Profits Interest Distribution Limitation. A Partner shall only participate in distributions under Article V in respect of any Class B Unit to the extent that in respect of a distribution date, on the related Partnership Record Date, either (x) the Partnership has Net Operating Income, or (y) the net value of the Partnership, plus any prior distributions under Section 5.1(b), equals or exceeds the Valuation Threshold for that Class B Unit (the limitation on distributions described in this Section 5.1(h)(i), the “Profits Interest Distribution Limitation”).
Appears in 2 contracts
Samples: Healthcare Trust, Inc., Healthcare Trust, Inc.
Profits Interest Distribution Limitation. A Partner shall only participate in distributions under Article V in respect of any Class B Unit or LTIP Unit to the extent that in respect of a distribution date, on the related Partnership Record Date, either (x) the Partnership has Net Operating Income, or (y) the net value of the Partnership, plus any prior distributions under Section 5.1(b5.02(b), equals or exceeds the Valuation Threshold for that Class B Unit or LTIP Unit (the limitation on distributions described in this Section 5.1(h)(i5.02(b)(ii)(1), the “Profits Interest Distribution Limitation”).
Appears in 2 contracts
Samples: Agreement (New York City REIT, Inc.), Global Net Lease, Inc.
Profits Interest Distribution Limitation. A Partner shall only participate in distributions under Article V in respect of any Class B Unit or LTIP Unit to the extent that in respect of a distribution date, on the related Partnership Record Date, either (x) the Partnership has Net Operating Income, or (y) the net value of the Partnership, plus any prior distributions under Section 5.1(b5.02(b), equals or exceeds the Valuation Threshold for that Class B Unit or LTIP Unit (the limitation on distributions described in this Section 5.1(h)(i5.02(c)(i), the “Profits Interest Distribution Limitation”).
Appears in 1 contract
Samples: American Finance Trust, Inc
