Common use of Priority Tax Distributions Clause in Contracts

Priority Tax Distributions. A. In the event that the Company engages in the sale of one or more Properties other than the Properties listed on Schedule 4.6A-1 (each, a "Contributed Property") within four years following the Closing (the “Protected Period”) in a taxable transaction (a “Protected Sale”), any Investor will be entitled to receive distributions within thirty (30) days following such Protected Sale from the Distributable Cash generated from such sale (“Priority Tax Distributions”), before distributions of any Distributable Cash generated from such sale are made to the other Members, in an amount equal to the Applicable Percentage of its Allowed Investor Claims Account with respect to the Contributed Property subject to the Protected Sale. B. In no event shall the aggregate amount of Priority Tax Distributions to Investors in the aggregate over the four-year period following the Closing exceed the lesser of (a) 10% of the aggregate Allowed Investor Claims Accounts and (b) $55,000,000. C. Priority Tax Distributions made to Common Investor under this Section shall reduce any subsequent distributions otherwise payable to such Common Investor under Section 4.1. Priority Tax Distributions made to Preferred Investor under this Section shall reduce any subsequent distributions otherwise payable on account of the Liquidation Preference set forth in Annex A.