Priority Return Distributions Clause Samples
Priority Return Distributions. Next, and subject to Section 5.1, within thirty (30) days of the close of each fiscal quarter, the Company shall distribute to the Class A Members in proportion to and to the extent of the excess, if any, of (i) all allocations of gross income and gain made pursuant to Section 5.7.2
(a) to each Class A Member through the end of the most recent fiscal quarter, over (ii) the sum of all prior and concurrent Distributions to such Class A Member pursuant to Section 5.2.1 (with respect to such Class A Member’s Class A Units) and all prior Distributions to such Class A Member pursuant to this Section 5.2.2.
Priority Return Distributions. (1) In respect of each month of each fiscal year of the Partnership, the Partnership shall distribute to Essaness 1/12 of the Minimum Essaness Distribution for such year on the first day of each month of such year, beginning on the date hereof.
(2) If 25.5% of the budgeted capital expenditure used in calculating the Minimum Essaness Distribution is greater than the 25.5% of the actual capital expenditures for such year, then the Partnership shall distribute to Essaness by the fifteenth (15th) day after the receipt by the Partnership of its audited financial statements cash equal to such difference.
(3) To the extent that the Minimum Essaness Distribution for the fiscal year exceeds the Actual Essaness Distribution for such fiscal year (calculated for this purpose without making any adjustments