Subsequent Distribution Sample Clauses
Subsequent Distribution. Subject to the requirements of this Section 5.3, Addison Corporate has the right to further allocate, apportion and otherwise distribute the Unit Consideration among its class A membership on a pro rata basis, and Addison NC has the right to further allocate, apportion and otherwise distribute the Unit Consideration among its Class A and Class B membership (excluding MacKenzie REIT) on a pro rata basis (or to the extent permitted pursuant to Article 15 of the Mackenzie OP LP Agreement, redeem such Class A OP Units for REIT Shares and then distribute REIT Shares). Additionally, subject to the requirements of this Section 5.3, Addison Holdings may transfer 57,162 Units (or REIT Shares to the extent redeemed pursuant to the Mackenzie OP LP Agreement prior to the transfer) to Virtua High Growth Fund III HNW, LLC (“VHGF III HNW”) in exchange for it absolving its unsecured loan to Addison Holdings and Addison NC may transfer 213,952 Units (or REIT Shares to the extent redeemed pursuant to the Mackenzie OP LP Agreement prior to the transfer) to Virtua High Growth Fund II, LLC (“VHGF II”) in exchange for it absolving its unsecured loan to Addison NC, and both VHGF III HNW and VHGF II may immediately distribute such Units (or REIT Shares) to their members. Any such distribution or transfer described in this Section 5.3 shall not occur to unless and until any such Person who receives a direct interest in MacKenzie OP and/or MacKenzie REIT (as applicable) has delivered to MacKenzie OP and MacKenzie REIT the following:
(a) a duly executed and completed Accredited Investor Questionnaire in the form attached hereto as Exhibit G that verifies that such transferee is an Accredited Investor;
(b) a duly executed copy of the MacKenzie OP LP Agreement admitting such Persons receiving Class A OP Units as a limited partner of MacKenzie OP (in the case of the transfer of Units); and
(c) an agreement from each Person agreeing to and acknowledging the representations and warranties set forth in Sections 4.1(w) – (z) as to such Person in place of “Contributor” or “Contributors.” In addition to items (a)-(c), in advance of any such distribution or transfer to such Person identified on Exhibit J, such Persons shall deliver to Mackenzie OP and Mackenzie a duly executed and completed Joinder Agreement in the form attached hereto as Exhibit K.
Subsequent Distribution. If, after the expiration date of the checks distributed set forth herein, there remains money in the Settlement Fund sufficient to pay at least $5.00 to each Settlement Class Member who cashed their initial Settlement Award check or accepted their initial Settlement Award deposit, that remaining money will be distributed on a pro rata basis to those Settlement Class Members who cashed their initial Settlement Award checks or accepted their initial Settlement Award payments (the “Subsequent Distribution”). The Subsequent Distribution shall be made within thirty (30) days after the expiration date of the checks distributed, and shall be paid in the same manner as the original Settlement Award. Checks issued pursuant to the Subsequent Distribution will be valid for sixty (60) days from the date on the check. If there is not enough money to pay at least $5.00 to each Settlement Class Member who cashed their initial Settlement Award check or accepted their initial Settlement Award deposit, or if any checks or deposits from the subsequent distribution remain uncashed after the stale date, those funds shall be distributed to a mutually agreeable cy pres recipient, subject to court approval and if the parties cannot agree, they will inform the court at preliminary approval of their choices and if the cy pres recipient is not resolved at preliminary approval, the notices shall be modified to set out both Parties’ preference.
Subsequent Distribution. There will be a subsequent distribution from the Common Benefit Fund of the second Santee ▇▇▇▇▇▇ sixty-five million dollar ($65,000,000) payment and the Santee ▇▇▇▇▇▇ seventy million dollar ($70,000,000) payment less (1) Taxes and Tax Expenses;