Common use of Third Level Clause in Contracts

Third Level. The balance, if any, of such Distributable Cash remaining after the distributions pursuant to subsection A and B above shall be distributed to the Common Members, as follows: (1) 85% to BREA, Columbia, Common Investor and ESC in accordance with their respective relative Common Percentages; and (2) the remaining 15% to ESC; until there shall have been distributed to each of BREA, Columbia and the Common Investor from such Distributable Cash under this subsection C an amount sufficient to eliminate the then “20% IRR Deficiency” (as defined in the IRR Exhibit) applicable to such Members; and there shall be no distributions of Distributable Cash under subsection D or E below at any time when there is a positive 20% IRR Deficiency with respect to either such Member;