Cash Available for Distribution. The Partnership shall distribute Cash Available for Distribution on a quarterly (or, at the election of the General Partner, more frequent) basis, in an amount determined by the General Partner in its sole discretion, to the Partners who are Partners on the Partnership Record Date with respect to such quarter (or other distribution period) 100% to the General Partner and the Limited Partners in accordance with their respective Percentage Interests. Notwithstanding the foregoing, however, if a new or existing Partner acquires an additional Partnership Interest in exchange for a Capital Contribution on any date other than a Partnership Record Date, the cash distribution attributable to such additional Partnership Interest relating to the Partnership Record Date next following the issuance of such additional Partnership Interest shall be reduced in the proportion to (i) the number of days that such additional Partnership Interest is held by such Partner bears to (ii) the number of days between such Partnership Record Date and the immediately preceding Partnership Record Date.
Appears in 4 contracts
Samples: NNN Apartment REIT, Inc., A Reit Inc, NNN Apartment REIT, Inc.
