100% to the Partners holding OP Units in proportion to each such Partner’s respective Percentage Interest with respect to such OP Units until the Net Investment Balance is zero; (2) Second, 100% to the Partners holding OP Units in proportion to each such Partner’s respective Percentage Interest with respect to such OP Units until such Partners have received in the aggregate, pursuant to this Section 5.1B(2) and Section 5.1A, an amount such that the Priority Return Balance is zero; and (3) Thereafter, (a) 15% to the Special Limited Partner and (b) 85% to the Partners holding OP Units and Class B Units in proportion to their respective Percentage Interests with respect to such OP Units and Class B Units.

Net Sales Proceeds. Subject to the provisions of Sections 5.1F, 5.3, 5.4, 12.2B and 13.2, Net Sales Proceeds shall be distributed as follows: (1) First, 100% to the Partners holding OP Units in proportion to each such Partner’s respective Percentage Interest with respect to such OP Units until the Net Investment Balance is zero; (2) Second, 100% to the Partners holding OP Units in proportion to each such Partner’s respective Percentage Interest with respect to such OP Units until such Partners have received in the aggregate, pursuant to this Section 5.1B(2) and Section 5.1A, an amount such that the Priority Return Balance is zero; and (3) Thereafter, (a) 15% to the Special Limited Partner and (b) 85% to the Partners holding OP Units and Class B Units in proportion to their respective Percentage Interests with respect to such OP Units and Class B Units.

Net Sales Proceeds. Subject to the provisions of Sections 5.1F, 5.3, 5.4, 12.2B and 13.2, Net Sales Proceeds shall be distributed as follows: (1) First, 100% to the Partners holding OP Units in proportion to each such Partner’s respective Percentage Interest with respect to such OP Units until the Net Investment Balance is zero; (2) Second, 100% to the Partners holding OP Units in proportion to each such Partner’s respective Percentage Interest with respect to such OP Units until such Partners have received in the aggregate, pursuant to this Section 5.1B(2) and Section 5.1A, an amount such that the Priority Return Balance is zero; and (3) Thereafter, (a) 15% to the Special Limited Partner and (b) 85100% to the Partners holding OP Units and Class B Units in proportion to their respective Percentage Interests with respect to such OP Units and Class B Units.