Cumulative Preferential Distributions. The holders of the then Outstanding Series 1 Preferred Limited Partnership Units (the “Holders”) shall be entitled to receive, and the Partnership shall pay thereon, as and when declared by the General Partner, out of moneys of the Partnership properly applicable to the payment of distributions and without regard to the income of the Partnership, cumulative preferential cash distributions (the “Series 1 Distributions”) payable quarterly at the rates and times herein provided by cheque at par in lawful money of Canada at any branch in Canada of the Partnership’s bankers for the time being or by any other reasonable means the Partnership deems desirable. (a) During the Initial Fixed Rate Period, the Series 1 Distributions will be payable quarterly on the last day of March, June, September and December of each year (each, a “Distribution Payment Date”) at the Initial Fixed Distribution Rate. The initial Series 1 Distribution will be payable June 30, 2015 and will be an amount in cash equal to C$0.3390 per Series 1 Preferred Limited Partnership Unit less any tax required to be deducted and withheld. On each Distribution Payment Date during the Initial Fixed Rate Period, (other than June 30, 2015) the Series 1 Distribution will be equal to C$0.28125 per unit. (b) During each Subsequent Fixed Rate Period, Series 1 Distributions payable on the Series 1 Preferred Limited Partnership Units will be in an annual amount per unit determined by multiplying the Annual Fixed Distribution Rate applicable to such Subsequent Fixed Rate Period by C$25.00, less any tax required to be deducted and withheld, and shall be payable quarterly on each Distribution Payment Date during such Subsequent Fixed Rate Period. (c) In respect of each Subsequent Fixed Rate Period, the Partnership will, during such Subsequent Fixed Rate Period calculate on each Fixed Rate Calculation Date the Annual Fixed Distribution Rate for such Subsequent Fixed Rate Period and will, on the Fixed Rate Calculation Date, give written notice thereof to the Holders. Each such determination by the Partnership of the Annual Fixed Distribution Rate will, in the absence of manifest error, be final and binding upon the Partnership and upon all Holders of Series 1 Preferred Limited Partnership Units. (d) If on any Distribution Payment Date, the Series 1 Distributions accrued to such date are not paid in full on all of the Series 1 Preferred Limited Partnership Units then Outstanding, such Series 1 Distributions, or the unpaid part thereof, shall be paid on a subsequent date or dates determined by the General Partner on which the Partnership shall have sufficient monies properly applicable to the payment of such Series 1 Distributions. (e) The Holders shall not be entitled to any distributions other than or in excess of the Series 1 Distributions. (f) The Record Date for the payment of Series 1 Distributions will be the last Business Day of the calendar month prior to the calendar month during which a Distribution Payment Date falls, or such other record date if any, as may be fixed by the General Partner. Series 1 Distributions shall (except in case of redemption or reclassification in which case payment of Series 1 Distributions shall, subject to the provisions of Section 17, be made on surrender of the certificate representing the Series 1 Preferred Limited Partnership Units to be redeemed or reclassified) be paid by (i) posting in a postage paid envelope addressed to each Holder at the last address of such Holder as it appears on the securities register of the Partnership or, in the case of joint Holders, to the address of that one whose name appears first in the securities register of the Partnership as one of such joint Holders, or, in the event of the address of any Holder not so appearing, then to the address of such Holder last known to the Partnership, a cheque for such Series 1 Distributions (less any tax required to be deducted and withheld) payable to the order of such Holder or, in the case of joint Holders, to the order of all such Holders failing written instructions from them to the contrary or (ii) by any other reasonable means the Partnership deems desirable. Notwithstanding the foregoing, any distribution cheque may be delivered by the Partnership to a Holder at his/her address as aforesaid. The posting or delivery of such cheque or the payment of the Series 1 Distributions by any other reasonable means on or before the date on which such distribution is to be paid to a Holder shall be deemed to be payment and shall satisfy and discharge all liabilities for the payment of such Distributions to the extent of the sum represented thereby (plus the amount of any tax required to be deducted and withheld as aforesaid) unless, if applicable, such cheque is not paid on due presentation. Subject to applicable law, distributions which are represented by a cheque which has not been presented to the Partnership’s bankers for payment or that otherwise remain unclaimed for a period of two years from the date on which they were declared to be payable shall be forfeited to the Partnership.
Appears in 4 contracts
Samples: Limited Partnership Agreement (Brookfield Infrastructure Partners L.P.), Limited Partnership Agreement (Brookfield Infrastructure Partners L.P.), Limited Partnership Agreement (Brookfield Infrastructure Partners L.P.)
Cumulative Preferential Distributions. The holders of the then Outstanding Series 1 2 Preferred Limited Partnership Units (the “Holders”) shall be entitled to receive, and the Partnership shall pay thereon, as and when declared by the General Partner, out of moneys of the Partnership properly applicable to the payment of distributions and without regard to the income of the Partnership, cumulative preferential cash distributions (the “Series 1 2 Distributions”) payable quarterly at the rates and times herein provided by cheque at par in lawful money of Canada at any branch in Canada of the Partnership’s bankers for the time being or by any other reasonable means the Partnership deems desirable.
(a) During the Initial Fixed Rate Period, the Series 1 Distributions will be payable quarterly on the last day of March, June, September and December of each year (each, a “Distribution Payment Date”) at the Initial Fixed Distribution Rate. The initial Series 1 Distribution will be payable June 30, 2015 and will be an amount in cash equal to C$0.3390 per Series 1 Preferred Limited Partnership Unit less any tax required to be deducted and withheld. On each Distribution Payment Date during the Initial Fixed Rate Period, (other than June 30, 2015) the Series 1 Distribution will be equal to C$0.28125 per unit.
(b) During each Subsequent Fixed Quarterly Floating Rate Period, Series 1 2 Distributions payable on the Series 1 2 Preferred Limited Partnership Units will be in an annual amount per unit Series 2 Preferred Limited Partnership Unit determined by multiplying the Annual Fixed Floating Quarterly Distribution Rate applicable to such Subsequent Fixed Quarterly Floating Rate Period by C$25.00, less any tax required to be deducted and withheld, and shall be payable quarterly on each Distribution Payment Date during such Subsequent Fixed Quarterly Floating Rate Period.
(cb) In respect of each Subsequent Fixed Quarterly Floating Rate Period, the Partnership will, during such Subsequent Fixed Quarterly Floating Rate Period Period, calculate on each Fixed Floating Rate Calculation Date the Annual Fixed Floating Quarterly Distribution Rate for such Subsequent Fixed Quarterly Floating Rate Period and will, on the Fixed Floating Rate Calculation Date, give written notice thereof to the Holders. Each such determination by the Partnership of the Annual Fixed Quarterly Floating Distribution Rate will, in the absence of manifest error, be final and binding upon the Partnership and upon all Holders of Series 1 2 Preferred Limited Partnership Units.
(dc) If on any Distribution Payment Date, the Series 1 2 Distributions accrued to such date are not paid in full on all of the Series 1 2 Preferred Limited Partnership Units then Outstanding, such Series 1 2 Distributions, or the unpaid part thereof, shall be paid on a subsequent date or dates determined by the General Partner on which the Partnership shall have sufficient monies properly applicable to the payment of such Series 1 2 Distributions.
(ed) The Holders shall not be entitled to any distributions other than or in excess of the Series 1 2 Distributions.
(fe) The Record Date for the payment of Series 1 2 Distributions will be the last Business Day of the calendar month prior to the calendar month during which a Distribution Payment Date falls, or such other record date if any, as may be fixed by the General Partner.
Series 1 Distributions shall (except in case of redemption or reclassification in which case payment of Series 1 Distributions shall, subject to the provisions of Section 17, be made on surrender of the certificate representing the Series 1 Preferred Limited Partnership Units to be redeemed or reclassified) be paid by (i) posting in a postage paid envelope addressed to each Holder at the last address of such Holder as it appears on the securities register of the Partnership or, in the case of joint Holders, to the address of that one whose name appears first in the securities register of the Partnership as one of such joint Holders, or, in the event of the address of any Holder not so appearing, then to the address of such Holder last known to the Partnership, a cheque for such Series 1 Distributions (less any tax required to be deducted and withheld) payable to the order of such Holder or, in the case of joint Holders, to the order of all such Holders failing written instructions from them to the contrary or (ii) by any other reasonable means the Partnership deems desirable. Notwithstanding the foregoing, any distribution cheque may be delivered by the Partnership to a Holder at his/her address as aforesaid. The posting or delivery of such cheque or the payment of the Series 1 Distributions by any other reasonable means on or before the date on which such distribution is to be paid to a Holder shall be deemed to be payment and shall satisfy and discharge all liabilities for the payment of such Distributions to the extent of the sum represented thereby (plus the amount of any tax required to be deducted and withheld as aforesaid) unless, if applicable, such cheque is not paid on due presentation. Subject to applicable law, distributions which are represented by a cheque which has not been presented to the Partnership’s bankers for payment or that otherwise remain unclaimed for a period of two years from the date on which they were declared to be payable shall be forfeited to the Partnership.
Appears in 4 contracts
Samples: Limited Partnership Agreement (Brookfield Infrastructure Partners L.P.), Limited Partnership Agreement (Brookfield Infrastructure Partners L.P.), Limited Partnership Agreement (Brookfield Infrastructure Partners L.P.)
Cumulative Preferential Distributions. The holders of the then Outstanding Series 1 2 Preferred Limited Partnership Units (the “Holders”) shall be entitled to receive, and the Partnership shall pay thereon, as and when declared by the Managing General Partner, out of moneys of the Partnership properly applicable to the payment of distributions and without regard to the income of the Partnership, cumulative preferential cash distributions (the “Series 1 2 Distributions”) payable quarterly at the rates and times herein provided by cheque at par in lawful money of Canada at any branch in Canada of the Partnership’s bankers for the time being or by any other reasonable means the Partnership deems desirable.
(a) During the Initial Fixed Rate Period, the Series 1 Distributions will be payable quarterly on the last day of March, June, September and December of each year (each, a “Distribution Payment Date”) at the Initial Fixed Distribution Rate. The initial Series 1 Distribution will be payable June 30, 2015 and will be an amount in cash equal to C$0.3390 per Series 1 Preferred Limited Partnership Unit less any tax required to be deducted and withheld. On each Distribution Payment Date during the Initial Fixed Rate Period, (other than June 30, 2015) the Series 1 Distribution will be equal to C$0.28125 per unit.
(b) During each Subsequent Fixed Quarterly Floating Rate Period, Series 1 2 Distributions payable on the Series 1 2 Preferred Limited Partnership Units will be in an annual amount per unit Series 2 Preferred Limited Partnership Unit determined by multiplying the Annual Fixed Floating Quarterly Distribution Rate applicable to such Subsequent Fixed Quarterly Floating Rate Period by C$25.00, less any tax required to be deducted and withheld, and shall be payable quarterly on each Distribution Payment Date during such Subsequent Fixed Quarterly Floating Rate Period.
(cb) In respect of each Subsequent Fixed Quarterly Floating Rate Period, the Partnership will, during such Subsequent Fixed Quarterly Floating Rate Period Period, calculate on each Fixed Floating Rate Calculation Date the Annual Fixed Floating Quarterly Distribution Rate for such Subsequent Fixed Quarterly Floating Rate Period and will, on the Fixed Floating Rate Calculation Date, give written notice thereof to the Holders. Each such determination by the Partnership of the Annual Fixed Quarterly Floating Distribution Rate will, in the absence of manifest error, be final and binding upon the Partnership and upon all Holders of Series 1 2 Preferred Limited Partnership Units.
(dc) If on any Distribution Payment Date, the Series 1 2 Distributions accrued to such date are not paid in full on all of the Series 1 2 Preferred Limited Partnership Units then Outstanding, such Series 1 2 Distributions, or the unpaid part thereof, shall be paid on a subsequent date or dates determined by the Managing General Partner on which the Partnership shall have sufficient monies properly applicable to the payment of such Series 1 2 Distributions.
(ed) The Holders shall not be entitled to any distributions other than or in excess of the Series 1 2 Distributions.
(fe) The Record Date for the payment of Series 1 2 Distributions will be the last Business Day of the calendar month prior to the calendar month during which a Distribution Payment Date falls, or such other record date if any, as may be fixed by the Managing General Partner.
Series 1 Distributions shall (except in case of redemption or reclassification in which case payment of Series 1 Distributions shall, subject to the provisions of Section 17, be made on surrender of the certificate representing the Series 1 Preferred Limited Partnership Units to be redeemed or reclassified) be paid by (i) posting in a postage paid envelope addressed to each Holder at the last address of such Holder as it appears on the securities register of the Partnership or, in the case of joint Holders, to the address of that one whose name appears first in the securities register of the Partnership as one of such joint Holders, or, in the event of the address of any Holder not so appearing, then to the address of such Holder last known to the Partnership, a cheque for such Series 1 Distributions (less any tax required to be deducted and withheld) payable to the order of such Holder or, in the case of joint Holders, to the order of all such Holders failing written instructions from them to the contrary or (ii) by any other reasonable means the Partnership deems desirable. Notwithstanding the foregoing, any distribution cheque may be delivered by the Partnership to a Holder at his/her address as aforesaid. The posting or delivery of such cheque or the payment of the Series 1 Distributions by any other reasonable means on or before the date on which such distribution is to be paid to a Holder shall be deemed to be payment and shall satisfy and discharge all liabilities for the payment of such Distributions to the extent of the sum represented thereby (plus the amount of any tax required to be deducted and withheld as aforesaid) unless, if applicable, such cheque is not paid on due presentation. Subject to applicable law, distributions which are represented by a cheque which has not been presented to the Partnership’s bankers for payment or that otherwise remain unclaimed for a period of two years from the date on which they were declared to be payable shall be forfeited to the Partnership.
Appears in 4 contracts
Samples: Limited Partnership Agreement (Brookfield Infrastructure Partners L.P.), Limited Partnership Agreement (Brookfield Infrastructure Partners L.P.), Limited Partnership Agreement (Brookfield Infrastructure Partners L.P.)
Cumulative Preferential Distributions. The holders of the then Outstanding Series 1 3 Preferred Limited Partnership Units (the “Holders”) shall be entitled to receive, and the Partnership shall pay thereon, as and when declared by the General Partner, out of moneys of the Partnership properly applicable to the payment of legally available for distributions under Bermuda law and without regard to the income of the Partnership, cumulative preferential cash distributions (the “Series 1 3 Distributions”) payable quarterly at the rates and times herein provided by cheque at par in lawful money of Canada at any branch in Canada of the Partnership’s bankers for the time being or by any other reasonable means the Partnership deems desirable.
(a) During the Initial Fixed Rate Period, the Series 1 3 Distributions will be payable quarterly on the last day of March, June, September and December of each year (each, a “Distribution Payment Date”) at the Initial Fixed Distribution Rate. The initial Series 1 3 Distribution will be payable June 30March 31, 2015 2016 and will be an amount in cash equal to C$0.3390 0.4295 per Series 1 3 Preferred Limited Partnership Unit less any tax required to be deducted and withheld. On each Distribution Payment Date during the Initial Fixed Rate Period, Period (other than June 30March 31, 2015) 2016), the Series 1 3 Distribution will be equal to C$0.28125 0.34375 per unit.
(b) During each Subsequent Fixed Rate Period, Series 1 3 Distributions payable on the Series 1 3 Preferred Limited Partnership Units will be in an annual amount per unit determined by multiplying the Annual Fixed Distribution Rate applicable to such Subsequent Fixed Rate Period by C$25.00, less any tax required to be deducted and withheld, and shall be payable quarterly on each Distribution Payment Date during such Subsequent Fixed Rate Period.
(c) In respect of each Subsequent Fixed Rate Period, the Partnership will, during such Subsequent Fixed Rate Period calculate on each Fixed Rate Calculation Date the Annual Fixed Distribution Rate for such Subsequent Fixed Rate Period and will, on the Fixed Rate Calculation Date, give written notice thereof to the Holders. Each such determination by the Partnership of the Annual Fixed Distribution Rate will, in the absence of manifest error, be final and binding upon the Partnership and upon all Holders of Series 1 3 Preferred Limited Partnership Units.
(d) If on any Distribution Payment Date, the Series 1 3 Distributions accrued to such date are not paid in full on all of the Series 1 3 Preferred Limited Partnership Units then Outstanding, such Series 1 3 Distributions, or the unpaid part thereof, shall be paid on a subsequent date or dates determined by the General Partner on which the Partnership shall have sufficient monies properly applicable to the payment of legally available for such Series 1 Distributions3 Distributions under Bermuda law.
(e) The Holders shall not be entitled to any distributions other than or in excess of the Series 1 3 Distributions.
(f) The Record Date for the payment of Series 1 3 Distributions will be the last Business Day of the calendar month prior to the calendar month during which a Distribution Payment Date falls, or such other record date if any, as may be fixed by the General Partner.
. Series 1 3 Distributions shall (except in case of redemption or reclassification in which case payment of Series 1 3 Distributions shall, subject to the provisions of Section 17, be made on surrender of the certificate representing the Series 1 3 Preferred Limited Partnership Units to be redeemed or reclassified) be paid by (i) posting in a postage paid envelope addressed to each Holder at the last address of such Holder as it appears on the securities register of the Partnership or, in the case of joint Holders, to the address of that one whose name appears first in the securities register of the Partnership as one of such joint Holders, or, in the event of the address of any Holder not so appearing, then to the address of such Holder last known to the Partnership, a cheque for such Series 1 3 Distributions (less any tax required to be deducted and withheld) payable to the order of such Holder or, in the case of joint Holders, to the order of all such Holders failing written instructions from them to the contrary or (ii) by any other reasonable means the Partnership deems desirable. Notwithstanding the foregoing, any distribution cheque may be delivered by the Partnership to a Holder at his/her address as aforesaid. The posting or delivery of such cheque or the payment of the Series 1 3 Distributions by any other reasonable means on or before the date on which such distribution is to be paid to a Holder shall be deemed to be payment and shall satisfy and discharge all liabilities for the payment of such Distributions to the extent of the sum represented thereby (plus the amount of any tax required to be deducted and withheld as aforesaidaforesaid and remitted to the proper tax authority) unless, if applicable, such cheque is not paid on due presentation. Subject to applicable law, distributions which are represented by a cheque which has not been presented to the Partnership’s bankers for payment or that otherwise remain unclaimed for a period of two years from the date on which they were declared to be payable shall be forfeited to the Partnership.
Appears in 4 contracts
Samples: Limited Partnership Agreement, Limited Partnership Agreement (Brookfield Infrastructure Partners L.P.), Limited Partnership Agreement (Brookfield Infrastructure Partners L.P.)
Cumulative Preferential Distributions. The holders of the then Outstanding Series 1 Preferred Limited Partnership Units (the “Holders”) shall be entitled to receive, and the Partnership shall pay thereon, as and when declared by the Managing General Partner, out of moneys of the Partnership properly applicable to the payment of distributions and without regard to the income of the Partnership, cumulative preferential cash distributions (the “Series 1 Distributions”) payable quarterly at the rates and times herein provided by cheque at par in lawful money of Canada at any branch in Canada of the Partnership’s bankers for the time being or by any other reasonable means the Partnership deems desirable.
(a) During the Initial Fixed Rate Period, the Series 1 Distributions will be payable quarterly on or before the last day of March, June, September and December of each year (each, a “Distribution Payment Date”) at the Initial Fixed Distribution Rate. The initial Series 1 Distribution will be payable on or before June 30, 2015 and will be an amount in cash equal to C$0.3390 per Series 1 Preferred Limited Partnership Unit less any tax required to be deducted and withheld. On each Distribution Payment Date during the Initial Fixed Rate Period, (other than June 30, 2015) the Series 1 Distribution will be equal to C$0.28125 per unit.
(b) During each Subsequent Fixed Rate Period, Series 1 Distributions payable on the Series 1 Preferred Limited Partnership Units will be in an annual amount per unit determined by multiplying the Annual Fixed Distribution Rate applicable to such Subsequent Fixed Rate Period by C$25.00, less any tax required to be deducted and withheld, and shall be payable quarterly on each Distribution Payment Date during such Subsequent Fixed Rate Period.
(c) In respect of each Subsequent Fixed Rate Period, the Partnership will, during such Subsequent Fixed Rate Period calculate on each Fixed Rate Calculation Date the Annual Fixed Distribution Rate for such Subsequent Fixed Rate Period and will, on the Fixed Rate Calculation Date, give written notice thereof to the Holders. Each such determination by the Partnership of the Annual Fixed Distribution Rate will, in the absence of manifest error, be final and binding upon the Partnership and upon all Holders of Series 1 Preferred Limited Partnership Units.
(d) If on any Distribution Payment Date, the Series 1 Distributions accrued to such date are not paid in full on all of the Series 1 Preferred Limited Partnership Units then Outstanding, such Series 1 Distributions, or the unpaid part thereof, shall be paid on a subsequent date or dates determined by the Managing General Partner on which the Partnership shall have sufficient monies properly applicable to the payment of such Series 1 Distributions.
(e) The Holders shall not be entitled to any distributions other than or in excess of the Series 1 Distributions.
(f) The Record Date for the payment of Series 1 Distributions will be the last Business Day of the calendar month prior to the calendar month during which a Distribution Payment Date falls, or such other record date if any, as may be fixed by the Managing General Partner.
Series 1 Distributions shall (except in case of redemption or reclassification in which case payment of Series 1 Distributions shall, subject to the provisions of Section 17, shall be made on surrender of the certificate representing the Series 1 Preferred Limited Partnership Units to be redeemed or reclassified) be paid by (i) posting in a postage paid envelope addressed to each Holder at the last address of such Holder as it appears on the securities register of the Partnership or, in the case of joint Holders, to the address of that one whose name appears first in the securities register of the Partnership as one of such joint Holders, or, in the event of the address of any Holder not so appearing, then to the address of such Holder last known to the Partnership, a cheque for such Series 1 Distributions (less any tax required to be deducted and withheld) payable to the order of such Holder or, in the case of joint Holders, to the order of all such Holders failing written instructions from them to the contrary or (ii) by any other reasonable means the Partnership deems desirable. Notwithstanding the foregoing, any distribution cheque may be delivered by the Partnership to a Holder at his/her address as aforesaid. The posting or delivery of such cheque or the payment of the Series 1 Distributions by any other reasonable means on or before the date on which such distribution is to be paid to a Holder shall be deemed to be payment and shall satisfy and discharge all liabilities for the payment of such Distributions to the extent of the sum represented thereby (plus the amount of any tax required to be deducted and withheld as aforesaid) unless, if applicable, such cheque is not paid on due presentation. Subject to applicable law, distributions which are represented by a cheque which has not been presented to the Partnership’s bankers for payment or that otherwise remain unclaimed for a period of two years from the date on which they were declared to be payable shall be forfeited to the Partnership.
Appears in 4 contracts
Samples: Limited Partnership Agreement (Brookfield Infrastructure Partners L.P.), Limited Partnership Agreement (Brookfield Infrastructure Partners L.P.), Limited Partnership Agreement (Brookfield Infrastructure Partners L.P.)
Cumulative Preferential Distributions. The holders of the then Outstanding Series 1 8 Preferred Limited Partnership Units (the “Holders”) shall be entitled to receive, and the Partnership shall pay thereon, as and when declared by the General Partner, out of moneys of the Partnership properly applicable to the payment of legally available for distributions under Bermuda law and without regard to the income of the Partnership, cumulative preferential cash distributions (the “Series 1 8 Distributions”) payable quarterly at the rates and times herein provided by cheque at par in lawful money of Canada at any branch in Canada of the Partnership’s bankers for the time being or by any other reasonable means the Partnership deems desirable.
(a) During the Initial Fixed Rate Period, the Series 1 Distributions will be payable quarterly on the last day of March, June, September and December of each year (each, a “Distribution Payment Date”) at the Initial Fixed Distribution Rate. The initial Series 1 Distribution will be payable June 30, 2015 and will be an amount in cash equal to C$0.3390 per Series 1 Preferred Limited Partnership Unit less any tax required to be deducted and withheld. On each Distribution Payment Date during the Initial Fixed Rate Period, (other than June 30, 2015) the Series 1 Distribution will be equal to C$0.28125 per unit.
(b) During each Subsequent Fixed Quarterly Floating Rate Period, Series 1 8 Distributions payable on the Series 1 8 Preferred Limited Partnership Units will be in an annual amount per unit Series 8 Preferred Limited Partnership Unit determined by multiplying the Annual Fixed Floating Quarterly Distribution Rate applicable to such Subsequent Fixed Quarterly Floating Rate Period by C$25.00, less any tax required to be deducted and withheld, and shall be payable quarterly on each Distribution Payment Date during such Subsequent Fixed Quarterly Floating Rate Period.
(cb) In respect of each Subsequent Fixed Quarterly Floating Rate Period, the Partnership will, during such Subsequent Fixed Quarterly Floating Rate Period Period, calculate on each Fixed Floating Rate Calculation Date the Annual Fixed Floating Quarterly Distribution Rate for such Subsequent Fixed Quarterly Floating Rate Period and will, on the Fixed Floating Rate Calculation Date, give written notice thereof to the Holders. Each such determination by the Partnership of the Annual Fixed Quarterly Floating Distribution Rate will, in the absence of manifest error, be final and binding upon the Partnership and upon all Holders of Series 1 8 Preferred Limited Partnership Units.
(dc) If on any Distribution Payment Date, the Series 1 8 Distributions accrued to such date are not paid in full on all of the Series 1 8 Preferred Limited Partnership Units then Outstanding, such Series 1 8 Distributions, or the unpaid part thereof, shall be paid on a subsequent date or dates determined by the General Partner on which the Partnership shall have sufficient monies properly applicable to the payment of legally available for such Series 1 Distributions8 Distributions under Bermuda law.
(ed) The Holders shall not be entitled to any distributions other than or in excess of the Series 1 8 Distributions.
(fe) The Record Date for the payment of Series 1 8 Distributions will be the last Business Day of the calendar month prior to fifteenth (15th) day in the calendar month during which a Distribution Payment Date falls, or such other record date if any, as may be fixed by the General Partner.
Series 1 Distributions shall (except in case of redemption or reclassification in which case payment of Series 1 Distributions shall, subject to the provisions of Section 17, be made on surrender of the certificate representing the Series 1 Preferred Limited Partnership Units to be redeemed or reclassified) be paid by (i) posting in a postage paid envelope addressed to each Holder at the last address of such Holder as it appears on the securities register of the Partnership or, in the case of joint Holders, to the address of that one whose name appears first in the securities register of the Partnership as one of such joint Holders, or, in the event of the address of any Holder not so appearing, then to the address of such Holder last known to the Partnership, a cheque for such Series 1 Distributions (less any tax required to be deducted and withheld) payable to the order of such Holder or, in the case of joint Holders, to the order of all such Holders failing written instructions from them to the contrary or (ii) by any other reasonable means the Partnership deems desirable. Notwithstanding the foregoing, any distribution cheque may be delivered by the Partnership to a Holder at his/her address as aforesaid. The posting or delivery of such cheque or the payment of the Series 1 Distributions by any other reasonable means on or before the date on which such distribution is to be paid to a Holder shall be deemed to be payment and shall satisfy and discharge all liabilities for the payment of such Distributions to the extent of the sum represented thereby (plus the amount of any tax required to be deducted and withheld as aforesaid) unless, if applicable, such cheque is not paid on due presentation. Subject to applicable law, distributions which are represented by a cheque which has not been presented to the Partnership’s bankers for payment or that otherwise remain unclaimed for a period of two years from the date on which they were declared to be payable shall be forfeited to the Partnership.
Appears in 4 contracts
Samples: Limited Partnership Agreement (Brookfield Renewable Energy Partners L.P.), Limited Partnership Agreement (Brookfield Renewable Energy Partners L.P.), Limited Partnership Agreement (Brookfield Renewable Energy Partners L.P.)
Cumulative Preferential Distributions. The holders of the then Outstanding Series 1 6 Preferred Limited Partnership Units (the “Holders”) shall be entitled to receive, and the Partnership shall pay thereon, as and when declared by the Managing General Partner, out of moneys of the Partnership properly applicable to the payment of legally available for distributions under Bermuda law and without regard to the income of the Partnership, cumulative preferential cash distributions (the “Series 1 6 Distributions”) payable quarterly at the rates and times herein provided by cheque at par in lawful money of Canada at any branch in Canada of the Partnership’s bankers for the time being or by any other reasonable means the Partnership deems desirable.
(a) During the Initial Fixed Rate Period, the Series 1 Distributions will be payable quarterly on the last day of March, June, September and December of each year (each, a “Distribution Payment Date”) at the Initial Fixed Distribution Rate. The initial Series 1 Distribution will be payable June 30, 2015 and will be an amount in cash equal to C$0.3390 per Series 1 Preferred Limited Partnership Unit less any tax required to be deducted and withheld. On each Distribution Payment Date during the Initial Fixed Rate Period, (other than June 30, 2015) the Series 1 Distribution will be equal to C$0.28125 per unit.
(b) During each Subsequent Fixed Quarterly Floating Rate Period, Series 1 6 Distributions payable on the Series 1 6 Preferred Limited Partnership Units will be in an annual amount per unit Series 6 Preferred Limited Partnership Unit determined by multiplying the Annual Fixed Floating Quarterly Distribution Rate applicable to such Subsequent Fixed Quarterly Floating Rate Period by C$25.00, less any tax required to be deducted and withheld, and shall be payable quarterly on each Distribution Payment Date during such Subsequent Fixed Quarterly Floating Rate Period.
(cb) In respect of each Subsequent Fixed Quarterly Floating Rate Period, the Partnership will, during such Subsequent Fixed Quarterly Floating Rate Period Period, calculate on each Fixed Floating Rate Calculation Date the Annual Fixed Floating Quarterly Distribution Rate for such Subsequent Fixed Quarterly Floating Rate Period and will, on the Fixed Floating Rate Calculation Date, give written notice thereof to the Holders. Each such determination by the Partnership of the Annual Fixed Quarterly Floating Distribution Rate will, in the absence of manifest error, be final and binding upon the Partnership and upon all Holders of Series 1 6 Preferred Limited Partnership Units.
(dc) If on any Distribution Payment Date, the Series 1 6 Distributions accrued to such date are not paid in full on all of the Series 1 6 Preferred Limited Partnership Units then Outstanding, such Series 1 6 Distributions, or the unpaid part thereof, shall be paid on a subsequent date or dates determined by the Managing General Partner on which the Partnership shall have sufficient monies properly applicable to the payment of legally available for such Series 1 Distributions6 Distributions under Bermuda law.
(ed) The Holders shall not be entitled to any distributions other than or in excess of the Series 1 6 Distributions.
(fe) The Record Date for the payment of Series 1 6 Distributions will be the last Business Day of the calendar month prior to the calendar month during which a Distribution Payment Date falls, or such other record date if any, as may be fixed by the Managing General Partner.
Series 1 Distributions shall (except in case of redemption or reclassification in which case payment of Series 1 Distributions shall, subject to the provisions of Section 17, be made on surrender of the certificate representing the Series 1 Preferred Limited Partnership Units to be redeemed or reclassified) be paid by (i) posting in a postage paid envelope addressed to each Holder at the last address of such Holder as it appears on the securities register of the Partnership or, in the case of joint Holders, to the address of that one whose name appears first in the securities register of the Partnership as one of such joint Holders, or, in the event of the address of any Holder not so appearing, then to the address of such Holder last known to the Partnership, a cheque for such Series 1 Distributions (less any tax required to be deducted and withheld) payable to the order of such Holder or, in the case of joint Holders, to the order of all such Holders failing written instructions from them to the contrary or (ii) by any other reasonable means the Partnership deems desirable. Notwithstanding the foregoing, any distribution cheque may be delivered by the Partnership to a Holder at his/her address as aforesaid. The posting or delivery of such cheque or the payment of the Series 1 Distributions by any other reasonable means on or before the date on which such distribution is to be paid to a Holder shall be deemed to be payment and shall satisfy and discharge all liabilities for the payment of such Distributions to the extent of the sum represented thereby (plus the amount of any tax required to be deducted and withheld as aforesaid) unless, if applicable, such cheque is not paid on due presentation. Subject to applicable law, distributions which are represented by a cheque which has not been presented to the Partnership’s bankers for payment or that otherwise remain unclaimed for a period of two years from the date on which they were declared to be payable shall be forfeited to the Partnership.
Appears in 3 contracts
Samples: Limited Partnership Agreement (Brookfield Infrastructure Partners L.P.), Limited Partnership Agreement (Brookfield Infrastructure Partners L.P.), Limited Partnership Agreement (Brookfield Infrastructure Partners L.P.)
Cumulative Preferential Distributions. The holders of the then Outstanding Series 1 5 Preferred Limited Partnership Units (the “Holders”) shall be entitled to receive, and the Partnership shall pay thereon, as and when declared by the Managing General Partner, out of moneys of the Partnership properly applicable to the payment of legally available for distributions under Bermuda law and without regard to the income of the Partnership, cumulative preferential cash distributions (the “Series 1 5 Distributions”) payable quarterly at the rates and times herein provided by cheque at par in lawful money of Canada at any branch in Canada of the Partnership’s bankers for the time being or by any other reasonable means the Partnership deems desirable.
(a) During the Initial Fixed Rate Period, the Series 1 5 Distributions will be payable quarterly on or before the last day of March, June, September and December of each year (each, a “Distribution Payment Date”) at the Initial Fixed Distribution Rate. The initial Series 1 5 Distribution will be payable June on or before September 30, 2015 2016 and will be an amount in cash equal to C$0.3390 0.2162 per Series 1 5 Preferred Limited Partnership Unit less any tax required to be deducted and withheld. On each Distribution Payment Date during the Initial Fixed Rate Period, Period (other than June September 30, 2015) 2016), the Series 1 5 Distribution will be equal to C$0.28125 0.334375 per unit.
(b) During each Subsequent Fixed Rate Period, Series 1 5 Distributions payable on the Series 1 5 Preferred Limited Partnership Units will be in an annual amount per unit determined by multiplying the Annual Fixed Distribution Rate applicable to such Subsequent Fixed Rate Period by C$25.00, less any tax required to be deducted and withheld, and shall be payable quarterly on each Distribution Payment Date during such Subsequent Fixed Rate Period.
(c) In respect of each Subsequent Fixed Rate Period, the Partnership will, during such Subsequent Fixed Rate Period calculate on each Fixed Rate Calculation Date the Annual Fixed Distribution Rate for such Subsequent Fixed Rate Period and will, on the Fixed Rate Calculation Date, give written notice thereof to the Holders. Each such determination by the Partnership of the Annual Fixed Distribution Rate will, in the absence of manifest error, be final and binding upon the Partnership and upon all Holders of Series 1 5 Preferred Limited Partnership Units.
(d) If on any Distribution Payment Date, the Series 1 5 Distributions accrued to such date are not paid in full on all of the Series 1 5 Preferred Limited Partnership Units then Outstanding, such Series 1 5 Distributions, or the unpaid part thereof, shall be paid on a subsequent date or dates determined by the Managing General Partner on which the Partnership shall have sufficient monies properly applicable to the payment of legally available for such Series 1 Distributions5 Distributions under Bermuda law.
(e) The Holders shall not be entitled to any distributions other than or in excess of the Series 1 5 Distributions.
(f) The Record Date for the payment of Series 1 5 Distributions will be the last Business Day of the calendar month prior to the calendar month during which a Distribution Payment Date falls, or such other record date if any, as may be fixed by the Managing General Partner.
Series 1 Distributions shall (except in case of redemption or reclassification in which case payment of Series 1 Distributions shall, subject to the provisions of Section 17, be made on surrender of the certificate representing the Series 1 Preferred Limited Partnership Units to be redeemed or reclassified) be paid by (i) posting in a postage paid envelope addressed to each Holder at the last address of such Holder as it appears on the securities register of the Partnership or, in the case of joint Holders, to the address of that one whose name appears first in the securities register of the Partnership as one of such joint Holders, or, in the event of the address of any Holder not so appearing, then to the address of such Holder last known to the Partnership, a cheque for such Series 1 Distributions (less any tax required to be deducted and withheld) payable to the order of such Holder or, in the case of joint Holders, to the order of all such Holders failing written instructions from them to the contrary or (ii) by any other reasonable means the Partnership deems desirable. Notwithstanding the foregoing, any distribution cheque may be delivered by the Partnership to a Holder at his/her address as aforesaid. The posting or delivery of such cheque or the payment of the Series 1 Distributions by any other reasonable means on or before the date on which such distribution is to be paid to a Holder shall be deemed to be payment and shall satisfy and discharge all liabilities for the payment of such Distributions to the extent of the sum represented thereby (plus the amount of any tax required to be deducted and withheld as aforesaid) unless, if applicable, such cheque is not paid on due presentation. Subject to applicable law, distributions which are represented by a cheque which has not been presented to the Partnership’s bankers for payment or that otherwise remain unclaimed for a period of two years from the date on which they were declared to be payable shall be forfeited to the Partnership.
Appears in 3 contracts
Samples: Limited Partnership Agreement (Brookfield Infrastructure Partners L.P.), Limited Partnership Agreement (Brookfield Infrastructure Partners L.P.), Limited Partnership Agreement (Brookfield Infrastructure Partners L.P.)
Cumulative Preferential Distributions. The holders of the then Outstanding Series 1 4 Preferred Limited Partnership Units (the “Holders”) shall be entitled to receive, and the Partnership shall pay thereon, as and when declared by the General Partner, out of moneys of the Partnership properly applicable to the payment of legally available for distributions under Bermuda law and without regard to the income of the Partnership, cumulative preferential cash distributions (the “Series 1 4 Distributions”) payable quarterly at the rates and times herein provided by cheque at par in lawful money of Canada at any branch in Canada of the Partnership’s bankers for the time being or by any other reasonable means the Partnership deems desirable.
(a) During the Initial Fixed Rate Period, the Series 1 Distributions will be payable quarterly on the last day of March, June, September and December of each year (each, a “Distribution Payment Date”) at the Initial Fixed Distribution Rate. The initial Series 1 Distribution will be payable June 30, 2015 and will be an amount in cash equal to C$0.3390 per Series 1 Preferred Limited Partnership Unit less any tax required to be deducted and withheld. On each Distribution Payment Date during the Initial Fixed Rate Period, (other than June 30, 2015) the Series 1 Distribution will be equal to C$0.28125 per unit.
(b) During each Subsequent Fixed Quarterly Floating Rate Period, Series 1 4 Distributions payable on the Series 1 4 Preferred Limited Partnership Units will be in an annual amount per unit Series 4 Preferred Limited Partnership Unit determined by multiplying the Annual Fixed Floating Quarterly Distribution Rate applicable to such Subsequent Fixed Quarterly Floating Rate Period by C$25.00, less any tax required to be deducted and withheld, and shall be payable quarterly on each Distribution Payment Date during such Subsequent Fixed Quarterly Floating Rate Period.
(cb) In respect of each Subsequent Fixed Quarterly Floating Rate Period, the Partnership will, during such Subsequent Fixed Quarterly Floating Rate Period Period, calculate on each Fixed Floating Rate Calculation Date the Annual Fixed Floating Quarterly Distribution Rate for such Subsequent Fixed Quarterly Floating Rate Period and will, on the Fixed Floating Rate Calculation Date, give written notice thereof to the Holders. Each such determination by the Partnership of the Annual Fixed Quarterly Floating Distribution Rate will, in the absence of manifest error, be final and binding upon the Partnership and upon all Holders of Series 1 4 Preferred Limited Partnership Units.
(dc) If on any Distribution Payment Date, the Series 1 4 Distributions accrued to such date are not paid in full on all of the Series 1 4 Preferred Limited Partnership Units then Outstanding, such Series 1 4 Distributions, or the unpaid part thereof, shall be paid on a subsequent date or dates determined by the General Partner on which the Partnership shall have sufficient monies properly applicable to the payment of legally available for such Series 1 Distributions4 Distributions under Bermuda law.
(ed) The Holders shall not be entitled to any distributions other than or in excess of the Series 1 4 Distributions.
(fe) The Record Date for the payment of Series 1 4 Distributions will be the last Business Day of the calendar month prior to the calendar month during which a Distribution Payment Date falls, or such other record date if any, as may be fixed by the General Partner.
. Series 1 4 Distributions shall (except in case of redemption or reclassification in which case payment of Series 1 4 Distributions shall, subject to the provisions of Section 17, be made on surrender of the certificate representing the Series 1 4 Preferred Limited Partnership Units to be redeemed or reclassified) be paid by (i) posting in a postage paid envelope addressed to each Holder at the last address of such Holder as it appears on the securities register of the Partnership or, in the case of joint Holders, to the address of that one whose name appears first in the securities register of the Partnership as one of such joint Holders, or, in the event of the address of any Holder not so appearing, then to the address of such Holder last known to the Partnership, a cheque for such Series 1 4 Distributions (less any tax required to be deducted and withheld) payable to the order of such Holder or, in the case of joint Holders, to the order of all such Holders failing written instructions from them to the contrary or (ii) by any other reasonable means the Partnership deems desirable. Notwithstanding the foregoing, any distribution cheque may be delivered by the Partnership to a Holder at his/her address as aforesaid. The posting or delivery of such cheque or the payment of the Series 1 4 Distributions by any other reasonable means on or before the date on which such distribution is to be paid to a Holder shall be deemed to be payment and shall satisfy and discharge all liabilities for the payment of such Distributions to the extent of the sum represented thereby (plus the amount of any tax required to be deducted and withheld as aforesaidaforesaid and remitted to the proper tax authority) unless, if applicable, such cheque is not paid on due presentation. Subject to applicable law, distributions which are represented by a cheque which has not been presented to the Partnership’s bankers for payment or that otherwise remain unclaimed for a period of two years from the date on which they were declared to be payable shall be forfeited to the Partnership.
Appears in 3 contracts
Samples: Limited Partnership Agreement (Brookfield Infrastructure Partners L.P.), Limited Partnership Agreement (Brookfield Infrastructure Partners L.P.), Limited Partnership Agreement (Brookfield Infrastructure Partners L.P.)
Cumulative Preferential Distributions. The holders of the then Outstanding Series 1 4 Preferred Limited Partnership Units (the “Holders”) shall be entitled to receive, and the Partnership shall pay thereon, as and when declared by the Managing General Partner, out of moneys of the Partnership properly applicable to the payment of legally available for distributions under Bermuda law and without regard to the income of the Partnership, cumulative preferential cash distributions (the “Series 1 4 Distributions”) payable quarterly at the rates and times herein provided by cheque at par in lawful money of Canada at any branch in Canada of the Partnership’s bankers for the time being or by any other reasonable means the Partnership deems desirable.
(a) During the Initial Fixed Rate Period, the Series 1 Distributions will be payable quarterly on the last day of March, June, September and December of each year (each, a “Distribution Payment Date”) at the Initial Fixed Distribution Rate. The initial Series 1 Distribution will be payable June 30, 2015 and will be an amount in cash equal to C$0.3390 per Series 1 Preferred Limited Partnership Unit less any tax required to be deducted and withheld. On each Distribution Payment Date during the Initial Fixed Rate Period, (other than June 30, 2015) the Series 1 Distribution will be equal to C$0.28125 per unit.
(b) During each Subsequent Fixed Quarterly Floating Rate Period, Series 1 4 Distributions payable on the Series 1 4 Preferred Limited Partnership Units will be in an annual amount per unit Series 4 Preferred Limited Partnership Unit determined by multiplying the Annual Fixed Floating Quarterly Distribution Rate applicable to such Subsequent Fixed Quarterly Floating Rate Period by C$25.00, less any tax required to be deducted and withheld, and shall be payable quarterly on each Distribution Payment Date during such Subsequent Fixed Quarterly Floating Rate Period.
(cb) In respect of each Subsequent Fixed Quarterly Floating Rate Period, the Partnership will, during such Subsequent Fixed Quarterly Floating Rate Period Period, calculate on each Fixed Floating Rate Calculation Date the Annual Fixed Floating Quarterly Distribution Rate for such Subsequent Fixed Quarterly Floating Rate Period and will, on the Fixed Floating Rate Calculation Date, give written notice thereof to the Holders. Each such determination by the Partnership of the Annual Fixed Quarterly Floating Distribution Rate will, in the absence of manifest error, be final and binding upon the Partnership and upon all Holders of Series 1 4 Preferred Limited Partnership Units.
(dc) If on any Distribution Payment Date, the Series 1 4 Distributions accrued to such date are not paid in full on all of the Series 1 4 Preferred Limited Partnership Units then Outstanding, such Series 1 4 Distributions, or the unpaid part thereof, shall be paid on a subsequent date or dates determined by the Managing General Partner on which the Partnership shall have sufficient monies properly applicable to the payment of legally available for such Series 1 Distributions4 Distributions under Bermuda law.
(ed) The Holders shall not be entitled to any distributions other than or in excess of the Series 1 4 Distributions.
(fe) The Record Date for the payment of Series 1 4 Distributions will be the last Business Day of the calendar month prior to the calendar month during which a Distribution Payment Date falls, or such other record date if any, as may be fixed by the Managing General Partner.
Series 1 Distributions shall (except in case of redemption or reclassification in which case payment of Series 1 Distributions shall, subject to the provisions of Section 17, be made on surrender of the certificate representing the Series 1 Preferred Limited Partnership Units to be redeemed or reclassified) be paid by (i) posting in a postage paid envelope addressed to each Holder at the last address of such Holder as it appears on the securities register of the Partnership or, in the case of joint Holders, to the address of that one whose name appears first in the securities register of the Partnership as one of such joint Holders, or, in the event of the address of any Holder not so appearing, then to the address of such Holder last known to the Partnership, a cheque for such Series 1 Distributions (less any tax required to be deducted and withheld) payable to the order of such Holder or, in the case of joint Holders, to the order of all such Holders failing written instructions from them to the contrary or (ii) by any other reasonable means the Partnership deems desirable. Notwithstanding the foregoing, any distribution cheque may be delivered by the Partnership to a Holder at his/her address as aforesaid. The posting or delivery of such cheque or the payment of the Series 1 Distributions by any other reasonable means on or before the date on which such distribution is to be paid to a Holder shall be deemed to be payment and shall satisfy and discharge all liabilities for the payment of such Distributions to the extent of the sum represented thereby (plus the amount of any tax required to be deducted and withheld as aforesaid) unless, if applicable, such cheque is not paid on due presentation. Subject to applicable law, distributions which are represented by a cheque which has not been presented to the Partnership’s bankers for payment or that otherwise remain unclaimed for a period of two years from the date on which they were declared to be payable shall be forfeited to the Partnership.
Appears in 3 contracts
Samples: Limited Partnership Agreement (Brookfield Infrastructure Partners L.P.), Limited Partnership Agreement (Brookfield Infrastructure Partners L.P.), Limited Partnership Agreement (Brookfield Infrastructure Partners L.P.)
Cumulative Preferential Distributions. The holders of the then Outstanding Series 1 3 Preferred Limited Partnership Units (the “Holders”) shall be entitled to receive, and the Partnership shall pay thereon, as and when declared by the Managing General Partner, out of moneys of the Partnership properly applicable to the payment of legally available for distributions under Bermuda law and without regard to the income of the Partnership, cumulative preferential cash distributions (the “Series 1 3 Distributions”) payable quarterly at the rates and times herein provided by cheque at par in lawful money of Canada at any branch in Canada of the Partnership’s bankers for the time being or by any other reasonable means the Partnership deems desirable.
(a) During the Initial Fixed Rate Period, the Series 1 3 Distributions will be payable quarterly on or before the last day of March, June, September and December of each year (each, a “Distribution Payment Date”) at the Initial Fixed Distribution Rate. The initial Series 1 3 Distribution will be payable June 30on or before March 31, 2015 2016 and will be an amount in cash equal to C$0.3390 0.4295 per Series 1 3 Preferred Limited Partnership Unit less any tax required to be deducted and withheld. On each Distribution Payment Date during the Initial Fixed Rate Period, Period (other than June 30March 31, 2015) 2016), the Series 1 3 Distribution will be equal to C$0.28125 0.34375 per unit.
(b) During each Subsequent Fixed Rate Period, Series 1 3 Distributions payable on the Series 1 3 Preferred Limited Partnership Units will be in an annual amount per unit determined by multiplying the Annual Fixed Distribution Rate applicable to such Subsequent Fixed Rate Period by C$25.00, less any tax required to be deducted and withheld, and shall be payable quarterly on each Distribution Payment Date during such Subsequent Fixed Rate Period.
(c) In respect of each Subsequent Fixed Rate Period, the Partnership will, during such Subsequent Fixed Rate Period calculate on each Fixed Rate Calculation Date the Annual Fixed Distribution Rate for such Subsequent Fixed Rate Period and will, on the Fixed Rate Calculation Date, give written notice thereof to the Holders. Each such determination by the Partnership of the Annual Fixed Distribution Rate will, in the absence of manifest error, be final and binding upon the Partnership and upon all Holders of Series 1 3 Preferred Limited Partnership Units.
(d) If on any Distribution Payment Date, the Series 1 3 Distributions accrued to such date are not paid in full on all of the Series 1 3 Preferred Limited Partnership Units then Outstanding, such Series 1 3 Distributions, or the unpaid part thereof, shall be paid on a subsequent date or dates determined by the Managing General Partner on which the Partnership shall have sufficient monies properly applicable to the payment of legally available for such Series 1 Distributions3 Distributions under Bermuda law.
(e) The Holders shall not be entitled to any distributions other than or in excess of the Series 1 3 Distributions.
(f) The Record Date for the payment of Series 1 3 Distributions will be the last Business Day of the calendar month prior to the calendar month during which a Distribution Payment Date falls, or such other record date if any, as may be fixed by the Managing General Partner.
. Series 1 3 Distributions shall (except in case of redemption or reclassification in which case payment of Series 1 3 Distributions shall, subject to the provisions of Section 17, shall be made on surrender of the certificate representing the Series 1 3 Preferred Limited Partnership Units to be redeemed or reclassified) be paid by (i) posting in a postage paid envelope addressed to each Holder at the last address of such Holder as it appears on the securities register of the Partnership or, in the case of joint Holders, to the address of that one whose name appears first in the securities register of the Partnership as one of such joint Holders, or, in the event of the address of any Holder not so appearing, then to the address of such Holder last known to the Partnership, a cheque for such Series 1 3 Distributions (less any tax required to be deducted and withheld) payable to the order of such Holder or, in the case of joint Holders, to the order of all such Holders failing written instructions from them to the contrary or (ii) by any other reasonable means the Partnership deems desirable. Notwithstanding the foregoing, any distribution cheque may be delivered by the Partnership to a Holder at his/her address as aforesaid. The posting or delivery of such cheque or the payment of the Series 1 3 Distributions by any other reasonable means on or before the date on which such distribution is to be paid to a Holder shall be deemed to be payment and shall satisfy and discharge all liabilities for the payment of such Distributions to the extent of the sum represented thereby (plus the amount of any tax required to be deducted and withheld as aforesaidaforesaid and remitted to the proper tax authority) unless, if applicable, such cheque is not paid on due presentation. Subject to applicable law, distributions which are represented by a cheque which has not been presented to the Partnership’s bankers for payment or that otherwise remain unclaimed for a period of two years from the date on which they were declared to be payable shall be forfeited to the Partnership.
Appears in 3 contracts
Samples: Limited Partnership Agreement (Brookfield Infrastructure Partners L.P.), Limited Partnership Agreement (Brookfield Infrastructure Partners L.P.), Limited Partnership Agreement (Brookfield Infrastructure Partners L.P.)
Cumulative Preferential Distributions. The holders of the then Outstanding Series 1 7 Preferred Limited Partnership Units (the “Holders”) shall be entitled to receive, and the Partnership shall pay thereon, as and when declared by the General Partner, out of moneys of the Partnership properly applicable to the payment of legally available for distributions under Bermuda law and without regard to the income of the Partnership, cumulative preferential cash distributions (the “Series 1 7 Distributions”) payable quarterly at the rates and times herein provided by cheque at par in lawful money of Canada at any branch in Canada of the Partnership’s bankers for the time being or by any other reasonable means the Partnership deems desirable.
(a) During the Initial Fixed Rate Period, the Series 1 7 Distributions will be payable quarterly on or before the last day of MarchJanuary, JuneApril, September July and December October of each year (each, a “Distribution Payment Date”) at the Initial Fixed Distribution Rate. The initial Series 1 7 Distribution will be payable June 30on or before January 31, 2015 2016 and will be an amount in cash equal to C$0.3390 0.2524 per Series 1 7 Preferred Limited Partnership Unit less any tax required to be deducted and withheld. On each Distribution Payment Date during the Initial Fixed Rate Period, Period (other than June 30January 31, 2015) 2016), the Series 1 7 Distribution will be equal to C$0.28125 0.34375 per unit.
(b) During each Subsequent Fixed Rate Period, Series 1 7 Distributions payable on the Series 1 7 Preferred Limited Partnership Units will be in an annual amount per unit determined by multiplying the Annual Fixed Distribution Rate applicable to such Subsequent Fixed Rate Period by C$25.00, less any tax required to be deducted and withheld, and shall be payable quarterly on each Distribution Payment Date during such Subsequent Fixed Rate Period.
(c) In respect of each Subsequent Fixed Rate Period, the Partnership will, during such Subsequent Fixed Rate Period calculate on each Fixed Rate Calculation Date the Annual Fixed Distribution Rate for such Subsequent Fixed Rate Period and will, on the Fixed Rate Calculation Date, give written notice thereof to the Holders. Each such determination by the Partnership of the Annual Fixed Distribution Rate will, in the absence of manifest error, be final and binding upon the Partnership and upon all Holders of Series 1 7 Preferred Limited Partnership Units.
(d) If on any Distribution Payment Date, the Series 1 7 Distributions accrued to such date are not paid in full on all of the Series 1 7 Preferred Limited Partnership Units then Outstanding, such Series 1 7 Distributions, or the unpaid part thereof, shall be paid on a subsequent date or dates determined by the General Partner on which the Partnership shall have sufficient monies properly applicable to the payment of legally available for such Series 1 Distributions7 Distributions under Bermuda law.
(e) The Holders shall not be entitled to any distributions other than or in excess of the Series 1 7 Distributions.
(f) The Record Date for the payment of Series 1 7 Distributions will be the last Business Day of the calendar month prior to fifteenth (15th) day in the calendar month during which a Distribution Payment Date falls, or such other record date if any, as may be fixed by the General Partner.
. Series 1 7 Distributions shall (except in case of redemption or reclassification in which case payment of Series 1 7 Distributions shall, subject to the provisions of Section 17, shall be made on surrender of the certificate representing the Series 1 7 Preferred Limited Partnership Units to be redeemed or reclassified) be paid by (i) posting in a postage paid envelope addressed to each Holder at the last address of such Holder as it appears on the securities register of the Partnership or, in the case of joint Holders, to the address of that one whose name appears first in the securities register of the Partnership as one of such joint Holders, or, in the event of the address of any Holder not so appearing, then to the address of such Holder last known to the Partnership, a cheque for such Series 1 7 Distributions (less any tax required to be deducted and withheld) payable to the order of such Holder or, in the case of joint Holders, to the order of all such Holders failing written instructions from them to the contrary or (ii) by any other reasonable means the Partnership deems desirable. Notwithstanding the foregoing, any distribution cheque may be delivered by the Partnership to a Holder at his/her address as aforesaid. The posting or delivery of such cheque or the payment of the Series 1 7 Distributions by any other reasonable means on or before the date on which such distribution is to be paid to a Holder shall be deemed to be payment and shall satisfy and discharge all liabilities for the payment of such Distributions to the extent of the sum represented thereby (plus the amount of any tax required to be deducted and withheld as aforesaidaforesaid and remitted to the proper tax authority) unless, if applicable, such cheque is not paid on due presentation. Subject to applicable law, distributions which are represented by a cheque which has not been presented to the Partnership’s bankers for payment or that otherwise remain unclaimed for a period of two years from the date on which they were declared to be payable shall be forfeited to the Partnership.
Appears in 2 contracts
Samples: Limited Partnership Agreement, Limited Partnership Agreement (Brookfield Renewable Energy Partners L.P.)
Cumulative Preferential Distributions. The holders of the then Outstanding Series 1 3 Preferred Limited Partnership Units (the “Holders”) shall be entitled to receive, and the Partnership shall pay thereon, as and when declared by the Managing General Partner, out of moneys of the Partnership properly applicable to the payment of legally available for distributions under Bermuda law and without regard to the income of the Partnership, cumulative preferential cash distributions (the “Series 1 3 Distributions”) payable quarterly at the rates and times herein provided by cheque at par in lawful money of Canada at any branch in Canada of the Partnership’s bankers for the time being or by any other reasonable means the Partnership deems desirable.
(a) During the Initial Fixed Rate Period, the Series 1 3 Distributions will be payable quarterly on or before the last day of March, June, September and December of each year (each, a “Distribution Payment Date”) at the Initial Fixed Distribution Rate. The initial Series 1 3 Distribution will be payable June 30on or before March 31, 2015 2016 and will be an amount in cash equal to C$0.3390 0.4295 per Series 1 3 Preferred Limited Partnership Unit less any tax required to be deducted and withheld. On each Distribution Payment Date during the Initial Fixed Rate Period, Period (other than June 30March 31, 2015) 2016), the Series 1 3 Distribution will be equal to C$0.28125 0.34375 per unit.
(b) During each Subsequent Fixed Rate Period, Series 1 3 Distributions payable on the Series 1 3 Preferred Limited Partnership Units will be in an annual amount per unit determined by multiplying the Annual Fixed Distribution Rate applicable to such Subsequent Fixed Rate Period by C$25.00, less any tax required to be deducted and withheld, and shall be payable quarterly on each Distribution Payment Date during such Subsequent Fixed Rate Period.
(c) In respect of each Subsequent Fixed Rate Period, the Partnership will, during such Subsequent Fixed Rate Period calculate on each Fixed Rate Calculation Date the Annual Fixed Distribution Rate for such Subsequent Fixed Rate Period and will, on the Fixed Rate Calculation Date, give written notice thereof to the Holders. Each such determination by the Partnership of the Annual Fixed Distribution Rate will, in the absence of manifest error, be final and binding upon the Partnership and upon all Holders of Series 1 3 Preferred Limited Partnership Units.
(d) If on any Distribution Payment Date, the Series 1 3 Distributions accrued to such date are not paid in full on all of the Series 1 3 Preferred Limited Partnership Units then Outstanding, such Series 1 3 Distributions, or the unpaid part thereof, shall be paid on a subsequent date or dates determined by the Managing General Partner on which the Partnership shall have sufficient monies properly applicable to the payment of legally available for such Series 1 Distributions3 Distributions under Bermuda law.
(e) The Holders shall not be entitled to any distributions other than or in excess of the Series 1 3 Distributions.
(f) The Record Date for the payment of Series 1 3 Distributions will be the last Business Day of the calendar month prior to the calendar month during which a Distribution Payment Date falls, or such other record date if any, as may be fixed by the Managing General Partner.
Series 1 Distributions shall (except in case of redemption or reclassification in which case payment of Series 1 Distributions shall, subject to the provisions of Section 17, be made on surrender of the certificate representing the Series 1 Preferred Limited Partnership Units to be redeemed or reclassified) be paid by (i) posting in a postage paid envelope addressed to each Holder at the last address of such Holder as it appears on the securities register of the Partnership or, in the case of joint Holders, to the address of that one whose name appears first in the securities register of the Partnership as one of such joint Holders, or, in the event of the address of any Holder not so appearing, then to the address of such Holder last known to the Partnership, a cheque for such Series 1 Distributions (less any tax required to be deducted and withheld) payable to the order of such Holder or, in the case of joint Holders, to the order of all such Holders failing written instructions from them to the contrary or (ii) by any other reasonable means the Partnership deems desirable. Notwithstanding the foregoing, any distribution cheque may be delivered by the Partnership to a Holder at his/her address as aforesaid. The posting or delivery of such cheque or the payment of the Series 1 Distributions by any other reasonable means on or before the date on which such distribution is to be paid to a Holder shall be deemed to be payment and shall satisfy and discharge all liabilities for the payment of such Distributions to the extent of the sum represented thereby (plus the amount of any tax required to be deducted and withheld as aforesaid) unless, if applicable, such cheque is not paid on due presentation. Subject to applicable law, distributions which are represented by a cheque which has not been presented to the Partnership’s bankers for payment or that otherwise remain unclaimed for a period of two years from the date on which they were declared to be payable shall be forfeited to the Partnership.
Appears in 2 contracts
Samples: Limited Partnership Agreement (Brookfield Infrastructure Partners L.P.), Limited Partnership Agreement (Brookfield Infrastructure Partners L.P.)
Cumulative Preferential Distributions. The holders of the then Outstanding Series 1 7 Preferred Limited Partnership Units (the “Holders”) shall be entitled to receive, and the Partnership shall pay thereon, as and when declared by the General Partner, out of moneys of the Partnership properly applicable to the payment of legally available for distributions under Bermuda law and without regard to the income of the Partnership, cumulative preferential cash distributions (the “Series 1 7 Distributions”) payable quarterly at the rates and times herein provided by cheque at par in lawful money of Canada at any branch in Canada of the Partnership’s bankers for the time being or by any other reasonable means the Partnership deems desirable.
(a) During the Initial Fixed Rate Period, the Series 1 7 Distributions will be payable quarterly on the last day of MarchJanuary, JuneApril, September July and December October of each year (each, a “Distribution Payment Date”) at the Initial Fixed Distribution Rate. The initial Series 1 7 Distribution will be payable June 30January 31, 2015 2016 and will be an amount in cash equal to C$0.3390 0.2524 per Series 1 7 Preferred Limited Partnership Unit less any tax required to be deducted and withheld. On each Distribution Payment Date during the Initial Fixed Rate Period, Period (other than June 30January 31, 2015) 2016), the Series 1 7 Distribution will be equal to C$0.28125 0.34375 per unit.
(b) During each Subsequent Fixed Rate Period, Series 1 7 Distributions payable on the Series 1 7 Preferred Limited Partnership Units will be in an annual amount per unit determined by multiplying the Annual Fixed Distribution Rate applicable to such Subsequent Fixed Rate Period by C$25.00, less any tax required to be deducted and withheld, and shall be payable quarterly on each Distribution Payment Date during such Subsequent Fixed Rate Period.
(c) In respect of each Subsequent Fixed Rate Period, the Partnership will, during such Subsequent Fixed Rate Period calculate on each Fixed Rate Calculation Date the Annual Fixed Distribution Rate for such Subsequent Fixed Rate Period and will, on the Fixed Rate Calculation Date, give written notice thereof to the Holders. Each such determination by the Partnership of the Annual Fixed Distribution Rate will, in the absence of manifest error, be final and binding upon the Partnership and upon all Holders of Series 1 7 Preferred Limited Partnership Units.
(d) If on any Distribution Payment Date, the Series 1 7 Distributions accrued to such date are not paid in full on all of the Series 1 7 Preferred Limited Partnership Units then Outstanding, such Series 1 7 Distributions, or the unpaid part thereof, shall be paid on a subsequent date or dates determined by the General Partner on which the Partnership shall have sufficient monies properly applicable to the payment of legally available for such Series 1 Distributions7 Distributions under Bermuda law.
(e) The Holders shall not be entitled to any distributions other than or in excess of the Series 1 7 Distributions.
(f) The Record Date for the payment of Series 1 7 Distributions will be the last Business Day of the calendar month prior to fifteenth (15th) day in the calendar month during which a Distribution Payment Date falls, or such other record date if any, as may be fixed by the General Partner.
. Series 1 7 Distributions shall (except in case of redemption or reclassification in which case payment of Series 1 7 Distributions shall, subject to the provisions of Section 17, be made on surrender of the certificate representing the Series 1 7 Preferred Limited Partnership Units to be redeemed or reclassified) be paid by (i) posting in a postage paid envelope addressed to each Holder at the last address of such Holder as it appears on the securities register of the Partnership or, in the case of joint Holders, to the address of that one whose name appears first in the securities register of the Partnership as one of such joint Holders, or, in the event of the address of any Holder not so appearing, then to the address of such Holder last known to the Partnership, a cheque for such Series 1 7 Distributions (less any tax required to be deducted and withheld) payable to the order of such Holder or, in the case of joint Holders, to the order of all such Holders failing written instructions from them to the contrary or (ii) by any other reasonable means the Partnership deems desirable. Notwithstanding the foregoing, any distribution cheque may be delivered by the Partnership to a Holder at his/her address as aforesaid. The posting or delivery of such cheque or the payment of the Series 1 7 Distributions by any other reasonable means on or before the date on which such distribution is to be paid to a Holder shall be deemed to be payment and shall satisfy and discharge all liabilities for the payment of such Distributions to the extent of the sum represented thereby (plus the amount of any tax required to be deducted and withheld as aforesaidaforesaid and remitted to the proper tax authority) unless, if applicable, such cheque is not paid on due presentation. Subject to applicable law, distributions which are represented by a cheque which has not been presented to the Partnership’s bankers for payment or that otherwise remain unclaimed for a period of two years from the date on which they were declared to be payable shall be forfeited to the Partnership.
Appears in 2 contracts
Samples: Limited Partnership Agreement, Limited Partnership Agreement (Brookfield Renewable Energy Partners L.P.)
Cumulative Preferential Distributions. The holders of the then Outstanding Series 1 7 Preferred Limited Partnership Units (the “Holders”) shall be entitled to receive, and the Partnership shall pay thereon, as and when declared by the Managing General Partner, out of moneys of the Partnership properly applicable to the payment of legally available for distributions under Bermuda law and without regard to the income of the Partnership, cumulative preferential cash distributions (the “Series 1 7 Distributions”) payable quarterly at the rates and times herein provided by cheque at par in lawful money of Canada at any branch in Canada of the Partnership’s bankers for the time being or by any other reasonable means the Partnership deems desirable.
(a) During the Initial Fixed Rate Period, the Series 1 7 Distributions will be payable quarterly on or before the last day of March, June, September and December of each year (each, a “Distribution Payment Date”) at the Initial Fixed Distribution Rate. The initial Series 1 7 Distribution will be payable June 30on or before March 31, 2015 2017 and will be an amount in cash equal to C$0.3390 0.2192 per Series 1 7 Preferred Limited Partnership Unit less any tax required to be deducted and withheld. On each Distribution Payment Date during the Initial Fixed Rate Period, Period (other than June 30March 31, 2015) 2017), the Series 1 7 Distribution will be equal to C$0.28125 0.3125 per unit.
(b) During each Subsequent Fixed Rate Period, Series 1 7 Distributions payable on the Series 1 7 Preferred Limited Partnership Units will be in an annual amount per unit determined by multiplying the Annual Fixed Distribution Rate applicable to such Subsequent Fixed Rate Period by C$25.00, less any tax required to be deducted and withheld, and shall be payable quarterly on each Distribution Payment Date during such Subsequent Fixed Rate Period.
(c) In respect of each Subsequent Fixed Rate Period, the Partnership will, during such Subsequent Fixed Rate Period calculate on each Fixed Rate Calculation Date the Annual Fixed Distribution Rate for such Subsequent Fixed Rate Period and will, on the Fixed Rate Calculation Date, give written notice thereof to the Holders. Each such determination by the Partnership of the Annual Fixed Distribution Rate will, in the absence of manifest error, be final and binding upon the Partnership and upon all Holders of Series 1 7 Preferred Limited Partnership Units.
(d) If on any Distribution Payment Date, the Series 1 7 Distributions accrued to such date are not paid in full on all of the Series 1 7 Preferred Limited Partnership Units then Outstanding, such Series 1 7 Distributions, or the unpaid part thereof, shall be paid on a subsequent date or dates determined by the Managing General Partner on which the Partnership shall have sufficient monies properly applicable to the payment of legally available for such Series 1 Distributions7 Distributions under Bermuda law.
(e) The Holders shall not be entitled to any distributions other than or in excess of the Series 1 7 Distributions.
(f) The Record Date for the payment of Series 1 7 Distributions will be the last Business Day of the calendar month prior to the calendar month during which a Distribution Payment Date falls, or such other record date if any, as may be fixed by the Managing General Partner.
Series 1 Distributions shall (except in case of redemption or reclassification in which case payment of Series 1 Distributions shall, subject to the provisions of Section 17, be made on surrender of the certificate representing the Series 1 Preferred Limited Partnership Units to be redeemed or reclassified) be paid by (i) posting in a postage paid envelope addressed to each Holder at the last address of such Holder as it appears on the securities register of the Partnership or, in the case of joint Holders, to the address of that one whose name appears first in the securities register of the Partnership as one of such joint Holders, or, in the event of the address of any Holder not so appearing, then to the address of such Holder last known to the Partnership, a cheque for such Series 1 Distributions (less any tax required to be deducted and withheld) payable to the order of such Holder or, in the case of joint Holders, to the order of all such Holders failing written instructions from them to the contrary or (ii) by any other reasonable means the Partnership deems desirable. Notwithstanding the foregoing, any distribution cheque may be delivered by the Partnership to a Holder at his/her address as aforesaid. The posting or delivery of such cheque or the payment of the Series 1 Distributions by any other reasonable means on or before the date on which such distribution is to be paid to a Holder shall be deemed to be payment and shall satisfy and discharge all liabilities for the payment of such Distributions to the extent of the sum represented thereby (plus the amount of any tax required to be deducted and withheld as aforesaid) unless, if applicable, such cheque is not paid on due presentation. Subject to applicable law, distributions which are represented by a cheque which has not been presented to the Partnership’s bankers for payment or that otherwise remain unclaimed for a period of two years from the date on which they were declared to be payable shall be forfeited to the Partnership.
Appears in 2 contracts
Samples: Limited Partnership Agreement (Brookfield Infrastructure Partners L.P.), Limited Partnership Agreement (Brookfield Infrastructure Partners L.P.)
Cumulative Preferential Distributions. The holders of the then Outstanding Series 1 8 Preferred Limited Partnership Units (the “Holders”) shall be entitled to receive, and the Partnership shall pay thereon, as and when declared by the Managing General Partner, out of moneys of the Partnership properly applicable to the payment of legally available for distributions under Bermuda law and without regard to the income of the Partnership, cumulative preferential cash distributions (the “Series 1 8 Distributions”) payable quarterly at the rates and times herein provided by cheque at par in lawful money of Canada at any branch in Canada of the Partnership’s bankers for the time being or by any other reasonable means the Partnership deems desirable.
(a) During the Initial Fixed Rate Period, the Series 1 Distributions will be payable quarterly on the last day of March, June, September and December of each year (each, a “Distribution Payment Date”) at the Initial Fixed Distribution Rate. The initial Series 1 Distribution will be payable June 30, 2015 and will be an amount in cash equal to C$0.3390 per Series 1 Preferred Limited Partnership Unit less any tax required to be deducted and withheld. On each Distribution Payment Date during the Initial Fixed Rate Period, (other than June 30, 2015) the Series 1 Distribution will be equal to C$0.28125 per unit.
(b) During each Subsequent Fixed Quarterly Floating Rate Period, Series 1 8 Distributions payable on the Series 1 8 Preferred Limited Partnership Units will be in an annual amount per unit Series 8 Preferred Limited Partnership Unit determined by multiplying the Annual Fixed Floating Quarterly Distribution Rate applicable to such Subsequent Fixed Quarterly Floating Rate Period by C$25.00, less any tax required to be deducted and withheld, and shall be payable quarterly on each Distribution Payment Date during such Subsequent Fixed Quarterly Floating Rate Period.
(cb) In respect of each Subsequent Fixed Quarterly Floating Rate Period, the Partnership will, during such Subsequent Fixed Quarterly Floating Rate Period Period, calculate on each Fixed Floating Rate Calculation Date the Annual Fixed Floating Quarterly Distribution Rate for such Subsequent Fixed Quarterly Floating Rate Period and will, on the Fixed Floating Rate Calculation Date, give written notice thereof to the Holders. Each such determination by the Partnership of the Annual Fixed Quarterly Floating Distribution Rate will, in the absence of manifest error, be final and binding upon the Partnership and upon all Holders of Series 1 8 Preferred Limited Partnership Units.
(dc) If on any Distribution Payment Date, the Series 1 8 Distributions accrued to such date are not paid in full on all of the Series 1 8 Preferred Limited Partnership Units then Outstanding, such Series 1 8 Distributions, or the unpaid part thereof, shall be paid on a subsequent date or dates determined by the Managing General Partner on which the Partnership shall have sufficient monies properly applicable to the payment of legally available for such Series 1 Distributions8 Distributions under Bermuda law.
(ed) The Holders shall not be entitled to any distributions other than or in excess of the Series 1 8 Distributions.
(fe) The Record Date for the payment of Series 1 8 Distributions will be the last Business Day of the calendar month prior to the calendar month during which a Distribution Payment Date falls, or such other record date if any, as may be fixed by the Managing General Partner.
Series 1 Distributions shall (except in case of redemption or reclassification in which case payment of Series 1 Distributions shall, subject to the provisions of Section 17, be made on surrender of the certificate representing the Series 1 Preferred Limited Partnership Units to be redeemed or reclassified) be paid by (i) posting in a postage paid envelope addressed to each Holder at the last address of such Holder as it appears on the securities register of the Partnership or, in the case of joint Holders, to the address of that one whose name appears first in the securities register of the Partnership as one of such joint Holders, or, in the event of the address of any Holder not so appearing, then to the address of such Holder last known to the Partnership, a cheque for such Series 1 Distributions (less any tax required to be deducted and withheld) payable to the order of such Holder or, in the case of joint Holders, to the order of all such Holders failing written instructions from them to the contrary or (ii) by any other reasonable means the Partnership deems desirable. Notwithstanding the foregoing, any distribution cheque may be delivered by the Partnership to a Holder at his/her address as aforesaid. The posting or delivery of such cheque or the payment of the Series 1 Distributions by any other reasonable means on or before the date on which such distribution is to be paid to a Holder shall be deemed to be payment and shall satisfy and discharge all liabilities for the payment of such Distributions to the extent of the sum represented thereby (plus the amount of any tax required to be deducted and withheld as aforesaid) unless, if applicable, such cheque is not paid on due presentation. Subject to applicable law, distributions which are represented by a cheque which has not been presented to the Partnership’s bankers for payment or that otherwise remain unclaimed for a period of two years from the date on which they were declared to be payable shall be forfeited to the Partnership.
Appears in 2 contracts
Samples: Limited Partnership Agreement (Brookfield Infrastructure Partners L.P.), Limited Partnership Agreement (Brookfield Infrastructure Partners L.P.)
Cumulative Preferential Distributions. The holders of the then Outstanding Series 1 10 Preferred Limited Partnership Units (the “Holders”) shall be entitled to receive, and the Partnership shall pay thereon, as and when declared by the Managing General Partner, out of moneys of the Partnership properly applicable to the payment of legally available for distributions under Bermuda law and without regard to the income of the Partnership, cumulative preferential cash distributions (the “Series 1 10 Distributions”) payable quarterly at the rates and times herein provided by cheque at par in lawful money of Canada at any branch in Canada of the Partnership’s bankers for the time being or by any other reasonable means the Partnership deems desirable.
(a) During the Initial Fixed Rate Period, the Series 1 Distributions will be payable quarterly on the last day of March, June, September and December of each year (each, a “Distribution Payment Date”) at the Initial Fixed Distribution Rate. The initial Series 1 Distribution will be payable June 30, 2015 and will be an amount in cash equal to C$0.3390 per Series 1 Preferred Limited Partnership Unit less any tax required to be deducted and withheld. On each Distribution Payment Date during the Initial Fixed Rate Period, (other than June 30, 2015) the Series 1 Distribution will be equal to C$0.28125 per unit.
(b) During each Subsequent Fixed Quarterly Floating Rate Period, Series 1 10 Distributions payable on the Series 1 10 Preferred Limited Partnership Units will be in an annual amount per unit Series 10 Preferred Limited Partnership Unit determined by multiplying the Annual Fixed Floating Quarterly Distribution Rate applicable to such Subsequent Fixed Quarterly Floating Rate Period by C$25.00, less any tax required to be deducted and withheld, and shall be payable quarterly on each Distribution Payment Date during such Subsequent Fixed Quarterly Floating Rate Period.
(cb) In respect of each Subsequent Fixed Quarterly Floating Rate Period, the Partnership will, during such Subsequent Fixed Quarterly Floating Rate Period Period, calculate on each Fixed Floating Rate Calculation Date the Annual Fixed Floating Quarterly Distribution Rate for such Subsequent Fixed Quarterly Floating Rate Period and will, on the Fixed Floating Rate Calculation Date, give written notice thereof to the Holders. Each such determination by the Partnership of the Annual Fixed Quarterly Floating Distribution Rate will, in the absence of manifest error, be final and binding upon the Partnership and upon all Holders of Series 1 10 Preferred Limited Partnership Units.
(dc) If on any Distribution Payment Date, the Series 1 10 Distributions accrued to such date are not paid in full on all of the Series 1 10 Preferred Limited Partnership Units then Outstanding, such Series 1 10 Distributions, or the unpaid part thereof, shall be paid on a subsequent date or dates determined by the Managing General Partner on which the Partnership shall have sufficient monies properly applicable to the payment of legally available for such Series 1 Distributions10 Distributions under Bermuda law.
(ed) The Holders shall not be entitled to any distributions other than or in excess of the Series 1 10 Distributions.
(fe) The Record Date for the payment of Series 1 10 Distributions will be the last Business Day of the calendar month prior to the calendar month during which a Distribution Payment Date falls, or such other record date if any, as may be fixed by the Managing General Partner.
Series 1 Distributions shall (except in case of redemption or reclassification in which case payment of Series 1 Distributions shall, subject to the provisions of Section 17, be made on surrender of the certificate representing the Series 1 Preferred Limited Partnership Units to be redeemed or reclassified) be paid by (i) posting in a postage paid envelope addressed to each Holder at the last address of such Holder as it appears on the securities register of the Partnership or, in the case of joint Holders, to the address of that one whose name appears first in the securities register of the Partnership as one of such joint Holders, or, in the event of the address of any Holder not so appearing, then to the address of such Holder last known to the Partnership, a cheque for such Series 1 Distributions (less any tax required to be deducted and withheld) payable to the order of such Holder or, in the case of joint Holders, to the order of all such Holders failing written instructions from them to the contrary or (ii) by any other reasonable means the Partnership deems desirable. Notwithstanding the foregoing, any distribution cheque may be delivered by the Partnership to a Holder at his/her address as aforesaid. The posting or delivery of such cheque or the payment of the Series 1 Distributions by any other reasonable means on or before the date on which such distribution is to be paid to a Holder shall be deemed to be payment and shall satisfy and discharge all liabilities for the payment of such Distributions to the extent of the sum represented thereby (plus the amount of any tax required to be deducted and withheld as aforesaid) unless, if applicable, such cheque is not paid on due presentation. Subject to applicable law, distributions which are represented by a cheque which has not been presented to the Partnership’s bankers for payment or that otherwise remain unclaimed for a period of two years from the date on which they were declared to be payable shall be forfeited to the Partnership.
Appears in 2 contracts
Samples: Limited Partnership Agreement (Brookfield Infrastructure Partners L.P.), Limited Partnership Agreement (Brookfield Infrastructure Partners L.P.)
Cumulative Preferential Distributions. The holders of the then Outstanding Series 1 12 Preferred Limited Partnership Units (the “Holders”) shall be entitled to receive, and the Partnership shall pay thereon, as and when declared by the General Partner, out of moneys of the Partnership properly applicable to the payment of legally available for distributions under Bermuda law and without regard to the income of the Partnership, cumulative preferential cash distributions (the “Series 1 12 Distributions”) payable quarterly at the rates and times herein provided by cheque at par in lawful money of Canada at any branch in Canada of the Partnership’s bankers for the time being or by any other reasonable means the Partnership deems desirable.
(a) During the Initial Fixed Rate Period, the Series 1 Distributions will be payable quarterly on the last day of March, June, September and December of each year (each, a “Distribution Payment Date”) at the Initial Fixed Distribution Rate. The initial Series 1 Distribution will be payable June 30, 2015 and will be an amount in cash equal to C$0.3390 per Series 1 Preferred Limited Partnership Unit less any tax required to be deducted and withheld. On each Distribution Payment Date during the Initial Fixed Rate Period, (other than June 30, 2015) the Series 1 Distribution will be equal to C$0.28125 per unit.
(b) During each Subsequent Fixed Quarterly Floating Rate Period, Series 1 12 Distributions payable on the Series 1 12 Preferred Limited Partnership Units will be in an annual amount per unit Series 12 Preferred Limited Partnership Unit determined by multiplying the Annual Fixed Floating Quarterly Distribution Rate applicable to such Subsequent Fixed Quarterly Floating Rate Period by C$25.00, less any tax required to be deducted and withheld, and shall be payable quarterly on each Distribution Payment Date during such Subsequent Fixed Quarterly Floating Rate Period.
(cb) In respect of each Subsequent Fixed Quarterly Floating Rate Period, the Partnership will, during such Subsequent Fixed Quarterly Floating Rate Period Period, calculate on each Fixed Floating Rate Calculation Date the Annual Fixed Floating Quarterly Distribution Rate for such Subsequent Fixed Quarterly Floating Rate Period and will, on the Fixed Floating Rate Calculation Date, give written notice thereof to the Holders. Each such determination by the Partnership of the Annual Fixed Quarterly Floating Distribution Rate will, in the absence of manifest error, be final and binding upon the Partnership and upon all Holders of Series 1 12 Preferred Limited Partnership Units.
(dc) If on any Distribution Payment Date, the Series 1 12 Distributions accrued to such date are not paid in full on all of the Series 1 12 Preferred Limited Partnership Units then Outstanding, such Series 1 12 Distributions, or the unpaid part thereof, shall be paid on a subsequent date or dates determined by the General Partner on which the Partnership shall have sufficient monies properly applicable to the payment of legally available for such Series 1 Distributions12 Distributions under Bermuda law.
(ed) The Holders shall not be entitled to any distributions other than or in excess of the Series 1 12 Distributions.
(fe) The Record Date for the payment of Series 1 12 Distributions will be the last Business Day of the calendar month prior to fifteenth (15th) day in the calendar month during which a Distribution Payment Date falls, or such other record date if any, as may be fixed by the General Partner.
Series 1 Distributions shall (except in case of redemption or reclassification in which case payment of Series 1 Distributions shall, subject to the provisions of Section 17, be made on surrender of the certificate representing the Series 1 Preferred Limited Partnership Units to be redeemed or reclassified) be paid by (i) posting in a postage paid envelope addressed to each Holder at the last address of such Holder as it appears on the securities register of the Partnership or, in the case of joint Holders, to the address of that one whose name appears first in the securities register of the Partnership as one of such joint Holders, or, in the event of the address of any Holder not so appearing, then to the address of such Holder last known to the Partnership, a cheque for such Series 1 Distributions (less any tax required to be deducted and withheld) payable to the order of such Holder or, in the case of joint Holders, to the order of all such Holders failing written instructions from them to the contrary or (ii) by any other reasonable means the Partnership deems desirable. Notwithstanding the foregoing, any distribution cheque may be delivered by the Partnership to a Holder at his/her address as aforesaid. The posting or delivery of such cheque or the payment of the Series 1 Distributions by any other reasonable means on or before the date on which such distribution is to be paid to a Holder shall be deemed to be payment and shall satisfy and discharge all liabilities for the payment of such Distributions to the extent of the sum represented thereby (plus the amount of any tax required to be deducted and withheld as aforesaid) unless, if applicable, such cheque is not paid on due presentation. Subject to applicable law, distributions which are represented by a cheque which has not been presented to the Partnership’s bankers for payment or that otherwise remain unclaimed for a period of two years from the date on which they were declared to be payable shall be forfeited to the Partnership.
Appears in 2 contracts
Samples: Limited Partnership Agreement (Brookfield Renewable Partners L.P.), Limited Partnership Agreement (Brookfield Renewable Partners L.P.)
Cumulative Preferential Distributions. The holders of the then Outstanding Series 1 6 Preferred Limited Partnership Units (the “Holders”) shall be entitled to receive, and the Partnership shall pay thereon, as and when declared by the General Partner, out of moneys of the Partnership properly applicable to the payment of legally available for distributions under Bermuda law and without regard to the income of the Partnership, cumulative preferential cash distributions (the “Series 1 6 Distributions”) payable quarterly at the rates and times herein provided by cheque at par in lawful money of Canada at any branch in Canada of the Partnership’s bankers for the time being or by any other reasonable means the Partnership deems desirable.
(a) During the Initial Fixed Rate Period, the Series 1 Distributions will be payable quarterly on the last day of March, June, September and December of each year (each, a “Distribution Payment Date”) at the Initial Fixed Distribution Rate. The initial Series 1 Distribution will be payable June 30, 2015 and will be an amount in cash equal to C$0.3390 per Series 1 Preferred Limited Partnership Unit less any tax required to be deducted and withheld. On each Distribution Payment Date during the Initial Fixed Rate Period, (other than June 30, 2015) the Series 1 Distribution will be equal to C$0.28125 per unit.
(b) During each Subsequent Fixed Quarterly Floating Rate Period, Series 1 6 Distributions payable on the Series 1 6 Preferred Limited Partnership Units will be in an annual amount per unit Series 6 Preferred Limited Partnership Unit determined by multiplying the Annual Fixed Floating Quarterly Distribution Rate applicable to such Subsequent Fixed Quarterly Floating Rate Period by C$25.00, less any tax required to be deducted and withheld, and shall be payable quarterly on each Distribution Payment Date during such Subsequent Fixed Quarterly Floating Rate Period.
(cb) In respect of each Subsequent Fixed Quarterly Floating Rate Period, the Partnership will, during such Subsequent Fixed Quarterly Floating Rate Period Period, calculate on each Fixed Floating Rate Calculation Date the Annual Fixed Floating Quarterly Distribution Rate for such Subsequent Fixed Quarterly Floating Rate Period and will, on the Fixed Floating Rate Calculation Date, give written notice thereof to the Holders. Each such determination by the Partnership of the Annual Fixed Quarterly Floating Distribution Rate will, in the absence of manifest error, be final and binding upon the Partnership and upon all Holders of Series 1 6 Preferred Limited Partnership Units.
(dc) If on any Distribution Payment Date, the Series 1 6 Distributions accrued to such date are not paid in full on all of the Series 1 6 Preferred Limited Partnership Units then Outstanding, such Series 1 6 Distributions, or the unpaid part thereof, shall be paid on a subsequent date or dates determined by the General Partner on which the Partnership shall have sufficient monies properly applicable to the payment of legally available for such Series 1 Distributions6 Distributions under Bermuda law.
(ed) The Holders shall not be entitled to any distributions other than or in excess of the Series 1 6 Distributions.
(fe) The Record Date for the payment of Series 1 6 Distributions will be the last Business Day of the calendar month prior to the calendar month during which a Distribution Payment Date falls, or such other record date if any, as may be fixed by the General Partner.
Series 1 Distributions shall (except in case of redemption or reclassification in which case payment of Series 1 Distributions shall, subject to the provisions of Section 17, be made on surrender of the certificate representing the Series 1 Preferred Limited Partnership Units to be redeemed or reclassified) be paid by (i) posting in a postage paid envelope addressed to each Holder at the last address of such Holder as it appears on the securities register of the Partnership or, in the case of joint Holders, to the address of that one whose name appears first in the securities register of the Partnership as one of such joint Holders, or, in the event of the address of any Holder not so appearing, then to the address of such Holder last known to the Partnership, a cheque for such Series 1 Distributions (less any tax required to be deducted and withheld) payable to the order of such Holder or, in the case of joint Holders, to the order of all such Holders failing written instructions from them to the contrary or (ii) by any other reasonable means the Partnership deems desirable. Notwithstanding the foregoing, any distribution cheque may be delivered by the Partnership to a Holder at his/her address as aforesaid. The posting or delivery of such cheque or the payment of the Series 1 Distributions by any other reasonable means on or before the date on which such distribution is to be paid to a Holder shall be deemed to be payment and shall satisfy and discharge all liabilities for the payment of such Distributions to the extent of the sum represented thereby (plus the amount of any tax required to be deducted and withheld as aforesaid) unless, if applicable, such cheque is not paid on due presentation. Subject to applicable law, distributions which are represented by a cheque which has not been presented to the Partnership’s bankers for payment or that otherwise remain unclaimed for a period of two years from the date on which they were declared to be payable shall be forfeited to the Partnership.
Appears in 2 contracts
Samples: Limited Partnership Agreement (Brookfield Infrastructure Partners L.P.), Limited Partnership Agreement (Brookfield Infrastructure Partners L.P.)
Cumulative Preferential Distributions. The holders of the then Outstanding Series 1 14 Preferred Limited Partnership Units (the “Holders”) shall be entitled to receive, and the Partnership shall pay thereon, as and when declared by the General Partner, out of moneys of the Partnership properly applicable to the payment of legally available for distributions under Bermuda law and without regard to the income of the Partnership, cumulative preferential cash distributions (the “Series 1 14 Distributions”) payable quarterly at the rates and times herein provided by cheque at par in lawful money of Canada at any branch in Canada of the Partnership’s bankers for the time being or by any other reasonable means the Partnership deems desirable.
(a) During the Initial Fixed Rate Period, the Series 1 Distributions will be payable quarterly on the last day of March, June, September and December of each year (each, a “Distribution Payment Date”) at the Initial Fixed Distribution Rate. The initial Series 1 Distribution will be payable June 30, 2015 and will be an amount in cash equal to C$0.3390 per Series 1 Preferred Limited Partnership Unit less any tax required to be deducted and withheld. On each Distribution Payment Date during the Initial Fixed Rate Period, (other than June 30, 2015) the Series 1 Distribution will be equal to C$0.28125 per unit.
(b) During each Subsequent Fixed Quarterly Floating Rate Period, Series 1 14 Distributions payable on the Series 1 14 Preferred Limited Partnership Units will be in an annual amount per unit Series 14 Preferred Limited Partnership Unit determined by multiplying the Annual Fixed Floating Quarterly Distribution Rate applicable to such Subsequent Fixed Quarterly Floating Rate Period by C$25.00, less any tax required to be deducted and withheld, and shall be payable quarterly on each Distribution Payment Date during such Subsequent Fixed Quarterly Floating Rate Period.
(cb) In respect of each Subsequent Fixed Quarterly Floating Rate Period, the Partnership will, during such Subsequent Fixed Quarterly Floating Rate Period Period, calculate on each Fixed Floating Rate Calculation Date the Annual Fixed Floating Quarterly Distribution Rate for such Subsequent Fixed Quarterly Floating Rate Period and will, on the Fixed Floating Rate Calculation Date, give written notice thereof to the Holders. Each such determination by the Partnership of the Annual Fixed Quarterly Floating Distribution Rate will, in the absence of manifest error, be final and binding upon the Partnership and upon all Holders of Series 1 14 Preferred Limited Partnership Units.
(dc) If on any Distribution Payment Date, the Series 1 14 Distributions accrued to such date are not paid in full on all of the Series 1 14 Preferred Limited Partnership Units then Outstanding, such Series 1 14 Distributions, or the unpaid part thereof, shall be paid on a subsequent date or dates determined by the General Partner on which the Partnership shall have sufficient monies properly applicable to the payment of legally available for such Series 1 Distributions14 Distributions under Bermuda law.
(ed) The Holders shall not be entitled to any distributions other than or in excess of the Series 1 14 Distributions.
(fe) The Record Date for the payment of Series 1 14 Distributions will be the last Business Day of the calendar month prior to fifteenth (15th) day in the calendar month during which a Distribution Payment Date falls, or such other record date if any, as may be fixed by the General Partner.
Series 1 Distributions shall (except in case of redemption or reclassification in which case payment of Series 1 Distributions shall, subject to the provisions of Section 17, be made on surrender of the certificate representing the Series 1 Preferred Limited Partnership Units to be redeemed or reclassified) be paid by (i) posting in a postage paid envelope addressed to each Holder at the last address of such Holder as it appears on the securities register of the Partnership or, in the case of joint Holders, to the address of that one whose name appears first in the securities register of the Partnership as one of such joint Holders, or, in the event of the address of any Holder not so appearing, then to the address of such Holder last known to the Partnership, a cheque for such Series 1 Distributions (less any tax required to be deducted and withheld) payable to the order of such Holder or, in the case of joint Holders, to the order of all such Holders failing written instructions from them to the contrary or (ii) by any other reasonable means the Partnership deems desirable. Notwithstanding the foregoing, any distribution cheque may be delivered by the Partnership to a Holder at his/her address as aforesaid. The posting or delivery of such cheque or the payment of the Series 1 Distributions by any other reasonable means on or before the date on which such distribution is to be paid to a Holder shall be deemed to be payment and shall satisfy and discharge all liabilities for the payment of such Distributions to the extent of the sum represented thereby (plus the amount of any tax required to be deducted and withheld as aforesaid) unless, if applicable, such cheque is not paid on due presentation. Subject to applicable law, distributions which are represented by a cheque which has not been presented to the Partnership’s bankers for payment or that otherwise remain unclaimed for a period of two years from the date on which they were declared to be payable shall be forfeited to the Partnership.
Appears in 2 contracts
Samples: Limited Partnership Agreement (Brookfield Renewable Partners L.P.), Limited Partnership Agreement (Brookfield Renewable Partners L.P.)
Cumulative Preferential Distributions. The holders of the then Outstanding Series 1 10 Preferred Limited Partnership Units (the “Holders”) shall be entitled to receive, and the Partnership shall pay thereon, as and when declared by the General Partner, out of moneys of the Partnership properly applicable to the payment of legally available for distributions under Bermuda law and without regard to the income of the Partnership, cumulative preferential cash distributions (the “Series 1 10 Distributions”) payable quarterly at the rates and times herein provided by cheque at par in lawful money of Canada at any branch in Canada of the Partnership’s bankers for the time being or by any other reasonable means the Partnership deems desirable.
(a) During the Initial Fixed Rate Period, the Series 1 Distributions will be payable quarterly on the last day of March, June, September and December of each year (each, a “Distribution Payment Date”) at the Initial Fixed Distribution Rate. The initial Series 1 Distribution will be payable June 30, 2015 and will be an amount in cash equal to C$0.3390 per Series 1 Preferred Limited Partnership Unit less any tax required to be deducted and withheld. On each Distribution Payment Date during the Initial Fixed Rate Period, (other than June 30, 2015) the Series 1 Distribution will be equal to C$0.28125 per unit.
(b) During each Subsequent Fixed Quarterly Floating Rate Period, Series 1 10 Distributions payable on the Series 1 10 Preferred Limited Partnership Units will be in an annual amount per unit Series 10 Preferred Limited Partnership Unit determined by multiplying the Annual Fixed Floating Quarterly Distribution Rate applicable to such Subsequent Fixed Quarterly Floating Rate Period by C$25.00, less any tax required to be deducted and withheld, and shall be payable quarterly on each Distribution Payment Date during such Subsequent Fixed Quarterly Floating Rate Period.
(cb) In respect of each Subsequent Fixed Quarterly Floating Rate Period, the Partnership will, during such Subsequent Fixed Quarterly Floating Rate Period Period, calculate on each Fixed Floating Rate Calculation Date the Annual Fixed Floating Quarterly Distribution Rate for such Subsequent Fixed Quarterly Floating Rate Period and will, on the Fixed Floating Rate Calculation Date, give written notice thereof to the Holders. Each such determination by the Partnership of the Annual Fixed Quarterly Floating Distribution Rate will, in the absence of manifest error, be final and binding upon the Partnership and upon all Holders of Series 1 10 Preferred Limited Partnership Units.
(dc) If on any Distribution Payment Date, the Series 1 10 Distributions accrued to such date are not paid in full on all of the Series 1 10 Preferred Limited Partnership Units then Outstanding, such Series 1 10 Distributions, or the unpaid part thereof, shall be paid on a subsequent date or dates determined by the General Partner on which the Partnership shall have sufficient monies properly applicable to the payment of legally available for such Series 1 Distributions10 Distributions under Bermuda law.
(ed) The Holders shall not be entitled to any distributions other than or in excess of the Series 1 10 Distributions.
(fe) The Record Date for the payment of Series 1 10 Distributions will be the last Business Day of the calendar month prior to the calendar month during which a Distribution Payment Date falls, or such other record date if any, as may be fixed by the General Partner.
Series 1 Distributions shall (except in case of redemption or reclassification in which case payment of Series 1 Distributions shall, subject to the provisions of Section 17, be made on surrender of the certificate representing the Series 1 Preferred Limited Partnership Units to be redeemed or reclassified) be paid by (i) posting in a postage paid envelope addressed to each Holder at the last address of such Holder as it appears on the securities register of the Partnership or, in the case of joint Holders, to the address of that one whose name appears first in the securities register of the Partnership as one of such joint Holders, or, in the event of the address of any Holder not so appearing, then to the address of such Holder last known to the Partnership, a cheque for such Series 1 Distributions (less any tax required to be deducted and withheld) payable to the order of such Holder or, in the case of joint Holders, to the order of all such Holders failing written instructions from them to the contrary or (ii) by any other reasonable means the Partnership deems desirable. Notwithstanding the foregoing, any distribution cheque may be delivered by the Partnership to a Holder at his/her address as aforesaid. The posting or delivery of such cheque or the payment of the Series 1 Distributions by any other reasonable means on or before the date on which such distribution is to be paid to a Holder shall be deemed to be payment and shall satisfy and discharge all liabilities for the payment of such Distributions to the extent of the sum represented thereby (plus the amount of any tax required to be deducted and withheld as aforesaid) unless, if applicable, such cheque is not paid on due presentation. Subject to applicable law, distributions which are represented by a cheque which has not been presented to the Partnership’s bankers for payment or that otherwise remain unclaimed for a period of two years from the date on which they were declared to be payable shall be forfeited to the Partnership.
Appears in 2 contracts
Samples: Limited Partnership Agreement (Brookfield Infrastructure Partners L.P.), Limited Partnership Agreement (Brookfield Infrastructure Partners L.P.)
Cumulative Preferential Distributions. The holders of the then Outstanding Series 1 7 Preferred Limited Partnership Units (the “Holders”) shall be entitled to receive, and the Partnership shall pay thereon, as and when declared by the General Partner, out of moneys of the Partnership properly applicable to the payment of legally available for distributions under Bermuda law and without regard to the income of the Partnership, cumulative preferential cash distributions (the “Series 1 7 Distributions”) payable quarterly at the rates and times herein provided by cheque at par in lawful money of Canada at any branch in Canada of the Partnership’s bankers for the time being or by any other reasonable means the Partnership deems desirable.
(a) During the Initial Fixed Rate Period, the Series 1 7 Distributions will be payable quarterly on the last day of March, June, September and December of each year (each, a “Distribution Payment Date”) at the Initial Fixed Distribution Rate. The initial Series 1 7 Distribution will be payable June 30March 31, 2015 2017 and will be an amount in cash equal to C$0.3390 0.2192 per Series 1 7 Preferred Limited Partnership Unit less any tax required to be deducted and withheld. On each Distribution Payment Date during the Initial Fixed Rate Period, Period (other than June 30March 31, 2015) 2017), the Series 1 7 Distribution will be equal to C$0.28125 0.3125 per unit.
(b) During each Subsequent Fixed Rate Period, Series 1 7 Distributions payable on the Series 1 7 Preferred Limited Partnership Units will be in an annual amount per unit determined by multiplying the Annual Fixed Distribution Rate applicable to such Subsequent Fixed Rate Period by C$25.00, less any tax required to be deducted and withheld, and shall be payable quarterly on each Distribution Payment Date during such Subsequent Fixed Rate Period.
(c) In respect of each Subsequent Fixed Rate Period, the Partnership will, during such Subsequent Fixed Rate Period calculate on each Fixed Rate Calculation Date the Annual Fixed Distribution Rate for such Subsequent Fixed Rate Period and will, on the Fixed Rate Calculation Date, give written notice thereof to the Holders. Each such determination by the Partnership of the Annual Fixed Distribution Rate will, in the absence of manifest error, be final and binding upon the Partnership and upon all Holders of Series 1 7 Preferred Limited Partnership Units.
(d) If on any Distribution Payment Date, the Series 1 7 Distributions accrued to such date are not paid in full on all of the Series 1 7 Preferred Limited Partnership Units then Outstanding, such Series 1 7 Distributions, or the unpaid part thereof, shall be paid on a subsequent date or dates determined by the General Partner on which the Partnership shall have sufficient monies properly applicable to the payment of legally available for such Series 1 Distributions7 Distributions under Bermuda law.
(e) The Holders shall not be entitled to any distributions other than or in excess of the Series 1 7 Distributions.
(f) The Record Date for the payment of Series 1 7 Distributions will be the last Business Day of the calendar month prior to the calendar month during which a Distribution Payment Date falls, or such other record date if any, as may be fixed by the General Partner.
. Series 1 7 Distributions shall (except in case of redemption or reclassification in which case payment of Series 1 7 Distributions shall, subject to the provisions of Section 17, be made on surrender of the certificate representing the Series 1 7 Preferred Limited Partnership Units to be redeemed or reclassified) be paid by (i) posting in a postage paid envelope addressed to each Holder at the last address of such Holder as it appears on the securities register of the Partnership or, in the case of joint Holders, to the address of that one whose name appears first in the securities register of the Partnership as one of such joint Holders, or, in the event of the address of any Holder not so appearing, then to the address of such Holder last known to the Partnership, a cheque for such Series 1 7 Distributions (less any tax required to be deducted and withheld) payable to the order of such Holder or, in the case of joint Holders, to the order of all such Holders failing written instructions from them to the contrary or (ii) by any other reasonable means the Partnership deems desirable. Notwithstanding the foregoing, any distribution cheque may be delivered by the Partnership to a Holder at his/her address as aforesaid. The posting or delivery of such cheque or the payment of the Series 1 7 Distributions by any other reasonable means on or before the date on which such distribution is to be paid to a Holder shall be deemed to be payment and shall satisfy and discharge all liabilities for the payment of such Distributions to the extent of the sum represented thereby (plus the amount of any tax required to be deducted and withheld as aforesaidaforesaid and remitted to the proper tax authority) unless, if applicable, such cheque is not paid on due presentation. Subject to applicable law, distributions which are represented by a cheque which has not been presented to the Partnership’s bankers for payment or that otherwise remain unclaimed for a period of two years from the date on which they were declared to be payable shall be forfeited to the Partnership.
Appears in 2 contracts
Samples: Limited Partnership Agreement (Brookfield Infrastructure Partners L.P.), Limited Partnership Agreement (Brookfield Infrastructure Partners L.P.)
Cumulative Preferential Distributions. The holders of the then Outstanding Series 1 16 Preferred Limited Partnership Units (the “Holders”) shall be entitled to receive, and the Partnership shall pay thereon, as and when declared by the General Partner, out of moneys of the Partnership properly applicable to the payment of legally available for distributions under Bermuda law and without regard to the income of the Partnership, cumulative preferential cash distributions (the “Series 1 16 Distributions”) payable quarterly at the rates and times herein provided by cheque at par in lawful money of Canada at any branch in Canada of the Partnership’s bankers for the time being or by any other reasonable means the Partnership deems desirable.
(a) During the Initial Fixed Rate Period, the Series 1 Distributions will be payable quarterly on the last day of March, June, September and December of each year (each, a “Distribution Payment Date”) at the Initial Fixed Distribution Rate. The initial Series 1 Distribution will be payable June 30, 2015 and will be an amount in cash equal to C$0.3390 per Series 1 Preferred Limited Partnership Unit less any tax required to be deducted and withheld. On each Distribution Payment Date during the Initial Fixed Rate Period, (other than June 30, 2015) the Series 1 Distribution will be equal to C$0.28125 per unit.
(b) During each Subsequent Fixed Quarterly Floating Rate Period, Series 1 16 Distributions payable on the Series 1 16 Preferred Limited Partnership Units will be in an annual amount per unit Series 16 Preferred Limited Partnership Unit determined by multiplying the Annual Fixed Floating Quarterly Distribution Rate applicable to such Subsequent Fixed Quarterly Floating Rate Period by C$25.00, less any tax required to be deducted and withheld, and shall be payable quarterly on each Distribution Payment Date during such Subsequent Fixed Quarterly Floating Rate Period.
(cb) In respect of each Subsequent Fixed Quarterly Floating Rate Period, the Partnership will, during such Subsequent Fixed Quarterly Floating Rate Period Period, calculate on each Fixed Floating Rate Calculation Date the Annual Fixed Floating Quarterly Distribution Rate for such Subsequent Fixed Quarterly Floating Rate Period and will, on the Fixed Floating Rate Calculation Date, give written notice thereof to the Holders. Each such determination by the Partnership of the Annual Fixed Quarterly Floating Distribution Rate will, in the absence of manifest error, be final and binding upon the Partnership and upon all Holders of Series 1 16 Preferred Limited Partnership Units.
(dc) If on any Distribution Payment Date, the Series 1 16 Distributions accrued to such date are not paid in full on all of the Series 1 16 Preferred Limited Partnership Units then Outstanding, such Series 1 16 Distributions, or the unpaid part thereof, shall be paid on a subsequent date or dates determined by the General Partner on which the Partnership shall have sufficient monies properly applicable to the payment of legally available for such Series 1 Distributions16 Distributions under Bermuda law.
(ed) The Holders shall not be entitled to any distributions other than or in excess of the Series 1 16 Distributions.
(fe) The Record Date for the payment of Series 1 16 Distributions will be the last Business Day of the calendar month prior to fifteenth (15th) day in the calendar month during which a Distribution Payment Date falls, or such other record date if any, as may be fixed by the General Partner.
Series 1 Distributions shall (except in case of redemption or reclassification in which case payment of Series 1 Distributions shall, subject to the provisions of Section 17, be made on surrender of the certificate representing the Series 1 Preferred Limited Partnership Units to be redeemed or reclassified) be paid by (i) posting in a postage paid envelope addressed to each Holder at the last address of such Holder as it appears on the securities register of the Partnership or, in the case of joint Holders, to the address of that one whose name appears first in the securities register of the Partnership as one of such joint Holders, or, in the event of the address of any Holder not so appearing, then to the address of such Holder last known to the Partnership, a cheque for such Series 1 Distributions (less any tax required to be deducted and withheld) payable to the order of such Holder or, in the case of joint Holders, to the order of all such Holders failing written instructions from them to the contrary or (ii) by any other reasonable means the Partnership deems desirable. Notwithstanding the foregoing, any distribution cheque may be delivered by the Partnership to a Holder at his/her address as aforesaid. The posting or delivery of such cheque or the payment of the Series 1 Distributions by any other reasonable means on or before the date on which such distribution is to be paid to a Holder shall be deemed to be payment and shall satisfy and discharge all liabilities for the payment of such Distributions to the extent of the sum represented thereby (plus the amount of any tax required to be deducted and withheld as aforesaid) unless, if applicable, such cheque is not paid on due presentation. Subject to applicable law, distributions which are represented by a cheque which has not been presented to the Partnership’s bankers for payment or that otherwise remain unclaimed for a period of two years from the date on which they were declared to be payable shall be forfeited to the Partnership.
Appears in 2 contracts
Samples: Limited Partnership Agreement (Brookfield Renewable Partners L.P.), Limited Partnership Agreement (Brookfield Renewable Partners L.P.)
Cumulative Preferential Distributions. The holders of the then Outstanding Series 1 5 Preferred Limited Partnership Units (the “Holders”) shall be entitled to receive, and the Partnership shall pay thereon, as and when declared by the General Partner, out of moneys of the Partnership properly applicable to the payment of legally available for distributions under Bermuda law and without regard to the income of the Partnership, cumulative preferential cash distributions (the “Series 1 5 Distributions”) payable quarterly at the rates and times herein provided by cheque at par in lawful money of Canada at any branch in Canada of the Partnership’s bankers for the time being or by any other reasonable means the Partnership deems desirable.
(a) During the Initial Fixed Rate Period, the Series 1 5 Distributions will be payable quarterly on the last day of March, June, September and December of each year (each, a “Distribution Payment Date”) at the Initial Fixed Distribution Rate. The initial Series 1 5 Distribution will be payable June September 30, 2015 2016 and will be an amount in cash equal to C$0.3390 0.2162 per Series 1 5 Preferred Limited Partnership Unit less any tax required to be deducted and withheld. On each Distribution Payment Date during the Initial Fixed Rate Period, Period (other than June September 30, 2015) 2016), the Series 1 5 Distribution will be equal to C$0.28125 0.334375 per unit.
(b) During each Subsequent Fixed Rate Period, Series 1 5 Distributions payable on the Series 1 5 Preferred Limited Partnership Units will be in an annual amount per unit determined by multiplying the Annual Fixed Distribution Rate applicable to such Subsequent Fixed Rate Period by C$25.00, less any tax required to be deducted and withheld, and shall be payable quarterly on each Distribution Payment Date during such Subsequent Fixed Rate Period.
(c) In respect of each Subsequent Fixed Rate Period, the Partnership will, during such Subsequent Fixed Rate Period calculate on each Fixed Rate Calculation Date the Annual Fixed Distribution Rate for such Subsequent Fixed Rate Period and will, on the Fixed Rate Calculation Date, give written notice thereof to the Holders. Each such determination by the Partnership of the Annual Fixed Distribution Rate will, in the absence of manifest error, be final and binding upon the Partnership and upon all Holders of Series 1 5 Preferred Limited Partnership Units.
(d) If on any Distribution Payment Date, the Series 1 5 Distributions accrued to such date are not paid in full on all of the Series 1 5 Preferred Limited Partnership Units then Outstanding, such Series 1 5 Distributions, or the unpaid part thereof, shall be paid on a subsequent date or dates determined by the General Partner on which the Partnership shall have sufficient monies properly applicable to the payment of legally available for such Series 1 Distributions5 Distributions under Bermuda law.
(e) The Holders shall not be entitled to any distributions other than or in excess of the Series 1 5 Distributions.
(f) The Record Date for the payment of Series 1 5 Distributions will be the last Business Day of the calendar month prior to the calendar month during which a Distribution Payment Date falls, or such other record date if any, as may be fixed by the General Partner.
Series 1 Distributions shall (except in case of redemption or reclassification in which case payment of Series 1 Distributions shall, subject to the provisions of Section 17, be made on surrender of the certificate representing the Series 1 Preferred Limited Partnership Units to be redeemed or reclassified) be paid by (i) posting in a postage paid envelope addressed to each Holder at the last address of such Holder as it appears on the securities register of the Partnership or, in the case of joint Holders, to the address of that one whose name appears first in the securities register of the Partnership as one of such joint Holders, or, in the event of the address of any Holder not so appearing, then to the address of such Holder last known to the Partnership, a cheque for such Series 1 Distributions (less any tax required to be deducted and withheld) payable to the order of such Holder or, in the case of joint Holders, to the order of all such Holders failing written instructions from them to the contrary or (ii) by any other reasonable means the Partnership deems desirable. Notwithstanding the foregoing, any distribution cheque may be delivered by the Partnership to a Holder at his/her address as aforesaid. The posting or delivery of such cheque or the payment of the Series 1 Distributions by any other reasonable means on or before the date on which such distribution is to be paid to a Holder shall be deemed to be payment and shall satisfy and discharge all liabilities for the payment of such Distributions to the extent of the sum represented thereby (plus the amount of any tax required to be deducted and withheld as aforesaid) unless, if applicable, such cheque is not paid on due presentation. Subject to applicable law, distributions which are represented by a cheque which has not been presented to the Partnership’s bankers for payment or that otherwise remain unclaimed for a period of two years from the date on which they were declared to be payable shall be forfeited to the Partnership.
Appears in 2 contracts
Samples: Limited Partnership Agreement (Brookfield Infrastructure Partners L.P.), Limited Partnership Agreement (Brookfield Infrastructure Partners L.P.)
Cumulative Preferential Distributions. The holders of the then Outstanding Series 1 4 Preferred Limited Partnership Units (the “Holders”) shall be entitled to receive, and the Partnership shall pay thereon, as and when declared by the Managing General Partner, out of moneys of the Partnership properly applicable to the payment of legally available for distributions under Bermuda law and without regard to the income of the Partnership, cumulative preferential cash distributions (the “Series 1 4 Distributions”) payable quarterly at the rates and times herein provided by cheque at par in lawful money of Canada at any branch in Canada of the Partnership’s bankers for the time being or by any other reasonable means the Partnership deems desirable.
(a) During the Initial Fixed Rate Period, the Series 1 Distributions will be payable quarterly on the last day of March, June, September and December of each year (each, a “Distribution Payment Date”) at the Initial Fixed Distribution Rate. The initial Series 1 Distribution will be payable June 30, 2015 and will be an amount in cash equal to C$0.3390 per Series 1 Preferred Limited Partnership Unit less any tax required to be deducted and withheld. On each Distribution Payment Date during the Initial Fixed Rate Period, (other than June 30, 2015) the Series 1 Distribution will be equal to C$0.28125 per unit.
(b) During each Subsequent Fixed Quarterly Floating Rate Period, Series 1 4 Distributions payable on the Series 1 4 Preferred Limited Partnership Units will be in an annual amount per unit Series 4 Preferred Limited Partnership Unit determined by multiplying the Annual Fixed Floating Quarterly Distribution Rate applicable to such Subsequent Fixed Quarterly Floating Rate Period by C$25.00, less any tax required to be deducted and withheld, and shall be payable quarterly on each Distribution Payment Date during such Subsequent Fixed Quarterly Floating Rate Period.
(cb) In respect of each Subsequent Fixed Quarterly Floating Rate Period, the Partnership will, during such Subsequent Fixed Quarterly Floating Rate Period Period, calculate on each Fixed Floating Rate Calculation Date the Annual Fixed Floating Quarterly Distribution Rate for such Subsequent Fixed Quarterly Floating Rate Period and will, on the Fixed Floating Rate Calculation Date, give written notice thereof to the Holders. Each such determination by the Partnership of the Annual Fixed Quarterly Floating Distribution Rate will, in the absence of manifest error, be final and binding upon the Partnership and upon all Holders of Series 1 4 Preferred Limited Partnership Units.
(dc) If on any Distribution Payment Date, the Series 1 4 Distributions accrued to such date are not paid in full on all of the Series 1 4 Preferred Limited Partnership Units then Outstanding, such Series 1 4 Distributions, or the unpaid part thereof, shall be paid on a subsequent date or dates determined by the Managing General Partner on which the Partnership shall have sufficient monies properly applicable to the payment of legally available for such Series 1 Distributions4 Distributions under Bermuda law.
(ed) The Holders shall not be entitled to any distributions other than or in excess of the Series 1 4 Distributions.
(fe) The Record Date for the payment of Series 1 4 Distributions will be the last Business Day of the calendar month prior to the calendar month during which a Distribution Payment Date falls, or such other record date if any, as may be fixed by the Managing General Partner.
. Series 1 4 Distributions shall (except in case of redemption or reclassification in which case payment of Series 1 4 Distributions shall, subject to the provisions of Section 17, shall be made on surrender of the certificate representing the Series 1 4 Preferred Limited Partnership Units to be redeemed or reclassified) be paid by (i) posting in a postage paid envelope addressed to each Holder at the last address of such Holder as it appears on the securities register of the Partnership or, in the case of joint Holders, to the address of that one whose name appears first in the securities register of the Partnership as one of such joint Holders, or, in the event of the address of any Holder not so appearing, then to the address of such Holder last known to the Partnership, a cheque for such Series 1 4 Distributions (less any tax required to be deducted and withheld) payable to the order of such Holder or, in the case of joint Holders, to the order of all such Holders failing written instructions from them to the contrary or (ii) by any other reasonable means the Partnership deems desirable. Notwithstanding the foregoing, any distribution cheque may be delivered by the Partnership to a Holder at his/her address as aforesaid. The posting or delivery of such cheque or the payment of the Series 1 4 Distributions by any other reasonable means on or before the date on which such distribution is to be paid to a Holder shall be deemed to be payment and shall satisfy and discharge all liabilities for the payment of such Distributions to the extent of the sum represented thereby (plus the amount of any tax required to be deducted and withheld as aforesaidaforesaid and remitted to the proper tax authority) unless, if applicable, such cheque is not paid on due presentation. Subject to applicable law, distributions which are represented by a cheque which has not been presented to the Partnership’s bankers for payment or that otherwise remain unclaimed for a period of two years from the date on which they were declared to be payable shall be forfeited to the Partnership.
Appears in 2 contracts
Samples: Limited Partnership Agreement (Brookfield Infrastructure Partners L.P.), Limited Partnership Agreement (Brookfield Infrastructure Partners L.P.)
Cumulative Preferential Distributions. The holders of the then Outstanding Series 1 9 Preferred Limited Partnership Units (the “Holders”) shall be entitled to receive, and the Partnership shall pay thereon, as and when declared by the General Partner, out of moneys of the Partnership properly applicable to the payment of legally available for distributions under Bermuda law and without regard to the income of the Partnership, cumulative preferential cash distributions (the “Series 1 9 Distributions”) payable quarterly at the rates and times herein provided by cheque at par in lawful money of Canada at any branch in Canada of the Partnership’s bankers for the time being or by any other reasonable means the Partnership deems desirable.
(a) During the Initial Fixed Rate Period, the Series 1 9 Distributions will be payable quarterly on the last day of MarchJanuary, JuneApril, September July and December October of each year (each, a “Distribution Payment Date”) at the Initial Fixed Distribution Rate. The initial Series 1 9 Distribution will be payable June 30July 31, 2015 2016 and will be an amount in cash equal to C$0.3390 0.2639 per Series 1 9 Preferred Limited Partnership Unit less any tax required to be deducted and withheld. On each Distribution Payment Date during the Initial Fixed Rate Period, Period (other than June 30July 31, 2015) 2016), the Series 1 9 Distribution will be equal to C$0.28125 0.359375 per unit.
(b) During each Subsequent Fixed Rate Period, Series 1 9 Distributions payable on the Series 1 9 Preferred Limited Partnership Units will be in an annual amount per unit determined by multiplying the Annual Fixed Distribution Rate applicable to such Subsequent Fixed Rate Period by C$25.00, less any tax required to be deducted and withheld, and shall be payable quarterly on each Distribution Payment Date during such Subsequent Fixed Rate Period.
(c) In respect of each Subsequent Fixed Rate Period, the Partnership will, during such Subsequent Fixed Rate Period calculate on each Fixed Rate Calculation Date the Annual Fixed Distribution Rate for such Subsequent Fixed Rate Period and will, on the Fixed Rate Calculation Date, give written notice thereof to the Holders. Each such determination by the Partnership of the Annual Fixed Distribution Rate will, in the absence of manifest error, be final and binding upon the Partnership and upon all Holders of Series 1 9 Preferred Limited Partnership Units.
(d) If on any Distribution Payment Date, the Series 1 9 Distributions accrued to such date are not paid in full on all of the Series 1 9 Preferred Limited Partnership Units then Outstanding, such Series 1 9 Distributions, or the unpaid part thereof, shall be paid on a subsequent date or dates determined by the General Partner on which the Partnership shall have sufficient monies properly applicable to the payment of legally available for such Series 1 Distributions9 Distributions under Bermuda law.
(e) The Holders shall not be entitled to any distributions other than or in excess of the Series 1 9 Distributions.
(f) The Record Date for the payment of Series 1 9 Distributions will be the last Business Day of the calendar month prior to fifteenth (15th) day in the calendar month during which a Distribution Payment Date falls, or such other record date if any, as may be fixed by the General Partner.
. Series 1 9 Distributions shall (except in case of redemption or reclassification in which case payment of Series 1 9 Distributions shall, subject to the provisions of Section 17, be made on surrender of the certificate representing the Series 1 9 Preferred Limited Partnership Units to be redeemed or reclassified) be paid by (i) posting in a postage paid envelope addressed to each Holder at the last address of such Holder as it appears on the securities register of the Partnership or, in the case of joint Holders, to the address of that one whose name appears first in the securities register of the Partnership as one of such joint Holders, or, in the event of the address of any Holder not so appearing, then to the address of such Holder last known to the Partnership, a cheque for such Series 1 9 Distributions (less any tax required to be deducted and withheld) payable to the order of such Holder or, in the case of joint Holders, to the order of all such Holders failing written instructions from them to the contrary or (ii) by any other reasonable means the Partnership deems desirable. Notwithstanding the foregoing, any distribution cheque may be delivered by the Partnership to a Holder at his/her address as aforesaid. The posting or delivery of such cheque or the payment of the Series 1 9 Distributions by any other reasonable means on or before the date on which such distribution is to be paid to a Holder shall be deemed to be payment and shall satisfy and discharge all liabilities for the payment of such Distributions to the extent of the sum represented thereby (plus the amount of any tax required to be deducted and withheld as aforesaidaforesaid and remitted to the proper tax authority) unless, if applicable, such cheque is not paid on due presentation. Subject to applicable law, distributions which are represented by a cheque which has not been presented to the Partnership’s bankers for payment or that otherwise remain unclaimed for a period of two years from the date on which they were declared to be payable shall be forfeited to the Partnership.
Appears in 2 contracts
Samples: Limited Partnership Agreement (Brookfield Renewable Partners L.P.), Fourth Amended and Restated Limited Partnership Agreement
Cumulative Preferential Distributions. The holders of the then Outstanding Series 1 10 Preferred Limited Partnership Units (the “Holders”) shall be entitled to receive, and the Partnership shall pay thereon, as and when declared by the General Partner, out of moneys of the Partnership properly applicable to the payment of legally available for distributions under Bermuda law and without regard to the income of the Partnership, cumulative preferential cash distributions (the “Series 1 10 Distributions”) payable quarterly at the rates and times herein provided by cheque at par in lawful money of Canada at any branch in Canada of the Partnership’s bankers for the time being or by any other reasonable means the Partnership deems desirable.
(a) During the Initial Fixed Rate Period, the Series 1 Distributions will be payable quarterly on the last day of March, June, September and December of each year (each, a “Distribution Payment Date”) at the Initial Fixed Distribution Rate. The initial Series 1 Distribution will be payable June 30, 2015 and will be an amount in cash equal to C$0.3390 per Series 1 Preferred Limited Partnership Unit less any tax required to be deducted and withheld. On each Distribution Payment Date during the Initial Fixed Rate Period, (other than June 30, 2015) the Series 1 Distribution will be equal to C$0.28125 per unit.
(b) During each Subsequent Fixed Quarterly Floating Rate Period, Series 1 10 Distributions payable on the Series 1 10 Preferred Limited Partnership Units will be in an annual amount per unit Series 10 Preferred Limited Partnership Unit determined by multiplying the Annual Fixed Floating Quarterly Distribution Rate applicable to such Subsequent Fixed Quarterly Floating Rate Period by C$25.00, less any tax required to be deducted and withheld, and shall be payable quarterly on each Distribution Payment Date during such Subsequent Fixed Quarterly Floating Rate Period.
(cb) In respect of each Subsequent Fixed Quarterly Floating Rate Period, the Partnership will, during such Subsequent Fixed Quarterly Floating Rate Period Period, calculate on each Fixed Floating Rate Calculation Date the Annual Fixed Floating Quarterly Distribution Rate for such Subsequent Fixed Quarterly Floating Rate Period and will, on the Fixed Floating Rate Calculation Date, give written notice thereof to the Holders. Each such determination by the Partnership of the Annual Fixed Quarterly Floating Distribution Rate will, in the absence of manifest error, be final and binding upon the Partnership and upon all Holders of Series 1 10 Preferred Limited Partnership Units.
(dc) If on any Distribution Payment Date, the Series 1 10 Distributions accrued to such date are not paid in full on all of the Series 1 10 Preferred Limited Partnership Units then Outstanding, such Series 1 10 Distributions, or the unpaid part thereof, shall be paid on a subsequent date or dates determined by the General Partner on which the Partnership shall have sufficient monies properly applicable to the payment of legally available for such Series 1 Distributions10 Distributions under Bermuda law.
(ed) The Holders shall not be entitled to any distributions other than or in excess of the Series 1 10 Distributions.
(fe) The Record Date for the payment of Series 1 10 Distributions will be the last Business Day of the calendar month prior to fifteenth (15th) day in the calendar month during which a Distribution Payment Date falls, or such other record date if any, as may be fixed by the General Partner.
. Series 1 10 Distributions shall (except in case of redemption or reclassification in which case payment of Series 1 10 Distributions shall, subject to the provisions of Section 17, be made on surrender of the certificate representing the Series 1 10 Preferred Limited Partnership Units to be redeemed or reclassified) be paid by (i) posting in a postage paid envelope addressed to each Holder at the last address of such Holder as it appears on the securities register of the Partnership or, in the case of joint Holders, to the address of that one whose name appears first in the securities register of the Partnership as one of such joint Holders, or, in the event of the address of any Holder not so appearing, then to the address of such Holder last known to the Partnership, a cheque for such Series 1 10 Distributions (less any tax required to be deducted and withheld) payable to the order of such Holder or, in the case of joint Holders, to the order of all such Holders failing written instructions from them to the contrary or (ii) by any other reasonable means the Partnership deems desirable. Notwithstanding the foregoing, any distribution cheque may be delivered by the Partnership to a Holder at his/her address as aforesaid. The posting or delivery of such cheque or the payment of the Series 1 10 Distributions by any other reasonable means on or before the date on which such distribution is to be paid to a Holder shall be deemed to be payment and shall satisfy and discharge all liabilities for the payment of such Distributions to the extent of the sum represented thereby (plus the amount of any tax required to be deducted and withheld as aforesaidaforesaid and remitted to the proper tax authority) unless, if applicable, such cheque is not paid on due presentation. Subject to applicable law, distributions which are represented by a cheque which has not been presented to the Partnership’s bankers for payment or that otherwise remain unclaimed for a period of two years from the date on which they were declared to be payable shall be forfeited to the Partnership.
Appears in 2 contracts
Samples: Limited Partnership Agreement (Brookfield Renewable Partners L.P.), Fourth Amended and Restated Limited Partnership Agreement
Cumulative Preferential Distributions. The holders of the then Outstanding Series 1 8 Preferred Limited Partnership Units (the “Holders”) shall be entitled to receive, and the Partnership shall pay thereon, as and when declared by the General Partner, out of moneys of the Partnership properly applicable to the payment of legally available for distributions under Bermuda law and without regard to the income of the Partnership, cumulative preferential cash distributions (the “Series 1 8 Distributions”) payable quarterly at the rates and times herein provided by cheque at par in lawful money of Canada at any branch in Canada of the Partnership’s bankers for the time being or by any other reasonable means the Partnership deems desirable.
(a) During the Initial Fixed Rate Period, the Series 1 Distributions will be payable quarterly on the last day of March, June, September and December of each year (each, a “Distribution Payment Date”) at the Initial Fixed Distribution Rate. The initial Series 1 Distribution will be payable June 30, 2015 and will be an amount in cash equal to C$0.3390 per Series 1 Preferred Limited Partnership Unit less any tax required to be deducted and withheld. On each Distribution Payment Date during the Initial Fixed Rate Period, (other than June 30, 2015) the Series 1 Distribution will be equal to C$0.28125 per unit.
(b) During each Subsequent Fixed Quarterly Floating Rate Period, Series 1 8 Distributions payable on the Series 1 8 Preferred Limited Partnership Units will be in an annual amount per unit Series 8 Preferred Limited Partnership Unit determined by multiplying the Annual Fixed Floating Quarterly Distribution Rate applicable to such Subsequent Fixed Quarterly Floating Rate Period by C$25.00, less any tax required to be deducted and withheld, and shall be payable quarterly on each Distribution Payment Date during such Subsequent Fixed Quarterly Floating Rate Period.
(cb) In respect of each Subsequent Fixed Quarterly Floating Rate Period, the Partnership will, during such Subsequent Fixed Quarterly Floating Rate Period Period, calculate on each Fixed Floating Rate Calculation Date the Annual Fixed Floating Quarterly Distribution Rate for such Subsequent Fixed Quarterly Floating Rate Period and will, on the Fixed Floating Rate Calculation Date, give written notice thereof to the Holders. Each such determination by the Partnership of the Annual Fixed Quarterly Floating Distribution Rate will, in the absence of manifest error, be final and binding upon the Partnership and upon all Holders of Series 1 8 Preferred Limited Partnership Units.
(dc) If on any Distribution Payment Date, the Series 1 8 Distributions accrued to such date are not paid in full on all of the Series 1 8 Preferred Limited Partnership Units then Outstanding, such Series 1 8 Distributions, or the unpaid part thereof, shall be paid on a subsequent date or dates determined by the General Partner on which the Partnership shall have sufficient monies properly applicable to the payment of legally available for such Series 1 Distributions8 Distributions under Bermuda law.
(ed) The Holders shall not be entitled to any distributions other than or in excess of the Series 1 8 Distributions.
(fe) The Record Date for the payment of Series 1 8 Distributions will be the last Business Day of the calendar month prior to the calendar month during which a Distribution Payment Date falls, or such other record date if any, as may be fixed by the General Partner.
. Series 1 8 Distributions shall (except in case of redemption or reclassification in which case payment of Series 1 8 Distributions shall, subject to the provisions of Section 17, be made on surrender of the certificate representing the Series 1 8 Preferred Limited Partnership Units to be redeemed or reclassified) be paid by (i) posting in a postage paid envelope addressed to each Holder at the last address of such Holder as it appears on the securities register of the Partnership or, in the case of joint Holders, to the address of that one whose name appears first in the securities register of the Partnership as one of such joint Holders, or, in the event of the address of any Holder not so appearing, then to the address of such Holder last known to the Partnership, a cheque for such Series 1 8 Distributions (less any tax required to be deducted and withheld) payable to the order of such Holder or, in the case of joint Holders, to the order of all such Holders failing written instructions from them to the contrary or (ii) by any other reasonable means the Partnership deems desirable. Notwithstanding the foregoing, any distribution cheque may be delivered by the Partnership to a Holder at his/her address as aforesaid. The posting or delivery of such cheque or the payment of the Series 1 8 Distributions by any other reasonable means on or before the date on which such distribution is to be paid to a Holder shall be deemed to be payment and shall satisfy and discharge all liabilities for the payment of such Distributions to the extent of the sum represented thereby (plus the amount of any tax required to be deducted and withheld as aforesaidaforesaid and remitted to the proper tax authority) unless, if applicable, such cheque is not paid on due presentation. Subject to applicable law, distributions which are represented by a cheque which has not been presented to the Partnership’s bankers for payment or that otherwise remain unclaimed for a period of two years from the date on which they were declared to be payable shall be forfeited to the Partnership.
Appears in 2 contracts
Samples: Limited Partnership Agreement (Brookfield Infrastructure Partners L.P.), Limited Partnership Agreement (Brookfield Infrastructure Partners L.P.)
Cumulative Preferential Distributions. The holders of the then Outstanding Series 1 6 Preferred Limited Partnership Units (the “Holders”) shall be entitled to receive, and the Partnership shall pay thereon, as and when declared by the Managing General Partner, out of moneys of the Partnership properly applicable to the payment of legally available for distributions under Bermuda law and without regard to the income of the Partnership, cumulative preferential cash distributions (the “Series 1 6 Distributions”) payable quarterly at the rates and times herein provided by cheque at par in lawful money of Canada at any branch in Canada of the Partnership’s bankers for the time being or by any other reasonable means the Partnership deems desirable.
(a) During the Initial Fixed Rate Period, the Series 1 Distributions will be payable quarterly on the last day of March, June, September and December of each year (each, a “Distribution Payment Date”) at the Initial Fixed Distribution Rate. The initial Series 1 Distribution will be payable June 30, 2015 and will be an amount in cash equal to C$0.3390 per Series 1 Preferred Limited Partnership Unit less any tax required to be deducted and withheld. On each Distribution Payment Date during the Initial Fixed Rate Period, (other than June 30, 2015) the Series 1 Distribution will be equal to C$0.28125 per unit.
(b) During each Subsequent Fixed Quarterly Floating Rate Period, Series 1 6 Distributions payable on the Series 1 6 Preferred Limited Partnership Units will be in an annual amount per unit Series 6 Preferred Limited Partnership Unit determined by multiplying the Annual Fixed Floating Quarterly Distribution Rate applicable to such Subsequent Fixed Quarterly Floating Rate Period by C$25.00, less any tax required to be deducted and withheld, and shall be payable quarterly on each Distribution Payment Date during such Subsequent Fixed Quarterly Floating Rate Period.
(cb) In respect of each Subsequent Fixed Quarterly Floating Rate Period, the Partnership will, during such Subsequent Fixed Quarterly Floating Rate Period Period, calculate on each Fixed Floating Rate Calculation Date the Annual Fixed Floating Quarterly Distribution Rate for such Subsequent Fixed Quarterly Floating Rate Period and will, on the Fixed Floating Rate Calculation Date, give written notice thereof to the Holders. Each such determination by the Partnership of the Annual Fixed Quarterly Floating Distribution Rate will, in the absence of manifest error, be final and binding upon the Partnership and upon all Holders of Series 1 6 Preferred Limited Partnership Units.
(dc) If on any Distribution Payment Date, the Series 1 6 Distributions accrued to such date are not paid in full on all of the Series 1 6 Preferred Limited Partnership Units then Outstanding, such Series 1 6 Distributions, or the unpaid part thereof, shall be paid on a subsequent date or dates determined by the Managing General Partner on which the Partnership shall have sufficient monies properly applicable to the payment of legally available for such Series 1 Distributions6 Distributions under Bermuda law.
(ed) The Holders shall not be entitled to any distributions other than or in excess of the Series 1 6 Distributions.
(fe) The Record Date for the payment of Series 1 6 Distributions will be the last Business Day of the calendar month prior to the calendar month during which a Distribution Payment Date falls, or such other record date if any, as may be fixed by the Managing General Partner.
. Series 1 6 Distributions shall (except in case of redemption or reclassification in which case payment of Series 1 6 Distributions shall, subject to the provisions of Section 17, shall be made on surrender of the certificate representing the Series 1 6 Preferred Limited Partnership Units to be redeemed or reclassified) be paid by (i) posting in a postage paid envelope addressed to each Holder at the last address of such Holder as it appears on the securities register of the Partnership or, in the case of joint Holders, to the address of that one whose name appears first in the securities register of the Partnership as one of such joint Holders, or, in the event of the address of any Holder not so appearing, then to the address of such Holder last known to the Partnership, a cheque for such Series 1 6 Distributions (less any tax required to be deducted and withheld) payable to the order of such Holder or, in the case of joint Holders, to the order of all such Holders failing written instructions from them to the contrary or (ii) by any other reasonable means the Partnership deems desirable. Notwithstanding the foregoing, any distribution cheque may be delivered by the Partnership to a Holder at his/her address as aforesaid. The posting or delivery of such cheque or the payment of the Series 1 6 Distributions by any other reasonable means on or before the date on which such distribution is to be paid to a Holder shall be deemed to be payment and shall satisfy and discharge all liabilities for the payment of such Distributions to the extent of the sum represented thereby (plus the amount of any tax required to be deducted and withheld as aforesaidaforesaid and remitted to the proper tax authority) unless, if applicable, such cheque is not paid on due presentation. Subject to applicable law, distributions which are represented by a cheque which has not been presented to the Partnership’s bankers for payment or that otherwise remain unclaimed for a period of two years from the date on which they were declared to be payable shall be forfeited to the Partnership.
Appears in 1 contract
Samples: Limited Partnership Agreement (Brookfield Infrastructure Partners L.P.)
Cumulative Preferential Distributions. The holders of the then Outstanding Series 1 5 Preferred Limited Partnership Units (the “Holders”) shall be entitled to receive, and the Partnership shall pay thereon, as and when declared by the General Partner, out of moneys of the Partnership properly applicable to the payment of legally available for distributions under Bermuda law and without regard to the income of the Partnership, cumulative preferential cash distributions (the “Series 1 5 Distributions”) payable quarterly at the rates and times herein provided by cheque at par in lawful money of Canada at any branch in Canada of the Partnership’s bankers for the time being or by any other reasonable means the Partnership deems desirable.
(a) During the Initial Fixed Rate Period, the Series 1 Distributions will be payable quarterly on the last day of March, June, September and December of each year (each, a “Distribution Payment Date”) at the Initial Fixed Distribution Rate. The initial Series 1 Distribution will be payable June 30, 2015 and will be an amount in cash equal Subject to C$0.3390 per Series 1 Preferred Limited Partnership Unit less any tax required to be deducted and withheld. On each Distribution Payment Date during the Initial Fixed Rate Period, (other than June 30, 2015) the Series 1 Distribution will be equal to C$0.28125 per unit.
(b) During each Subsequent Fixed Rate PeriodSection 2.1(b), Series 1 5 Distributions payable on the Series 1 5 Preferred Limited Partnership Units will be in an annual amount per unit determined by multiplying the Annual Fixed Distribution Rate applicable to such Subsequent Fixed Rate Period by C$25.00, less any tax required to be deducted and withheld, and shall be payable quarterly on each Distribution Payment Date.
(b) The initial Series 5 Distribution payable on any Series 5 Preferred Limited Partnership Unit will be determined as if such Series 5 Preferred Limited Partnership Unit was issued and outstanding for the number of days commencing from and including the immediately preceding Distribution Payment Date during (had such Subsequent Fixed Rate PeriodSeries 5 Preferred Limited Partnership Unit been issued and outstanding at such time) to but excluding the Distribution Payment Date on which such initial Series 5 Distribution is to be paid.
(c) In respect of each Subsequent Fixed Rate Period, the Partnership will, during such Subsequent Fixed Rate Period calculate on each Fixed Rate Calculation Date the Annual Fixed Distribution Rate for such Subsequent Fixed Rate Period and will, on the Fixed Rate Calculation Date, give written notice thereof to the Holders. Each such determination by the Partnership of the Annual Fixed Distribution Rate will, in the absence of manifest error, be final and binding upon the Partnership and upon all Holders of Series 1 Preferred Limited Partnership Units.
(d) If on any Distribution Payment Date, the Series 1 5 Distributions accrued to such date are not paid in full on all of the Series 1 5 Preferred Limited Partnership Units then Outstanding, such Series 1 5 Distributions, or the unpaid part thereof, shall be paid on a subsequent date or dates determined by the General Partner on which the Partnership shall have sufficient monies properly applicable to the payment of legally available for such Series 1 Distributions5 Distributions under Bermuda law.
(ed) The Holders shall not be entitled to any distributions other than or in excess of the Series 1 5 Distributions.
(f) The Record Date for the payment of Series 1 Distributions will be the last Business Day of the calendar month prior to the calendar month during which a Distribution Payment Date falls, or such other record date if any, as may be fixed by the General Partner.
Series 1 Distributions shall (except in case of redemption or reclassification in which case payment of Series 1 Distributions shall, subject to the provisions of Section 17, be made on surrender of the certificate representing the Series 1 Preferred Limited Partnership Units to be redeemed or reclassified) be paid by (i) posting in a postage paid envelope addressed to each Holder at the last address of such Holder as it appears on the securities register of the Partnership or, in the case of joint Holders, to the address of that one whose name appears first in the securities register of the Partnership as one of such joint Holders, or, in the event of the address of any Holder not so appearing, then to the address of such Holder last known to the Partnership, a cheque for such Series 1 Distributions (less any tax required to be deducted and withheld) payable to the order of such Holder or, in the case of joint Holders, to the order of all such Holders failing written instructions from them to the contrary or (ii) by any other reasonable means the Partnership deems desirable. Notwithstanding the foregoing, any distribution cheque may be delivered by the Partnership to a Holder at his/her address as aforesaid. The posting or delivery of such cheque or the payment of the Series 1 Distributions by any other reasonable means on or before the date on which such distribution is to be paid to a Holder shall be deemed to be payment and shall satisfy and discharge all liabilities for the payment of such Distributions to the extent of the sum represented thereby (plus the amount of any tax required to be deducted and withheld as aforesaid) unless, if applicable, such cheque is not paid on due presentation. Subject to applicable law, distributions which are represented by a cheque which has not been presented to the Partnership’s bankers for payment or that otherwise remain unclaimed for a period of two years from the date on which they were declared to be payable shall be forfeited to the Partnership.
Appears in 1 contract
Samples: Limited Partnership Agreement (Brookfield Renewable Energy Partners L.P.)
Cumulative Preferential Distributions. The holders of the then Outstanding Series 1 7 Preferred Limited Partnership Units (the “"Holders”") shall be entitled to receive, and the Partnership shall pay thereon, as and when declared by the General Partner, out of moneys of the Partnership properly applicable to the payment of legally available for distributions under Bermuda law and without regard to the income of the Partnership, cumulative preferential cash distributions (the “"Series 1 7 Distributions”") payable quarterly at the rates and times herein provided by cheque at par in lawful money of Canada at any branch in Canada of the Partnership’s 's bankers for the time being or by any other reasonable means the Partnership deems desirable.
(a) During the Initial Fixed Rate Period, the Series 1 7 Distributions will be payable quarterly on the last day of MarchJanuary, JuneApril, September July and December October of each year (each, a “"Distribution Payment Date”") at the Initial Fixed Distribution Rate. The initial Series 1 7 Distribution will be payable June 30January 31, 2015 2016 and will be an amount in cash equal to C$0.3390 0.2524 per Series 1 7 Preferred Limited Partnership Unit less any tax required to be deducted and withheld. On each Distribution Payment Date during the Initial Fixed Rate Period, Period (other than June 30January 31, 2015) 2016), the Series 1 7 Distribution will be equal to C$0.28125 0.34375 per unit.
(b) During each Subsequent Fixed Rate Period, Series 1 7 Distributions payable on the Series 1 7 Preferred Limited Partnership Units will be in an annual amount per unit determined by multiplying the Annual Fixed Distribution Rate applicable to such Subsequent Fixed Rate Period by C$25.00, less any tax required to be deducted and withheld, and shall be payable quarterly on each Distribution Payment Date during such Subsequent Fixed Rate Period.
(c) In respect of each Subsequent Fixed Rate Period, the Partnership will, during such Subsequent Fixed Rate Period calculate on each Fixed Rate Calculation Date the Annual Fixed Distribution Rate for such Subsequent Fixed Rate Period and will, on the Fixed Rate Calculation Date, give written notice thereof to the Holders. Each such determination by the Partnership of the Annual Fixed Distribution Rate will, in the absence of manifest error, be final and binding upon the Partnership and upon all Holders of Series 1 7 Preferred Limited Partnership Units.
(d) If on any Distribution Payment Date, the Series 1 7 Distributions accrued to such date are not paid in full on all of the Series 1 7 Preferred Limited Partnership Units then Outstanding, such Series 1 7 Distributions, or the unpaid part thereof, shall be paid on a subsequent date or dates determined by the General Partner on which the Partnership shall have sufficient monies properly applicable to the payment of legally available for such Series 1 Distributions7 Distributions under Bermuda law.
(e) The Holders shall not be entitled to any distributions other than or in excess of the Series 1 7 Distributions.
(f) The Record Date for the payment of Series 1 7 Distributions will be the last Business Day of the calendar month prior to fifteenth (15th) day in the calendar month during which a Distribution Payment Date falls, or such other record date if any, as may be fixed by the General Partner.
Series 1 Distributions shall (except in case of redemption or reclassification in which case payment of Series 1 Distributions shall, subject to the provisions of Section 17, be made on surrender of the certificate representing the Series 1 Preferred Limited Partnership Units to be redeemed or reclassified) be paid by (i) posting in a postage paid envelope addressed to each Holder at the last address of such Holder as it appears on the securities register of the Partnership or, in the case of joint Holders, to the address of that one whose name appears first in the securities register of the Partnership as one of such joint Holders, or, in the event of the address of any Holder not so appearing, then to the address of such Holder last known to the Partnership, a cheque for such Series 1 Distributions (less any tax required to be deducted and withheld) payable to the order of such Holder or, in the case of joint Holders, to the order of all such Holders failing written instructions from them to the contrary or (ii) by any other reasonable means the Partnership deems desirable. Notwithstanding the foregoing, any distribution cheque may be delivered by the Partnership to a Holder at his/her address as aforesaid. The posting or delivery of such cheque or the payment of the Series 1 Distributions by any other reasonable means on or before the date on which such distribution is to be paid to a Holder shall be deemed to be payment and shall satisfy and discharge all liabilities for the payment of such Distributions to the extent of the sum represented thereby (plus the amount of any tax required to be deducted and withheld as aforesaid) unless, if applicable, such cheque is not paid on due presentation. Subject to applicable law, distributions which are represented by a cheque which has not been presented to the Partnership’s bankers for payment or that otherwise remain unclaimed for a period of two years from the date on which they were declared to be payable shall be forfeited to the Partnership.
Appears in 1 contract
Samples: Limited Partnership Agreement (Brookfield Renewable Partners L.P.)
Cumulative Preferential Distributions. The holders of the then Outstanding Series 1 9 Preferred Limited Partnership Units (the “Holders”) shall be entitled to receive, and the Partnership shall pay thereon, as and when declared by the General Partner, out of moneys of the Partnership properly applicable to the payment of legally available for distributions under Bermuda law and without regard to the income of the Partnership, cumulative preferential cash distributions (the “Series 1 9 Distributions”) payable quarterly at the rates and times herein provided by cheque at par in lawful money of Canada at any branch in Canada of the Partnership’s bankers for the time being or by any other reasonable means the Partnership deems desirable.
(a) During the Initial Fixed Rate Period, the Series 1 9 Distributions will be payable quarterly on the last day of March, June, September and December of each year (each, a “Distribution Payment Date”) at the Initial Fixed Distribution Rate. The initial Series 1 9 Distribution will be payable June 30March 31, 2015 2018 and will be an amount in cash equal to C$0.3390 0.2295 per Series 1 9 Preferred Limited Partnership Unit less any tax required to be deducted and withheld. On each Distribution Payment Date during the Initial Fixed Rate Period, Period (other than June 30March 31, 2015) 2018), the Series 1 9 Distribution will be equal to C$0.28125 0.3125 per unit.
(b) During each Subsequent Fixed Rate Period, Series 1 9 Distributions payable on the Series 1 9 Preferred Limited Partnership Units will be in an annual amount per unit determined by multiplying the Annual Fixed Distribution Rate applicable to such Subsequent Fixed Rate Period by C$25.00, less any tax required to be deducted and withheld, and shall be payable quarterly on each Distribution Payment Date during such Subsequent Fixed Rate Period.
(c) In respect of each Subsequent Fixed Rate Period, the Partnership will, during such Subsequent Fixed Rate Period calculate on each Fixed Rate Calculation Date the Annual Fixed Distribution Rate for such Subsequent Fixed Rate Period and will, on the Fixed Rate Calculation Date, give written notice thereof to the Holders. Each such determination by the Partnership of the Annual Fixed Distribution Rate will, in the absence of manifest error, be final and binding upon the Partnership and upon all Holders of Series 1 9 Preferred Limited Partnership Units.
(d) If on any Distribution Payment Date, the Series 1 9 Distributions accrued to such date are not paid in full on all of the Series 1 9 Preferred Limited Partnership Units then Outstanding, such Series 1 9 Distributions, or the unpaid part thereof, shall be paid on a subsequent date or dates determined by the General Partner on which the Partnership shall have sufficient monies properly applicable to the payment of legally available for such Series 1 Distributions9 Distributions under Bermuda law.
(e) The Holders shall not be entitled to any distributions other than or in excess of the Series 1 9 Distributions.
(f) The Record Date for the payment of Series 1 9 Distributions will be the last Business Day of the calendar month prior to the calendar month during which a Distribution Payment Date falls, or such other record date if any, as may be fixed by the General Partner.
. Series 1 9 Distributions shall (except in case of redemption or reclassification in which case payment of Series 1 9 Distributions shall, subject to the provisions of Section 17Part VII17, be made on surrender of the certificate representing the Series 1 9 Preferred Limited Partnership Units to be redeemed or reclassified) be paid by (i) posting in a postage paid envelope addressed to each Holder at the last address of such Holder as it appears on the securities register of the Partnership or, in the case of joint Holders, to the address of that one whose name appears first in the securities register of the Partnership as one of such joint Holders, or, in the event of the address of any Holder not so appearing, then to the address of such Holder last known to the Partnership, a cheque for such Series 1 9 Distributions (less any tax required to be deducted and withheld) payable to the order of such Holder or, in the case of joint Holders, to the order of all such Holders failing written instructions from them to the contrary or (ii) by any other reasonable means the Partnership deems desirable. Notwithstanding the foregoing, any distribution cheque may be delivered by the Partnership to a Holder at his/her address as aforesaid. The posting or delivery of such cheque or the payment of the Series 1 9 Distributions by any other reasonable means on or before the date on which such distribution is to be paid to a Holder shall be deemed to be payment and shall satisfy and discharge all liabilities for the payment of such Distributions to the extent of the sum represented thereby (plus the amount of any tax required to be deducted and withheld as aforesaidaforesaid and remitted to the proper tax authority) unless, if applicable, such cheque is not paid on due presentation. Subject to applicable law, distributions which are represented by a cheque which has not been presented to the Partnership’s bankers for payment or that otherwise remain unclaimed for a period of two years from the date on which they were declared to be payable shall be forfeited to the Partnership.
Appears in 1 contract
Samples: Limited Partnership Agreement (Brookfield Infrastructure Partners L.P.)
Cumulative Preferential Distributions. The holders of the then Outstanding Series 1 9 Preferred Limited Partnership Units (the “Holders”) shall be entitled to receive, and the Partnership shall pay thereon, as and when declared by the Managing General Partner, out of moneys of the Partnership properly applicable to the payment of legally available for distributions under Bermuda law and without regard to the income of the Partnership, cumulative preferential cash distributions (the “Series 1 9 Distributions”) payable quarterly at the rates and times herein provided by cheque at par in lawful money of Canada at any branch in Canada of the Partnership’s bankers for the time being or by any other reasonable means the Partnership deems desirable.
(a) During the Initial Fixed Rate Period, the Series 1 9 Distributions will be payable quarterly on or before the last day of March, June, September and December of each year (each, a “Distribution Payment Date”) at the Initial Fixed Distribution Rate. The initial Series 1 9 Distribution will be payable June 30on or before March 31, 2015 2018 and will be an amount in cash equal to C$0.3390 0.2295 per Series 1 9 Preferred Limited Partnership Unit less any tax required to be deducted and withheld. On each Distribution Payment Date during the Initial Fixed Rate Period, Period (other than June 30March 31, 2015) 2018), the Series 1 9 Distribution will be equal to C$0.28125 0.3125 per unit.
(b) During each Subsequent Fixed Rate Period, Series 1 9 Distributions payable on the Series 1 9 Preferred Limited Partnership Units will be in an annual amount per unit determined by multiplying the Annual Fixed Distribution Rate applicable to such Subsequent Fixed Rate Period by C$25.00, less any tax required to be deducted and withheld, and shall be payable quarterly on each Distribution Payment Date during such Subsequent Fixed Rate Period.
(c) In respect of each Subsequent Fixed Rate Period, the Partnership will, during such Subsequent Fixed Rate Period calculate on each Fixed Rate Calculation Date the Annual Fixed Distribution Rate for such Subsequent Fixed Rate Period and will, on the Fixed Rate Calculation Date, give written notice thereof to the Holders. Each such determination by the Partnership of the Annual Fixed Distribution Rate will, in the absence of manifest error, be final and binding upon the Partnership and upon all Holders of Series 1 9 Preferred Limited Partnership Units.
(d) If on any Distribution Payment Date, the Series 1 9 Distributions accrued to such date are not paid in full on all of the Series 1 9 Preferred Limited Partnership Units then Outstanding, such Series 1 9 Distributions, or the unpaid part thereof, shall be paid on a subsequent date or dates determined by the Managing General Partner on which the Partnership shall have sufficient monies properly applicable to the payment of such Series 1 Distributions.
(e) The Holders shall not be entitled to any distributions other than or in excess of the Series 1 Distributions.
(f) The Record Date for the payment of Series 1 Distributions will be the last Business Day of the calendar month prior to the calendar month during which a Distribution Payment Date falls, or such other record date if any, as may be fixed by the General Partner.
Series 1 Distributions shall (except in case of redemption or reclassification in which case payment of Series 1 Distributions shall, subject to the provisions of Section 17, be made on surrender of the certificate representing the Series 1 Preferred Limited Partnership Units to be redeemed or reclassified) be paid by (i) posting in a postage paid envelope addressed to each Holder at the last address of such Holder as it appears on the securities register of the Partnership or, in the case of joint Holders, to the address of that one whose name appears first in the securities register of the Partnership as one of such joint Holders, or, in the event of the address of any Holder not so appearing, then to the address of such Holder last known to the Partnership, a cheque legally available for such Series 1 9 Distributions (less any tax required to be deducted and withheld) payable to the order of such Holder or, in the case of joint Holders, to the order of all such Holders failing written instructions from them to the contrary or (ii) by any other reasonable means the Partnership deems desirable. Notwithstanding the foregoing, any distribution cheque may be delivered by the Partnership to a Holder at his/her address as aforesaid. The posting or delivery of such cheque or the payment of the Series 1 Distributions by any other reasonable means on or before the date on which such distribution is to be paid to a Holder shall be deemed to be payment and shall satisfy and discharge all liabilities for the payment of such Distributions to the extent of the sum represented thereby (plus the amount of any tax required to be deducted and withheld as aforesaid) unless, if applicable, such cheque is not paid on due presentation. Subject to applicable under Bermuda law, distributions which are represented by a cheque which has not been presented to the Partnership’s bankers for payment or that otherwise remain unclaimed for a period of two years from the date on which they were declared to be payable shall be forfeited to the Partnership.
Appears in 1 contract
Samples: Limited Partnership Agreement (Brookfield Infrastructure Partners L.P.)
Cumulative Preferential Distributions. The holders of the then Outstanding Series 1 12 Preferred Limited Partnership Units (the “Holders”) shall be entitled to receive, and the Partnership shall pay thereon, as and when declared by the Managing General Partner, out of moneys of the Partnership properly applicable to the payment of legally available for distributions under Bermuda law and without regard to the income of the Partnership, cumulative preferential cash distributions (the “Series 1 12 Distributions”) payable quarterly at the rates and times herein provided by cheque at par in lawful money of Canada at any branch in Canada of the Partnership’s bankers for the time being or by any other reasonable means the Partnership deems desirable.
(a) During the Initial Fixed Rate Period, the Series 1 Distributions will be payable quarterly on the last day of March, June, September and December of each year (each, a “Distribution Payment Date”) at the Initial Fixed Distribution Rate. The initial Series 1 Distribution will be payable June 30, 2015 and will be an amount in cash equal to C$0.3390 per Series 1 Preferred Limited Partnership Unit less any tax required to be deducted and withheld. On each Distribution Payment Date during the Initial Fixed Rate Period, (other than June 30, 2015) the Series 1 Distribution will be equal to C$0.28125 per unit.
(b) During each Subsequent Fixed Quarterly Floating Rate Period, Series 1 12 Distributions payable on the Series 1 12 Preferred Limited Partnership Units will be in an annual amount per unit Series 12 Preferred Limited Partnership Unit determined by multiplying the Annual Fixed Floating Quarterly Distribution Rate applicable to such Subsequent Fixed Quarterly Floating Rate Period by C$25.00, less any tax required to be deducted and withheld, and shall be payable quarterly on each Distribution Payment Date during such Subsequent Fixed Quarterly Floating Rate Period.
(cb) In respect of each Subsequent Fixed Quarterly Floating Rate Period, the Partnership will, during such Subsequent Fixed Quarterly Floating Rate Period Period, calculate on each Fixed Floating Rate Calculation Date the Annual Fixed Floating Quarterly Distribution Rate for such Subsequent Fixed Quarterly Floating Rate Period and will, on the Fixed Floating Rate Calculation Date, give written notice thereof to the Holders. Each such determination by the Partnership of the Annual Fixed Quarterly Floating Distribution Rate will, in the absence of manifest error, be final and binding upon the Partnership and upon all Holders of Series 1 12 Preferred Limited Partnership Units.
(dc) If on any Distribution Payment Date, the Series 1 12 Distributions accrued to such date are not paid in full on all of the Series 1 12 Preferred Limited Partnership Units then Outstanding, such Series 1 12 Distributions, or the unpaid part thereof, shall be paid on a subsequent date or dates determined by the Managing General Partner on which the Partnership shall have sufficient monies properly applicable to the payment of legally available for such Series 1 Distributions12 Distributions under Bermuda law.
(ed) The Holders shall not be entitled to any distributions other than or in excess of the Series 1 12 Distributions.
(fe) The Record Date for the payment of Series 1 12 Distributions will be the last Business Day of the calendar month prior to the calendar month during which a Distribution Payment Date falls, or such other record date if any, as may be fixed by the Managing General Partner.
Series 1 Distributions shall (except in case of redemption or reclassification in which case payment of Series 1 Distributions shall, subject to the provisions of Section 17, be made on surrender of the certificate representing the Series 1 Preferred Limited Partnership Units to be redeemed or reclassified) be paid by (i) posting in a postage paid envelope addressed to each Holder at the last address of such Holder as it appears on the securities register of the Partnership or, in the case of joint Holders, to the address of that one whose name appears first in the securities register of the Partnership as one of such joint Holders, or, in the event of the address of any Holder not so appearing, then to the address of such Holder last known to the Partnership, a cheque for such Series 1 Distributions (less any tax required to be deducted and withheld) payable to the order of such Holder or, in the case of joint Holders, to the order of all such Holders failing written instructions from them to the contrary or (ii) by any other reasonable means the Partnership deems desirable. Notwithstanding the foregoing, any distribution cheque may be delivered by the Partnership to a Holder at his/her address as aforesaid. The posting or delivery of such cheque or the payment of the Series 1 Distributions by any other reasonable means on or before the date on which such distribution is to be paid to a Holder shall be deemed to be payment and shall satisfy and discharge all liabilities for the payment of such Distributions to the extent of the sum represented thereby (plus the amount of any tax required to be deducted and withheld as aforesaid) unless, if applicable, such cheque is not paid on due presentation. Subject to applicable law, distributions which are represented by a cheque which has not been presented to the Partnership’s bankers for payment or that otherwise remain unclaimed for a period of two years from the date on which they were declared to be payable shall be forfeited to the Partnership.
Appears in 1 contract
Samples: Limited Partnership Agreement (Brookfield Infrastructure Partners L.P.)
Cumulative Preferential Distributions. The holders of the then Outstanding Series 1 3 Preferred Limited Partnership Units (the “Holders”) shall be entitled to receive, and the Partnership shall pay thereon, as and when declared by the General Partner, out of moneys of the Partnership properly applicable to the payment of legally available for distributions under Bermuda law and without regard to the income of the Partnership, cumulative preferential cash distributions (the “Series 1 3 Distributions”) payable quarterly at the rates and times herein provided by cheque at par in lawful money of Canada at any branch in Canada of the Partnership’s bankers for the time being or by any other reasonable means the Partnership deems desirable.
(a) During the Initial Fixed Rate Period, the Series 1 3 Distributions will be payable quarterly on the last day of March, June, September and December of each year (each, a “Distribution Payment Date”) at the Initial Fixed Distribution Rate. The initial Series 1 3 Distribution will be payable June 30March 31, 2015 2016 and will be an amount in cash equal to C$0.3390 0.4295 per Series 1 3 Preferred Limited Partnership Unit less any tax required to be deducted and withheld. On each Distribution Payment Date during the Initial Fixed Rate Period, Period (other than June 30March 31, 2015) 2016), the Series 1 3 Distribution will be equal to C$0.28125 0.34375 per unit.
(b) During each Subsequent Fixed Rate Period, Series 1 3 Distributions payable on the Series 1 3 Preferred Limited Partnership Units will be in an annual amount per unit determined by multiplying the Annual Fixed Distribution Rate applicable to such Subsequent Fixed Rate Period by C$25.00, less any tax required to be deducted and withheld, and shall be payable quarterly on each Distribution Payment Date during such Subsequent Fixed Rate Period.
(c) In respect of each Subsequent Fixed Rate Period, the Partnership will, during such Subsequent Fixed Rate Period calculate on each Fixed Rate Calculation Date the Annual Fixed Distribution Rate for such Subsequent Fixed Rate Period and will, on the Fixed Rate Calculation Date, give written notice thereof to the Holders. Each such determination by the Partnership of the Annual Fixed Distribution Rate will, in the absence of manifest error, be final and binding upon the Partnership and upon all Holders of Series 1 3 Preferred Limited Partnership Units.
(d) If on any Distribution Payment Date, the Series 1 3 Distributions accrued to such date are not paid in full on all of the Series 1 3 Preferred Limited Partnership Units then Outstanding, such Series 1 3 Distributions, or the unpaid part thereof, shall be paid on a subsequent date or dates determined by the General Partner on which the Partnership shall have sufficient monies properly applicable to the payment of legally available for such Series 1 Distributions3 Distributions under Bermuda law.
(e) The Holders shall not be entitled to any distributions other than or in excess of the Series 1 3 Distributions.
(f) The Record Date for the payment of Series 1 3 Distributions will be the last Business Day of the calendar month prior to the calendar month during which a Distribution Payment Date falls, or such other record date if any, as may be fixed by the General Partner.
Series 1 Distributions shall (except in case of redemption or reclassification in which case payment of Series 1 Distributions shall, subject to the provisions of Section 17, be made on surrender of the certificate representing the Series 1 Preferred Limited Partnership Units to be redeemed or reclassified) be paid by (i) posting in a postage paid envelope addressed to each Holder at the last address of such Holder as it appears on the securities register of the Partnership or, in the case of joint Holders, to the address of that one whose name appears first in the securities register of the Partnership as one of such joint Holders, or, in the event of the address of any Holder not so appearing, then to the address of such Holder last known to the Partnership, a cheque for such Series 1 Distributions (less any tax required to be deducted and withheld) payable to the order of such Holder or, in the case of joint Holders, to the order of all such Holders failing written instructions from them to the contrary or (ii) by any other reasonable means the Partnership deems desirable. Notwithstanding the foregoing, any distribution cheque may be delivered by the Partnership to a Holder at his/her address as aforesaid. The posting or delivery of such cheque or the payment of the Series 1 Distributions by any other reasonable means on or before the date on which such distribution is to be paid to a Holder shall be deemed to be payment and shall satisfy and discharge all liabilities for the payment of such Distributions to the extent of the sum represented thereby (plus the amount of any tax required to be deducted and withheld as aforesaid) unless, if applicable, such cheque is not paid on due presentation. Subject to applicable law, distributions which are represented by a cheque which has not been presented to the Partnership’s bankers for payment or that otherwise remain unclaimed for a period of two years from the date on which they were declared to be payable shall be forfeited to the Partnership.
Appears in 1 contract
Samples: Limited Partnership Agreement (Brookfield Infrastructure Partners L.P.)
Cumulative Preferential Distributions. The holders of the then Outstanding Series 1 7 Preferred Limited Partnership Units (the “Holders”) shall be entitled to receive, and the Partnership shall pay thereon, as and when declared by the General Partner, out of moneys of the Partnership properly applicable to the payment of legally available for distributions under Bermuda law and without regard to the income of the Partnership, cumulative preferential cash distributions (the “Series 1 7 Distributions”) payable quarterly at the rates and times herein provided by cheque at par in lawful money of Canada at any branch in Canada of the Partnership’s bankers for the time being or by any other reasonable means the Partnership deems desirable.
(a) During the Initial Fixed Rate Period, the Series 1 7 Distributions will be payable quarterly on or before the last day of MarchJanuary, JuneApril, September July and December October of each year (each, a “Distribution Payment Date”) at the Initial Fixed Distribution Rate. The initial Series 1 7 Distribution will be payable June 30on or before January 31, 2015 2016 and will be an amount in cash equal to C$0.3390 0.2524 per Series 1 7 Preferred Limited Partnership Unit less any tax required to be deducted and withheld. On each Distribution Payment Date during the Initial Fixed Rate Period, Period (other than June 30January 31, 2015) 2016), the Series 1 7 Distribution will be equal to C$0.28125 0.34375 per unit.
(b) During each Subsequent Fixed Rate Period, Series 1 7 Distributions payable on the Series 1 7 Preferred Limited Partnership Units will be in an annual amount per unit determined by multiplying the Annual Fixed Distribution Rate applicable to such Subsequent Fixed Rate Period by C$25.00, less any tax required to be deducted and withheld, and shall be payable quarterly on each Distribution Payment Date during such Subsequent Fixed Rate Period.
(c) In respect of each Subsequent Fixed Rate Period, the Partnership will, during such Subsequent Fixed Rate Period calculate on each Fixed Rate Calculation Date the Annual Fixed Distribution Rate for such Subsequent Fixed Rate Period and will, on the Fixed Rate Calculation Date, give written notice thereof to the Holders. Each such determination by the Partnership of the Annual Fixed Distribution Rate will, in the absence of manifest error, be final and binding upon the Partnership and upon all Holders of Series 1 7 Preferred Limited Partnership Units.
(d) If on any Distribution Payment Date, the Series 1 7 Distributions accrued to such date are not paid in full on all of the Series 1 7 Preferred Limited Partnership Units then Outstanding, such Series 1 7 Distributions, or the unpaid part thereof, shall be paid on a subsequent date or dates determined by the General Partner on which the Partnership shall have sufficient monies properly applicable to the payment of legally available for such Series 1 Distributions7 Distributions under Bermuda law.
(e) The Holders shall not be entitled to any distributions other than or in excess of the Series 1 7 Distributions.
(f) The Record Date for the payment of Series 1 7 Distributions will be the last Business Day of the calendar month prior to fifteenth (15th) day in the calendar month during which a Distribution Payment Date falls, or such other record date if any, as may be fixed by the General Partner.
Series 1 Distributions shall (except in case of redemption or reclassification in which case payment of Series 1 Distributions shall, subject to the provisions of Section 17, be made on surrender of the certificate representing the Series 1 Preferred Limited Partnership Units to be redeemed or reclassified) be paid by (i) posting in a postage paid envelope addressed to each Holder at the last address of such Holder as it appears on the securities register of the Partnership or, in the case of joint Holders, to the address of that one whose name appears first in the securities register of the Partnership as one of such joint Holders, or, in the event of the address of any Holder not so appearing, then to the address of such Holder last known to the Partnership, a cheque for such Series 1 Distributions (less any tax required to be deducted and withheld) payable to the order of such Holder or, in the case of joint Holders, to the order of all such Holders failing written instructions from them to the contrary or (ii) by any other reasonable means the Partnership deems desirable. Notwithstanding the foregoing, any distribution cheque may be delivered by the Partnership to a Holder at his/her address as aforesaid. The posting or delivery of such cheque or the payment of the Series 1 Distributions by any other reasonable means on or before the date on which such distribution is to be paid to a Holder shall be deemed to be payment and shall satisfy and discharge all liabilities for the payment of such Distributions to the extent of the sum represented thereby (plus the amount of any tax required to be deducted and withheld as aforesaid) unless, if applicable, such cheque is not paid on due presentation. Subject to applicable law, distributions which are represented by a cheque which has not been presented to the Partnership’s bankers for payment or that otherwise remain unclaimed for a period of two years from the date on which they were declared to be payable shall be forfeited to the Partnership.
Appears in 1 contract
Samples: Limited Partnership Agreement (Brookfield Renewable Energy Partners L.P.)
Cumulative Preferential Distributions. The holders of the then Outstanding Series 1 12 Preferred Limited Partnership Units (the “Holders”) shall be entitled to receive, and the Partnership shall pay thereon, as and when declared by the General Partner, out of moneys of the Partnership properly applicable to the payment of legally available for distributions under Bermuda law and without regard to the income of the Partnership, cumulative preferential cash distributions (the “Series 1 12 Distributions”) payable quarterly at the rates and times herein provided by cheque at par in lawful money of Canada at any branch in Canada of the Partnership’s bankers for the time being or by any other reasonable means the Partnership deems desirable.
(a) During the Initial Fixed Rate Period, the Series 1 Distributions will be payable quarterly on the last day of March, June, September and December of each year (each, a “Distribution Payment Date”) at the Initial Fixed Distribution Rate. The initial Series 1 Distribution will be payable June 30, 2015 and will be an amount in cash equal to C$0.3390 per Series 1 Preferred Limited Partnership Unit less any tax required to be deducted and withheld. On each Distribution Payment Date during the Initial Fixed Rate Period, (other than June 30, 2015) the Series 1 Distribution will be equal to C$0.28125 per unit.
(b) During each Subsequent Fixed Quarterly Floating Rate Period, Series 1 12 Distributions payable on the Series 1 12 Preferred Limited Partnership Units will be in an annual amount per unit Series 12 Preferred Limited Partnership Unit determined by multiplying the Annual Fixed Floating Quarterly Distribution Rate applicable to such Subsequent Fixed Quarterly Floating Rate Period by C$25.00, less any tax required to be deducted and withheld, and shall be payable quarterly on each Distribution Payment Date during such Subsequent Fixed Quarterly Floating Rate Period.
(cb) In respect of each Subsequent Fixed Quarterly Floating Rate Period, the Partnership will, during such Subsequent Fixed Quarterly Floating Rate Period Period, calculate on each Fixed Floating Rate Calculation Date the Annual Fixed Floating Quarterly Distribution Rate for such Subsequent Fixed Quarterly Floating Rate Period and will, on the Fixed Floating Rate Calculation Date, give written notice thereof to the Holders. Each such determination by the Partnership of the Annual Fixed Quarterly Floating Distribution Rate will, in the absence of manifest error, be final and binding upon the Partnership and upon all Holders of Series 1 12 Preferred Limited Partnership Units.
(dc) If on any Distribution Payment Date, the Series 1 12 Distributions accrued to such date are not paid in full on all of the Series 1 12 Preferred Limited Partnership Units then Outstanding, such Series 1 12 Distributions, or the unpaid part thereof, shall be paid on a subsequent date or dates determined by the General Partner on which the Partnership shall have sufficient monies properly applicable to the payment of legally available for such Series 1 Distributions12 Distributions under Bermuda law.
(ed) The Holders shall not be entitled to any distributions other than or in excess of the Series 1 12 Distributions.
(fe) The Record Date for the payment of Series 1 12 Distributions will be the last Business Day of the calendar month prior to the calendar month during which a Distribution Payment Date falls, or such other record date if any, as may be fixed by the General Partner.
Series 1 Distributions shall (except in case of redemption or reclassification in which case payment of Series 1 Distributions shall, subject to the provisions of Section 17, be made on surrender of the certificate representing the Series 1 Preferred Limited Partnership Units to be redeemed or reclassified) be paid by (i) posting in a postage paid envelope addressed to each Holder at the last address of such Holder as it appears on the securities register of the Partnership or, in the case of joint Holders, to the address of that one whose name appears first in the securities register of the Partnership as one of such joint Holders, or, in the event of the address of any Holder not so appearing, then to the address of such Holder last known to the Partnership, a cheque for such Series 1 Distributions (less any tax required to be deducted and withheld) payable to the order of such Holder or, in the case of joint Holders, to the order of all such Holders failing written instructions from them to the contrary or (ii) by any other reasonable means the Partnership deems desirable. Notwithstanding the foregoing, any distribution cheque may be delivered by the Partnership to a Holder at his/her address as aforesaid. The posting or delivery of such cheque or the payment of the Series 1 Distributions by any other reasonable means on or before the date on which such distribution is to be paid to a Holder shall be deemed to be payment and shall satisfy and discharge all liabilities for the payment of such Distributions to the extent of the sum represented thereby (plus the amount of any tax required to be deducted and withheld as aforesaid) unless, if applicable, such cheque is not paid on due presentation. Subject to applicable law, distributions which are represented by a cheque which has not been presented to the Partnership’s bankers for payment or that otherwise remain unclaimed for a period of two years from the date on which they were declared to be payable shall be forfeited to the Partnership.
Appears in 1 contract
Samples: Limited Partnership Agreement (Brookfield Infrastructure Partners L.P.)
Cumulative Preferential Distributions. The holders of the then Outstanding Series 1 2 Preferred Limited Partnership Units (the “Holders”) shall be entitled to receive, and the Partnership shall pay thereon, as and when declared by the General Partner, out of moneys of the Partnership properly applicable to the payment of distributions and without regard to the income of the Partnership, cumulative preferential cash distributions (the “Series 1 2 Distributions”) payable quarterly at the rates and times herein provided by cheque at par in lawful money of Canada at any branch in Canada of the Partnership’s bankers for the time being or by any other reasonable means the Partnership deems desirable.
(a) During the Initial Fixed Rate Period, the Series 1 Distributions will be payable quarterly on the last day of March, June, September and December of each year (each, a “Distribution Payment Date”) at the Initial Fixed Distribution Rate. The initial Series 1 Distribution will be payable June 30, 2015 and will be an amount in cash equal to C$0.3390 per Series 1 Preferred Limited Partnership Unit less any tax required to be deducted and withheld. On each Distribution Payment Date during the Initial Fixed Rate Period, (other than June 30, 2015) the Series 1 Distribution will be equal to C$0.28125 per unit.
(b) During each Subsequent Fixed Quarterly Floating Rate Period, Series 1 2 Distributions payable on the Series 1 2 Preferred Limited Partnership Units will be in an annual amount per unit Series 2 Preferred Limited Partnership Unit determined by multiplying the Annual Fixed Floating Quarterly Distribution Rate applicable to such Subsequent Fixed Quarterly Floating Rate Period by C$25.00, less any tax required to be deducted and withheld, and shall be payable quarterly on each Distribution Payment Date during such Subsequent Fixed Quarterly Floating Rate Period.
(cb) In respect of each Subsequent Fixed Quarterly Floating Rate Period, the Partnership will, during such Subsequent Fixed Quarterly Floating Rate Period Period, calculate on each Fixed Floating Rate Calculation Date the Annual Fixed Floating Quarterly Distribution Rate for such Subsequent Fixed Quarterly Floating Rate Period and will, on the Fixed Floating Rate Calculation Date, give written notice thereof to the Holders. Each such determination by the Partnership of the Annual Fixed Quarterly Floating Distribution Rate will, in the absence of manifest error, be final and binding upon the Partnership and upon all Holders of Series 1 2 Preferred Limited Partnership Units.
(dc) If on any Distribution Payment Date, the Series 1 2 Distributions accrued to such date are not paid in full on all of the Series 1 2 Preferred Limited Partnership Units then Outstanding, such Series 1 2 Distributions, or the unpaid part thereof, shall be paid on a subsequent date or dates determined by the General Partner on which the Partnership shall have sufficient monies properly applicable to the payment of such Series 1 2 Distributions.
(ed) The Holders shall not be entitled to any distributions other than or in excess of the Series 1 2 Distributions.
(fe) The Record Date for the payment of Series 1 2 Distributions will be the last Business Day of the calendar month prior to the calendar month during which a Distribution Payment Date falls, or such other record date if any, as may be fixed by the General Partner.
. Series 1 2 Distributions shall (except in case of redemption or reclassification in which case payment of Series 1 2 Distributions shall, subject to the provisions of Section 17, be made on surrender of the certificate representing the Series 1 2 Preferred Limited Partnership Units to be redeemed or reclassified) be paid by (i) posting in a postage paid envelope addressed to each Holder at the last address of such Holder as it appears on the securities register of the Partnership or, in the case of joint Holders, to the address of that one whose name appears first in the securities register of the Partnership as one of such joint Holders, or, in the event of the address of any Holder not so appearing, then to the address of such Holder last known to the Partnership, a cheque for such Series 1 2 Distributions (less any tax required to be deducted and withheld) payable to the order of such Holder or, in the case of joint Holders, to the order of all such Holders failing written instructions from them to the contrary or (ii) by any other reasonable means the Partnership deems desirable. Notwithstanding the foregoing, any distribution cheque may be delivered by the Partnership to a Holder at his/her address as aforesaid. The posting or delivery of such cheque or the payment of the Series 1 2 Distributions by any other reasonable means on or before the date on which such distribution is to be paid to a Holder shall be deemed to be payment and shall satisfy and discharge all liabilities for the payment of such Distributions to the extent of the sum represented thereby (plus the amount of any tax required to be deducted and withheld as aforesaid) unless, if applicable, such cheque is not paid on due presentation. Subject to applicable law, distributions which are represented by a cheque which has not been presented to the Partnership’s bankers for payment or that otherwise remain unclaimed for a period of two years from the date on which they were declared to be payable shall be forfeited to the Partnership.
Appears in 1 contract
Samples: Limited Partnership Agreement
Cumulative Preferential Distributions. The holders of the then Outstanding Series 1 13 Preferred Limited Partnership Units (the “Holders”) shall be entitled to receive, and the Partnership shall pay thereon, as and when declared by the General Partner, out of moneys of the Partnership properly applicable to the payment of legally available for distributions under Bermuda law and without regard to the income of the Partnership, cumulative preferential cash distributions (the “Series 1 13 Distributions”) payable quarterly at the rates and times herein provided by cheque at par in lawful money of Canada at any branch in Canada of the Partnership’s bankers for the time being or by any other reasonable means the Partnership deems desirable.
(a) During the Initial Fixed Rate Period, the Series 1 13 Distributions will be payable quarterly on the last day of MarchJanuary, JuneApril, September July and December October of each year (each, a “Distribution Payment Date”) at the Initial Fixed Distribution Rate. The initial Series 1 13 Distribution will be payable June April 30, 2015 2018 and will be an amount in cash equal to C$0.3390 0.3562 per Series 1 13 Preferred Limited Partnership Unit less any tax required to be deducted and withheld. On each Distribution Payment Date during the Initial Fixed Rate Period, Period (other than June April 30, 2015) 2018), the Series 1 13 Distribution will be equal to C$0.28125 1.25 per unit.
(b) During each Subsequent Fixed Rate Period, Series 1 13 Distributions payable on the Series 1 13 Preferred Limited Partnership Units will be in an annual amount per unit determined by multiplying the Annual Fixed Distribution Rate applicable to such Subsequent Fixed Rate Period by C$25.00, less any tax required to be deducted and withheld, and shall be payable quarterly on each Distribution Payment Date during such Subsequent Fixed Rate Period.
(c) In respect of each Subsequent Fixed Rate Period, the Partnership will, during such Subsequent Fixed Rate Period calculate on each Fixed Rate Calculation Date the Annual Fixed Distribution Rate for such Subsequent Fixed Rate Period and will, on the Fixed Rate Calculation Date, give written notice thereof to the Holders. Each such determination by the Partnership of the Annual Fixed Distribution Rate will, in the absence of manifest error, be final and binding upon the Partnership and upon all Holders of Series 1 13 Preferred Limited Partnership Units.
(d) If on any Distribution Payment Date, the Series 1 13 Distributions accrued to such date are not paid in full on all of the Series 1 13 Preferred Limited Partnership Units then Outstanding, such Series 1 13 Distributions, or the unpaid part thereof, shall be paid on a subsequent date or dates determined by the General Partner on which the Partnership shall have sufficient monies properly applicable to the payment of legally available for such Series 1 Distributions13 Distributions under Bermuda law.
(e) The Holders shall not be entitled to any distributions other than or in excess of the Series 1 13 Distributions.
(f) The Record Date for the payment of Series 1 13 Distributions will be the last Business Day of the calendar month prior to fifteenth (15th) day in the calendar month during which a Distribution Payment Date falls, or such other record date if any, as may be fixed by the General Partner.
. Series 1 13 Distributions shall (except in case of redemption or reclassification in which case payment of Series 1 13 Distributions shall, subject to the provisions of Section 17, shall be made on surrender of the certificate representing the Series 1 13 Preferred Limited Partnership Units to be redeemed or reclassified) be paid by (i) posting in a postage paid envelope addressed to each Holder at the last address of such Holder as it appears on the securities register of the Partnership or, in the case of joint Holders, to the address of that one whose name appears first in the securities register of the Partnership as one of such joint Holders, or, in the event of the address of any Holder not so appearing, then to the address of such Holder last known to the Partnership, a cheque for such Series 1 13 Distributions (less any tax required to be deducted and withheld) payable to the order of such Holder or, in the case of joint Holders, to the order of all such Holders failing written instructions from them to the contrary or (ii) by any other reasonable means the Partnership deems desirable. Notwithstanding the foregoing, any distribution cheque may be delivered by the Partnership to a Holder at his/her address as aforesaid. The posting or delivery of such cheque or the payment of the Series 1 13 Distributions by any other reasonable means on or before the date on which such distribution is to be paid to a Holder shall be deemed to be payment and shall satisfy and discharge all liabilities for the payment of such Distributions to the extent of the sum represented thereby (plus the amount of any tax required to be deducted and withheld as aforesaidaforesaid and remitted to the proper tax authority) unless, if applicable, such cheque is not paid on due presentation. Subject to applicable law, distributions which are represented by a cheque which has not been presented to the Partnership’s bankers for payment or that otherwise remain unclaimed for a period of two years from the date on which they were declared to be payable shall be forfeited to the Partnership.
Appears in 1 contract
Samples: Limited Partnership Agreement
Cumulative Preferential Distributions. The holders of the then Outstanding Series 1 7 Preferred Limited Partnership Units (the “Holders”) shall be entitled to receive, and the Partnership shall pay thereon, as and when declared by the General Partner, out of moneys of the Partnership properly applicable to the payment of legally available for distributions under Bermuda law and without regard to the income of the Partnership, cumulative preferential cash distributions (the “Series 1 7 Distributions”) payable quarterly at the rates and times herein provided by cheque at par in lawful money of Canada at any branch in Canada of the Partnership’s bankers for the time being or by any other reasonable means the Partnership deems desirable.
(a) During the Initial Fixed Rate Period, the Series 1 7 Distributions will be payable quarterly on the last day of March, June, September and December of each year (each, a “Distribution Payment Date”) at the Initial Fixed Distribution Rate. The initial Series 1 7 Distribution will be payable June 30March 31, 2015 2017 and will be an amount in cash equal to C$0.3390 0.2192 per Series 1 7 Preferred Limited Partnership Unit less any tax required to be deducted and withheld. On each Distribution Payment Date during the Initial Fixed Rate Period, Period (other than June 30March 31, 2015) 2017), the Series 1 7 Distribution will be equal to C$0.28125 0.3125 per unit.
(b) During each Subsequent Fixed Rate Period, Series 1 7 Distributions payable on the Series 1 7 Preferred Limited Partnership Units will be in an annual amount per unit determined by multiplying the Annual Fixed Distribution Rate applicable to such Subsequent Fixed Rate Period by C$25.00, less any tax required to be deducted and withheld, and shall be payable quarterly on each Distribution Payment Date during such Subsequent Fixed Rate Period.
(c) In respect of each Subsequent Fixed Rate Period, the Partnership will, during such Subsequent Fixed Rate Period calculate on each Fixed Rate Calculation Date the Annual Fixed Distribution Rate for such Subsequent Fixed Rate Period and will, on the Fixed Rate Calculation Date, give written notice thereof to the Holders. Each such determination by the Partnership of the Annual Fixed Distribution Rate will, in the absence of manifest error, be final and binding upon the Partnership and upon all Holders of Series 1 7 Preferred Limited Partnership Units.
(d) If on any Distribution Payment Date, the Series 1 7 Distributions accrued to such date are not paid in full on all of the Series 1 7 Preferred Limited Partnership Units then Outstanding, such Series 1 7 Distributions, or the unpaid part thereof, shall be paid on a subsequent date or dates determined by the General Partner on which the Partnership shall have sufficient monies properly applicable to the payment of legally available for such Series 1 Distributions7 Distributions under Bermuda law.
(e) The Holders shall not be entitled to any distributions other than or in excess of the Series 1 7 Distributions.
(f) The Record Date for the payment of Series 1 7 Distributions will be the last Business Day of the calendar month prior to the calendar month during which a Distribution Payment Date falls, or such other record date if any, as may be fixed by the General Partner.
Series 1 Distributions shall (except in case of redemption or reclassification in which case payment of Series 1 Distributions shall, subject to the provisions of Section 17, be made on surrender of the certificate representing the Series 1 Preferred Limited Partnership Units to be redeemed or reclassified) be paid by (i) posting in a postage paid envelope addressed to each Holder at the last address of such Holder as it appears on the securities register of the Partnership or, in the case of joint Holders, to the address of that one whose name appears first in the securities register of the Partnership as one of such joint Holders, or, in the event of the address of any Holder not so appearing, then to the address of such Holder last known to the Partnership, a cheque for such Series 1 Distributions (less any tax required to be deducted and withheld) payable to the order of such Holder or, in the case of joint Holders, to the order of all such Holders failing written instructions from them to the contrary or (ii) by any other reasonable means the Partnership deems desirable. Notwithstanding the foregoing, any distribution cheque may be delivered by the Partnership to a Holder at his/her address as aforesaid. The posting or delivery of such cheque or the payment of the Series 1 Distributions by any other reasonable means on or before the date on which such distribution is to be paid to a Holder shall be deemed to be payment and shall satisfy and discharge all liabilities for the payment of such Distributions to the extent of the sum represented thereby (plus the amount of any tax required to be deducted and withheld as aforesaid) unless, if applicable, such cheque is not paid on due presentation. Subject to applicable law, distributions which are represented by a cheque which has not been presented to the Partnership’s bankers for payment or that otherwise remain unclaimed for a period of two years from the date on which they were declared to be payable shall be forfeited to the Partnership.
Appears in 1 contract
Samples: Limited Partnership Agreement (Brookfield Infrastructure Partners L.P.)
Cumulative Preferential Distributions. The holders of the then Outstanding Series 1 5 Preferred Limited Partnership Units (the “"Holders”") shall be entitled to receive, and the Partnership shall pay thereon, as and when declared by the General Partner, out of moneys of the Partnership properly applicable to the payment of legally available for distributions under Bermuda law and without regard to the income of the Partnership, cumulative preferential cash distributions (the “"Series 1 5 Distributions”") payable quarterly at the rates and times herein provided by cheque at par in lawful money of Canada at any branch in Canada of the Partnership’s 's bankers for the time being or by any other reasonable means the Partnership deems desirable.
(a) During the Initial Fixed Rate Period, the Series 1 Distributions will be payable quarterly on the last day of March, June, September and December of each year (each, a “Distribution Payment Date”) at the Initial Fixed Distribution Rate. The initial Series 1 Distribution will be payable June 30, 2015 and will be an amount in cash equal Subject to C$0.3390 per Series 1 Preferred Limited Partnership Unit less any tax required to be deducted and withheld. On each Distribution Payment Date during the Initial Fixed Rate Period, (other than June 30, 2015) the Series 1 Distribution will be equal to C$0.28125 per unit.
(b) During each Subsequent Fixed Rate PeriodSection 2.1(b), Series 1 5 Distributions payable on the Series 1 5 Preferred Limited Partnership Units will be in an annual amount per unit determined by multiplying the Annual Fixed Distribution Rate applicable to such Subsequent Fixed Rate Period by C$25.00, less any tax required to be deducted and withheld, and shall be payable quarterly on each Distribution Payment Date.
(b) The initial Series 5 Distribution payable on any Series 5 Preferred Limited Partnership Unit will be determined as if such Series 5 Preferred Limited Partnership Unit was issued and outstanding for the number of days commencing from and including the immediately preceding Distribution Payment Date during (had such Subsequent Fixed Rate PeriodSeries 5 Preferred Limited Partnership Unit been issued and outstanding at such time) to but excluding the Distribution Payment Date on which such initial Series 5 Distribution is to be paid.
(c) In respect of each Subsequent Fixed Rate Period, the Partnership will, during such Subsequent Fixed Rate Period calculate on each Fixed Rate Calculation Date the Annual Fixed Distribution Rate for such Subsequent Fixed Rate Period and will, on the Fixed Rate Calculation Date, give written notice thereof to the Holders. Each such determination by the Partnership of the Annual Fixed Distribution Rate will, in the absence of manifest error, be final and binding upon the Partnership and upon all Holders of Series 1 Preferred Limited Partnership Units.
(d) If on any Distribution Payment Date, the Series 1 5 Distributions accrued to such date are not paid in full on all of the Series 1 5 Preferred Limited Partnership Units then Outstanding, such Series 1 5 Distributions, or the unpaid part thereof, shall be paid on a subsequent date or dates determined by the General Partner on which the Partnership shall have sufficient monies properly applicable to the payment of legally available for such Series 1 Distributions5 Distributions under Bermuda law.
(ed) The Holders shall not be entitled to any distributions other than or in excess of the Series 1 5 Distributions.
(fe) The Record Date for the payment of Series 1 5 Distributions will be the last Business Day of the calendar month prior to fifteenth (15th) day in the calendar month during which a Distribution Payment Date falls, or such other record date date, if any, as may be fixed by the General Partner.
. Series 1 5 Distributions shall (except in case of redemption or reclassification in which case payment of Series 1 5 Distributions shall, subject to the provisions of Section 1716, be made on surrender of the certificate representing the Series 1 5 Preferred Limited Partnership Units to be redeemed or reclassifiedredeemed) be paid by (i) posting in a postage paid envelope addressed to each Holder at the last address of such Holder as it appears on the securities register of the Partnership or, in the case of joint Holders, to the address of that one whose name appears first in the securities register of the Partnership as one of such joint Holders, or, in the event of the address of any Holder not so appearing, then to the address of such Holder last known to the Partnership, a cheque for such Series 1 5 Distributions (less any tax required to be deducted and withheld) payable to the order of such Holder or, in the case of joint Holders, to the order of all such Holders failing written instructions from them to the contrary or (ii) by any other reasonable means the Partnership deems desirable. Notwithstanding the foregoing, any distribution cheque may be delivered by the Partnership to a Holder at his/her address as aforesaid. The posting or delivery of such cheque or the payment of the Series 1 5 Distributions by any other reasonable means on or before the date on which such distribution is to be paid to a Holder shall be deemed to be payment and shall satisfy and discharge all liabilities for the payment of such Series 5 Distributions to the extent of the sum represented thereby (plus the amount of any tax required to be deducted and withheld as aforesaidaforesaid and remitted to the proper tax authority) unless, if applicable, such cheque is not paid on due presentation. Subject to applicable law, distributions which are represented by a cheque which has not been presented to the Partnership’s 's bankers for payment or that otherwise remain unclaimed for a period of two years from the date on which they were declared to be payable shall be forfeited to the Partnership.
Appears in 1 contract
Samples: Limited Partnership Agreement (Brookfield Renewable Partners L.P.)
Cumulative Preferential Distributions. The holders of the then Outstanding Series 1 11 Preferred Limited Partnership Units (the “Holders”) shall be entitled to receive, and the Partnership shall pay thereon, as and when declared by the Managing General Partner, out of moneys of the Partnership properly applicable to the payment of legally available for distributions under Bermuda law and without regard to the income of the Partnership, cumulative preferential cash distributions (the “Series 1 11 Distributions”) payable quarterly at the rates and times herein provided by cheque at par in lawful money of Canada at any branch in Canada of the Partnership’s bankers for the time being or by any other reasonable means the Partnership deems desirable.
(a) During the Initial Fixed Rate Period, the Series 1 11 Distributions will be payable quarterly on or before the last day of March, June, September and December of each year (each, a “Distribution Payment Date”) at the Initial Fixed Distribution Rate. The initial Series 1 11 Distribution will be payable June 30on or before December 31, 2015 2018 and will be an amount in cash equal to C$0.3390 0.3842 per Series 1 11 Preferred Limited Partnership Unit less any tax required to be deducted and withheld. On each Distribution Payment Date during the Initial Fixed Rate Period, Period (other than June 30December 31, 2015) 2018), the Series 1 11 Distribution will be equal to C$0.28125 0.31875 per unit.
(b) During each Subsequent Fixed Rate Period, Series 1 11 Distributions payable on the Series 1 11 Preferred Limited Partnership Units will be in an annual amount per unit determined by multiplying the Annual Fixed Distribution Rate applicable to such Subsequent Fixed Rate Period by C$25.00, less any tax required to be deducted and withheld, and shall be payable quarterly on each Distribution Payment Date during such Subsequent Fixed Rate Period.
(c) In respect of each Subsequent Fixed Rate Period, the Partnership will, during such Subsequent Fixed Rate Period calculate on each Fixed Rate Calculation Date the Annual Fixed Distribution Rate for such Subsequent Fixed Rate Period and will, on the Fixed Rate Calculation Date, give written notice thereof to the Holders. Each such determination by the Partnership of the Annual Fixed Distribution Rate will, in the absence of manifest error, be final and binding upon the Partnership and upon all Holders of Series 1 11 Preferred Limited Partnership Units.
(d) If on any Distribution Payment Date, the Series 1 11 Distributions accrued to such date are not paid in full on all of the Series 1 11 Preferred Limited Partnership Units then Outstanding, such Series 1 11 Distributions, or the unpaid part thereof, shall be paid on a subsequent date or dates determined by the Managing General Partner on which the Partnership shall have sufficient monies properly applicable to the payment of legally available for such Series 1 Distributions11 Distributions under Bermuda law.
(e) The Holders shall not be entitled to any distributions other than or in excess of the Series 1 11 Distributions.
(f) The Record Date for the payment of Series 1 11 Distributions will be the last Business Day of the calendar month prior to the calendar month during which a Distribution Payment Date falls, or such other record date if any, as may be fixed by the Managing General Partner.
Series 1 Distributions shall (except in case of redemption or reclassification in which case payment of Series 1 Distributions shall, subject to the provisions of Section 17, be made on surrender of the certificate representing the Series 1 Preferred Limited Partnership Units to be redeemed or reclassified) be paid by (i) posting in a postage paid envelope addressed to each Holder at the last address of such Holder as it appears on the securities register of the Partnership or, in the case of joint Holders, to the address of that one whose name appears first in the securities register of the Partnership as one of such joint Holders, or, in the event of the address of any Holder not so appearing, then to the address of such Holder last known to the Partnership, a cheque for such Series 1 Distributions (less any tax required to be deducted and withheld) payable to the order of such Holder or, in the case of joint Holders, to the order of all such Holders failing written instructions from them to the contrary or (ii) by any other reasonable means the Partnership deems desirable. Notwithstanding the foregoing, any distribution cheque may be delivered by the Partnership to a Holder at his/her address as aforesaid. The posting or delivery of such cheque or the payment of the Series 1 Distributions by any other reasonable means on or before the date on which such distribution is to be paid to a Holder shall be deemed to be payment and shall satisfy and discharge all liabilities for the payment of such Distributions to the extent of the sum represented thereby (plus the amount of any tax required to be deducted and withheld as aforesaid) unless, if applicable, such cheque is not paid on due presentation. Subject to applicable law, distributions which are represented by a cheque which has not been presented to the Partnership’s bankers for payment or that otherwise remain unclaimed for a period of two years from the date on which they were declared to be payable shall be forfeited to the Partnership.
Appears in 1 contract
Samples: Limited Partnership Agreement (Brookfield Infrastructure Partners L.P.)
Cumulative Preferential Distributions. The holders of the then Outstanding Series 1 10 Preferred Limited Partnership Units (the “Holders”) shall be entitled to receive, and the Partnership shall pay thereon, as and when declared by the General Partner, out of moneys of the Partnership properly applicable to the payment of legally available for distributions under Bermuda law and without regard to the income of the Partnership, cumulative preferential cash distributions (the “Series 1 10 Distributions”) payable quarterly at the rates and times herein provided by cheque at par in lawful money of Canada at any branch in Canada of the Partnership’s bankers for the time being or by any other reasonable means the Partnership deems desirable.
(a) During the Initial Fixed Rate Period, the Series 1 Distributions will be payable quarterly on the last day of March, June, September and December of each year (each, a “Distribution Payment Date”) at the Initial Fixed Distribution Rate. The initial Series 1 Distribution will be payable June 30, 2015 and will be an amount in cash equal to C$0.3390 per Series 1 Preferred Limited Partnership Unit less any tax required to be deducted and withheld. On each Distribution Payment Date during the Initial Fixed Rate Period, (other than June 30, 2015) the Series 1 Distribution will be equal to C$0.28125 per unit.
(b) During each Subsequent Fixed Quarterly Floating Rate Period, Series 1 10 Distributions payable on the Series 1 10 Preferred Limited Partnership Units will be in an annual amount per unit Series 10 Preferred Limited Partnership Unit determined by multiplying the Annual Fixed Floating Quarterly Distribution Rate applicable to such Subsequent Fixed Quarterly Floating Rate Period by C$25.00, less any tax required to be deducted and withheld, and shall be payable quarterly on each Distribution Payment Date during such Subsequent Fixed Quarterly Floating Rate Period.
(cb) In respect of each Subsequent Fixed Quarterly Floating Rate Period, the Partnership will, during such Subsequent Fixed Quarterly Floating Rate Period Period, calculate on each Fixed Floating Rate Calculation Date the Annual Fixed Floating Quarterly Distribution Rate for such Subsequent Fixed Quarterly Floating Rate Period and will, on the Fixed Floating Rate Calculation Date, give written notice thereof to the Holders. Each such determination by the Partnership of the Annual Fixed Quarterly Floating Distribution Rate will, in the absence of manifest error, be final and binding upon the Partnership and upon all Holders of Series 1 10 Preferred Limited Partnership Units.
(dc) If on any Distribution Payment Date, the Series 1 10 Distributions accrued to such date are not paid in full on all of the Series 1 10 Preferred Limited Partnership Units then Outstanding, such Series 1 10 Distributions, or the unpaid part thereof, shall be paid on a subsequent date or dates determined by the General Partner on which the Partnership shall have sufficient monies properly applicable to the payment of legally available for such Series 1 Distributions10 Distributions under Bermuda law.
(ed) The Holders shall not be entitled to any distributions other than or in excess of the Series 1 10 Distributions.
(fe) The Record Date for the payment of Series 1 10 Distributions will be the last Business Day of the calendar month prior to fifteenth (15th) day in the calendar month during which a Distribution Payment Date falls, or such other record date if any, as may be fixed by the General Partner.
. Series 1 10 Distributions shall (except in case of redemption or reclassification in which case payment of Series 1 10 Distributions shall, subject to the provisions of Section 17, shall be made on surrender of the certificate representing the Series 1 10 Preferred Limited Partnership Units to be redeemed or reclassified) be paid by (i) posting in a postage paid envelope addressed to each Holder at the last address of such Holder as it appears on the securities register of the Partnership or, in the case of joint Holders, to the address of that one whose name appears first in the securities register of the Partnership as one of such joint Holders, or, in the event of the address of any Holder not so appearing, then to the address of such Holder last known to the Partnership, a cheque for such Series 1 10 Distributions (less any tax required to be deducted and withheld) payable to the order of such Holder or, in the case of joint Holders, to the order of all such Holders failing written instructions from them to the contrary or (ii) by any other reasonable means the Partnership deems desirable. Notwithstanding the foregoing, any distribution cheque may be delivered by the Partnership to a Holder at his/her address as aforesaid. The posting or delivery of such cheque or the payment of the Series 1 10 Distributions by any other reasonable means on or before the date on which such distribution is to be paid to a Holder shall be deemed to be payment and shall satisfy and discharge all liabilities for the payment of such Distributions to the extent of the sum represented thereby (plus the amount of any tax required to be deducted and withheld as aforesaidaforesaid and remitted to the proper taxing authority) unless, if applicable, such cheque is not paid on due presentation. Subject to applicable law, distributions which are represented by a cheque which has not been presented to the Partnership’s bankers for payment or that otherwise remain unclaimed for a period of two years from the date on which they were declared to be payable shall be forfeited to the Partnership.
Appears in 1 contract
Samples: Limited Partnership Agreement (Brookfield Renewable Partners L.P.)
Cumulative Preferential Distributions. The holders of the then Outstanding Series 1 Preferred Limited Partnership Units (the “Holders”) shall be entitled to receive, and the Partnership shall pay thereon, as and when declared by the General Partner, out of moneys of the Partnership properly applicable to the payment of distributions and without regard to the income of the Partnership, cumulative preferential cash distributions (the “Series 1 Distributions”) payable quarterly at the rates and times herein provided by cheque at par in lawful money of Canada at any branch in Canada of the Partnership’s bankers for the time being or by any other reasonable means the Partnership deems desirable.
(a) During the Initial Fixed Rate Period, the Series 1 Distributions will be payable quarterly on the last day of March, June, September and December of each year (each, a “Distribution Payment Date”) at the Initial Fixed Distribution Rate. The initial Series 1 Distribution will be payable June 30, 2015 and will be an amount in cash equal to C$0.3390 per Series 1 Preferred Limited Partnership Unit less any tax required to be deducted and withheld. On each Distribution Payment Date during the Initial Fixed Rate Period, (other than June 30, 2015) the Series 1 Distribution will be equal to C$0.28125 per unit.
(b) During each Subsequent Fixed Rate Period, Series 1 Distributions payable on the Series 1 Preferred Limited Partnership Units will be in an annual amount per unit determined by multiplying the Annual Fixed Distribution Rate applicable to such Subsequent Fixed Rate Period by C$25.00, less any tax required to be deducted and withheld, and shall be payable quarterly on each Distribution Payment Date during such Subsequent Fixed Rate Period.
(c) In respect of each Subsequent Fixed Rate Period, the Partnership will, during such Subsequent Fixed Rate Period calculate on each Fixed Rate Calculation Date the Annual Fixed Distribution Rate for such Subsequent Fixed Rate Period and will, on the Fixed Rate Calculation Date, give written notice thereof to the Holders. Each such determination by the Partnership of the Annual Fixed Distribution Rate will, in the absence of manifest error, be final and binding upon the Partnership and upon all Holders of Series 1 Preferred Limited Partnership Units.
(d) If on any Distribution Payment Date, the Series 1 Distributions accrued to such date are not paid in full on all of the Series 1 Preferred Limited Partnership Units then Outstanding, such Series 1 Distributions, or the unpaid part thereof, shall be paid on a subsequent date or dates determined by the General Partner on which the Partnership shall have sufficient monies properly applicable to the payment of such Series 1 Distributions.
(e) The Holders shall not be entitled to any distributions other than or in excess of the Series 1 Distributions.
(f) The Record Date for the payment of Series 1 Distributions will be the last Business Day of the calendar month prior to the calendar month during which a Distribution Payment Date falls, or such other record date if any, as may be fixed by the General Partner.
. Series 1 Distributions shall (except in case of redemption or reclassification in which case payment of Series 1 Distributions shall, subject to the provisions of Section 17, be made on surrender of the certificate representing the Series 1 Preferred Limited Partnership Units to be redeemed or reclassified) be paid by (i) posting in a postage paid envelope addressed to each Holder at the last address of such Holder as it appears on the securities register of the Partnership or, in the case of joint Holders, to the address of that one whose name appears first in the securities register of the Partnership as one of such joint Holders, or, in the event of the address of any Holder not so appearing, then to the address of such Holder last known to the Partnership, a cheque for such Series 1 Distributions (less any tax required to be deducted and withheld) payable to the order of such Holder or, in the case of joint Holders, to the order of all such Holders failing written instructions from them to the contrary or (ii) by any other reasonable means the Partnership deems desirable. Notwithstanding the foregoing, any distribution cheque may be delivered by the Partnership to a Holder at his/her address as aforesaid. The posting or delivery of such cheque or the payment of the Series 1 Distributions by any other reasonable means on or before the date on which such distribution is to be paid to a Holder shall be deemed to be payment and shall satisfy and discharge all liabilities for the payment of such Distributions to the extent of the sum represented thereby (plus the amount of any tax required to be deducted and withheld as aforesaid) unless, if applicable, such cheque is not paid on due presentation. Subject to applicable law, distributions which are represented by a cheque which has not been presented to the Partnership’s bankers for payment or that otherwise remain unclaimed for a period of two years from the date on which they were declared to be payable shall be forfeited to the Partnership.
Appears in 1 contract
Samples: Limited Partnership Agreement
Cumulative Preferential Distributions. The holders of the then Outstanding Series 1 5 Preferred Limited Partnership Units (the “Holders”) shall be entitled to receive, and the Partnership shall pay thereon, as and when declared by the General Partner, out of moneys of the Partnership properly applicable to the payment of legally available for distributions under Bermuda law and without regard to the income of the Partnership, cumulative preferential cash distributions (the “Series 1 5 Distributions”) payable quarterly at the rates and times herein provided by cheque at par in lawful money of Canada at any branch in Canada of the Partnership’s bankers for the time being or by any other reasonable means the Partnership deems desirable.
(a) During the Initial Fixed Rate Period, the Series 1 Distributions will be payable quarterly on the last day of March, June, September and December of each year (each, a “Distribution Payment Date”) at the Initial Fixed Distribution Rate. The initial Series 1 Distribution will be payable June 30, 2015 and will be an amount in cash equal Subject to C$0.3390 per Series 1 Preferred Limited Partnership Unit less any tax required to be deducted and withheld. On each Distribution Payment Date during the Initial Fixed Rate Period, (other than June 30, 2015) the Series 1 Distribution will be equal to C$0.28125 per unit.
(b) During each Subsequent Fixed Rate PeriodSection 2.1(b), Series 1 5 Distributions payable on the Series 1 5 Preferred Limited Partnership Units will be in an annual amount per unit determined by multiplying the Annual Fixed Distribution Rate applicable to such Subsequent Fixed Rate Period by C$25.00, less any tax required to be deducted and withheld, and shall be payable quarterly on each Distribution Payment Date.
(b) The initial Series 5 Distribution payable on any Series 5 Preferred Limited Partnership Unit will be determined as if such Series 5 Preferred Limited Partnership Unit was issued and outstanding for the number of days commencing from and including the immediately preceding Distribution Payment Date during (had such Subsequent Fixed Rate PeriodSeries 5 Preferred Limited Partnership Unit been issued and outstanding at such time) to but excluding the Distribution Payment Date on which such initial Series 5 Distribution is to be paid.
(c) In respect of each Subsequent Fixed Rate Period, the Partnership will, during such Subsequent Fixed Rate Period calculate on each Fixed Rate Calculation Date the Annual Fixed Distribution Rate for such Subsequent Fixed Rate Period and will, on the Fixed Rate Calculation Date, give written notice thereof to the Holders. Each such determination by the Partnership of the Annual Fixed Distribution Rate will, in the absence of manifest error, be final and binding upon the Partnership and upon all Holders of Series 1 Preferred Limited Partnership Units.
(d) If on any Distribution Payment Date, the Series 1 5 Distributions accrued to such date are not paid in full on all of the Series 1 5 Preferred Limited Partnership Units then Outstanding, such Series 1 5 Distributions, or the unpaid part thereof, shall be paid on a subsequent date or dates determined by the General Partner on which the Partnership shall have sufficient monies properly applicable to the payment of legally available for such Series 1 Distributions5 Distributions under Bermuda law.
(ed) The Holders shall not be entitled to any distributions other than or in excess of the Series 1 5 Distributions.
(fe) The Record Date for the payment of Series 1 5 Distributions will be the last Business Day of the calendar month prior to fifteenth (15th) day in the calendar month during which a Distribution Payment Date falls, or such other record date date, if any, as may be fixed by the General Partner.
Series 1 Distributions shall (except in case of redemption or reclassification in which case payment of Series 1 Distributions shall, subject to the provisions of Section 17, be made on surrender of the certificate representing the Series 1 Preferred Limited Partnership Units to be redeemed or reclassified) be paid by (i) posting in a postage paid envelope addressed to each Holder at the last address of such Holder as it appears on the securities register of the Partnership or, in the case of joint Holders, to the address of that one whose name appears first in the securities register of the Partnership as one of such joint Holders, or, in the event of the address of any Holder not so appearing, then to the address of such Holder last known to the Partnership, a cheque for such Series 1 Distributions (less any tax required to be deducted and withheld) payable to the order of such Holder or, in the case of joint Holders, to the order of all such Holders failing written instructions from them to the contrary or (ii) by any other reasonable means the Partnership deems desirable. Notwithstanding the foregoing, any distribution cheque may be delivered by the Partnership to a Holder at his/her address as aforesaid. The posting or delivery of such cheque or the payment of the Series 1 Distributions by any other reasonable means on or before the date on which such distribution is to be paid to a Holder shall be deemed to be payment and shall satisfy and discharge all liabilities for the payment of such Distributions to the extent of the sum represented thereby (plus the amount of any tax required to be deducted and withheld as aforesaid) unless, if applicable, such cheque is not paid on due presentation. Subject to applicable law, distributions which are represented by a cheque which has not been presented to the Partnership’s bankers for payment or that otherwise remain unclaimed for a period of two years from the date on which they were declared to be payable shall be forfeited to the Partnership.
Appears in 1 contract
Samples: Limited Partnership Agreement (Brookfield Renewable Energy Partners L.P.)
Cumulative Preferential Distributions. The holders of the then Outstanding Series 1 7 Preferred Limited Partnership Units (the “Holders”) shall be entitled to receive, and the Partnership shall pay thereon, as and when declared by the Managing General Partner, out of moneys of the Partnership properly applicable to the payment of legally available for distributions under Bermuda law and without regard to the income of the Partnership, cumulative preferential cash distributions (the “Series 1 7 Distributions”) payable quarterly at the rates and times herein provided by cheque at par in lawful money of Canada at any branch in Canada of the Partnership’s bankers for the time being or by any other reasonable means the Partnership deems desirable.
(a) During the Initial Fixed Rate Period, the Series 1 7 Distributions will be payable quarterly on or before the last day of March, June, September and December of each year (each, a “Distribution Payment Date”) at the Initial Fixed Distribution Rate. The initial Series 1 7 Distribution will be payable June 30on or before March 31, 2015 2017 and will be an amount in cash equal to C$0.3390 0.2192 per Series 1 7 Preferred Limited Partnership Unit less any tax required to be deducted and withheld. On each Distribution Payment Date during the Initial Fixed Rate Period, Period (other than June 30March 31, 2015) 2017), the Series 1 7 Distribution will be equal to C$0.28125 0.3125 per unit.
(b) During each Subsequent Fixed Rate Period, Series 1 7 Distributions payable on the Series 1 7 Preferred Limited Partnership Units will be in an annual amount per unit determined by multiplying the Annual Fixed Distribution Rate applicable to such Subsequent Fixed Rate Period by C$25.00, less any tax required to be deducted and withheld, and shall be payable quarterly on each Distribution Payment Date during such Subsequent Fixed Rate Period.
(c) In respect of each Subsequent Fixed Rate Period, the Partnership will, during such Subsequent Fixed Rate Period calculate on each Fixed Rate Calculation Date the Annual Fixed Distribution Rate for such Subsequent Fixed Rate Period and will, on the Fixed Rate Calculation Date, give written notice thereof to the Holders. Each such determination by the Partnership of the Annual Fixed Distribution Rate will, in the absence of manifest error, be final and binding upon the Partnership and upon all Holders of Series 1 7 Preferred Limited Partnership Units.
(d) If on any Distribution Payment Date, the Series 1 7 Distributions accrued to such date are not paid in full on all of the Series 1 7 Preferred Limited Partnership Units then Outstanding, such Series 1 7 Distributions, or the unpaid part thereof, shall be paid on a subsequent date or dates determined by the Managing General Partner on which the Partnership shall have sufficient monies properly applicable to the payment of legally available for such Series 1 Distributions7 Distributions under Bermuda law.
(e) The Holders shall not be entitled to any distributions other than or in excess of the Series 1 7 Distributions.
(f) The Record Date for the payment of Series 1 7 Distributions will be the last Business Day of the calendar month prior to the calendar month during which a Distribution Payment Date falls, or such other record date if any, as may be fixed by the Managing General Partner.
. Series 1 7 Distributions shall (except in case of redemption or reclassification in which case payment of Series 1 7 Distributions shall, subject to the provisions of Section 17, shall be made on surrender of the certificate representing the Series 1 7 Preferred Limited Partnership Units to be redeemed or reclassified) be paid by (i) posting in a postage paid envelope addressed to each Holder at the last address of such Holder as it appears on the securities register of the Partnership or, in the case of joint Holders, to the address of that one whose name appears first in the securities register of the Partnership as one of such joint Holders, or, in the event of the address of any Holder not so appearing, then to the address of such Holder last known to the Partnership, a cheque for such Series 1 7 Distributions (less any tax required to be deducted and withheld) payable to the order of such Holder or, in the case of joint Holders, to the order of all such Holders failing written instructions from them to the contrary or (ii) by any other reasonable means the Partnership deems desirable. Notwithstanding the foregoing, any distribution cheque may be delivered by the Partnership to a Holder at his/her address as aforesaid. The posting or delivery of such cheque or the payment of the Series 1 7 Distributions by any other reasonable means on or before the date on which such distribution is to be paid to a Holder shall be deemed to be payment and shall satisfy and discharge all liabilities for the payment of such Distributions to the extent of the sum represented thereby (plus the amount of any tax required to be deducted and withheld as aforesaidaforesaid and remitted to the proper tax authority) unless, if applicable, such cheque is not paid on due presentation. Subject to applicable law, distributions which are represented by a cheque which has not been presented to the Partnership’s bankers for payment or that otherwise remain unclaimed for a period of two years from the date on which they were declared to be payable shall be forfeited to the Partnership.
Appears in 1 contract
Samples: Limited Partnership Agreement (Brookfield Infrastructure Partners L.P.)
Cumulative Preferential Distributions. The holders of the then Outstanding Series 1 12 Preferred Limited Partnership Units (the “Holders”) shall be entitled to receive, and the Partnership shall pay thereon, as and when declared by the General Partner, out of moneys of the Partnership properly applicable to the payment of legally available for distributions under Bermuda law and without regard to the income of the Partnership, cumulative preferential cash distributions (the “Series 1 12 Distributions”) payable quarterly at the rates and times herein provided by cheque at par in lawful money of Canada at any branch in Canada of the Partnership’s bankers for the time being or by any other reasonable means the Partnership deems desirable.
(a) During the Initial Fixed Rate Period, the Series 1 Distributions will be payable quarterly on the last day of March, June, September and December of each year (each, a “Distribution Payment Date”) at the Initial Fixed Distribution Rate. The initial Series 1 Distribution will be payable June 30, 2015 and will be an amount in cash equal to C$0.3390 per Series 1 Preferred Limited Partnership Unit less any tax required to be deducted and withheld. On each Distribution Payment Date during the Initial Fixed Rate Period, (other than June 30, 2015) the Series 1 Distribution will be equal to C$0.28125 per unit.
(b) During each Subsequent Fixed Quarterly Floating Rate Period, Series 1 12 Distributions payable on the Series 1 12 Preferred Limited Partnership Units will be in an annual amount per unit Series 12 Preferred Limited Partnership Unit determined by multiplying the Annual Fixed Floating Quarterly Distribution Rate applicable to such Subsequent Fixed Quarterly Floating Rate Period by C$25.00, less any tax required to be deducted and withheld, and shall be payable quarterly on each Distribution Payment Date during such Subsequent Fixed Quarterly Floating Rate Period.
(cb) In respect of each Subsequent Fixed Quarterly Floating Rate Period, the Partnership will, during such Subsequent Fixed Quarterly Floating Rate Period Period, calculate on each Fixed Floating Rate Calculation Date the Annual Fixed Floating Quarterly Distribution Rate for such Subsequent Fixed Quarterly Floating Rate Period and will, on the Fixed Floating Rate Calculation Date, give written notice thereof to the Holders. Each such determination by the Partnership of the Annual Fixed Quarterly Floating Distribution Rate will, in the absence of manifest error, be final and binding upon the Partnership and upon all Holders of Series 1 12 Preferred Limited Partnership Units.
(dc) If on any Distribution Payment Date, the Series 1 12 Distributions accrued to such date are not paid in full on all of the Series 1 12 Preferred Limited Partnership Units then Outstanding, such Series 1 12 Distributions, or the unpaid part thereof, shall be paid on a subsequent date or dates determined by the General Partner on which the Partnership shall have sufficient monies properly applicable to the payment of legally available for such Series 1 Distributions12 Distributions under Bermuda law.
(ed) The Holders shall not be entitled to any distributions other than or in excess of the Series 1 12 Distributions.
(fe) The Record Date for the payment of Series 1 12 Distributions will be the last Business Day of the calendar month prior to fifteenth (15th) day in the calendar month during which a Distribution Payment Date falls, or such other record date if any, as may be fixed by the General Partner.
. Series 1 12 Distributions shall (except in case of redemption or reclassification in which case payment of Series 1 12 Distributions shall, subject to the provisions of Section 17, be made on surrender of the certificate representing the Series 1 12 Preferred Limited Partnership Units to be redeemed or reclassified) be paid by (i) posting in a postage paid envelope addressed to each Holder at the last address of such Holder as it appears on the securities register of the Partnership or, in the case of joint Holders, to the address of that one whose name appears first in the securities register of the Partnership as one of such joint Holders, or, in the event of the address of any Holder not so appearing, then to the address of such Holder last known to the Partnership, a cheque for such Series 1 12 Distributions (less any tax required to be deducted and withheld) payable to the order of such Holder or, in the case of joint Holders, to the order of all such Holders failing written instructions from them to the contrary or (ii) by any other reasonable means the Partnership deems desirable. Notwithstanding the foregoing, any distribution cheque may be delivered by the Partnership to a Holder at his/her address as aforesaid. The posting or delivery of such cheque or the payment of the Series 1 12 Distributions by any other reasonable means on or before the date on which such distribution is to be paid to a Holder shall be deemed to be payment and shall satisfy and discharge all liabilities for the payment of such Distributions to the extent of the sum represented thereby (plus the amount of any tax required to be deducted and withheld as aforesaidaforesaid and remitted to the proper tax authority) unless, if applicable, such cheque is not paid on due presentation. Subject to applicable law, distributions which are represented by a cheque which has not been presented to the Partnership’s bankers for payment or that otherwise remain unclaimed for a period of two years from the date on which they were declared to be payable shall be forfeited to the Partnership.
Appears in 1 contract
Samples: Limited Partnership Agreement
Cumulative Preferential Distributions. The holders of the then Outstanding Series 1 8 Preferred Limited Partnership Units (the “Holders”) shall be entitled to receive, and the Partnership shall pay thereon, as and when declared by the General Partner, out of moneys of the Partnership properly applicable to the payment of legally available for distributions under Bermuda law and without regard to the income of the Partnership, cumulative preferential cash distributions (the “Series 1 8 Distributions”) payable quarterly at the rates and times herein provided by cheque at par in lawful money of Canada at any branch in Canada of the Partnership’s bankers for the time being or by any other reasonable means the Partnership deems desirable.
(a) During the Initial Fixed Rate Period, the Series 1 Distributions will be payable quarterly on the last day of March, June, September and December of each year (each, a “Distribution Payment Date”) at the Initial Fixed Distribution Rate. The initial Series 1 Distribution will be payable June 30, 2015 and will be an amount in cash equal to C$0.3390 per Series 1 Preferred Limited Partnership Unit less any tax required to be deducted and withheld. On each Distribution Payment Date during the Initial Fixed Rate Period, (other than June 30, 2015) the Series 1 Distribution will be equal to C$0.28125 per unit.
(b) During each Subsequent Fixed Quarterly Floating Rate Period, Series 1 8 Distributions payable on the Series 1 8 Preferred Limited Partnership Units will be in an annual amount per unit Series 8 Preferred Limited Partnership Unit determined by multiplying the Annual Fixed Floating Quarterly Distribution Rate applicable to such Subsequent Fixed Quarterly Floating Rate Period by C$25.00, less any tax required to be deducted and withheld, and shall be payable quarterly on each Distribution Payment Date during such Subsequent Fixed Quarterly Floating Rate Period.
(cb) In respect of each Subsequent Fixed Quarterly Floating Rate Period, the Partnership will, during such Subsequent Fixed Quarterly Floating Rate Period Period, calculate on each Fixed Floating Rate Calculation Date the Annual Fixed Floating Quarterly Distribution Rate for such Subsequent Fixed Quarterly Floating Rate Period and will, on the Fixed Floating Rate Calculation Date, give written notice thereof to the Holders. Each such determination by the Partnership of the Annual Fixed Quarterly Floating Distribution Rate will, in the absence of manifest error, be final and binding upon the Partnership and upon all Holders of Series 1 8 Preferred Limited Partnership Units.
(dc) If on any Distribution Payment Date, the Series 1 8 Distributions accrued to such date are not paid in full on all of the Series 1 8 Preferred Limited Partnership Units then Outstanding, such Series 1 8 Distributions, or the unpaid part thereof, shall be paid on a subsequent date or dates determined by the General Partner on which the Partnership shall have sufficient monies properly applicable to the payment of legally available for such Series 1 Distributions8 Distributions under Bermuda law.
(ed) The Holders shall not be entitled to any distributions other than or in excess of the Series 1 8 Distributions.
(fe) The Record Date for the payment of Series 1 8 Distributions will be the last Business Day of the calendar month prior to the calendar month during which a Distribution Payment Date falls, or such other record date if any, as may be fixed by the General Partner.
Series 1 Distributions shall (except in case of redemption or reclassification in which case payment of Series 1 Distributions shall, subject to the provisions of Section 17, be made on surrender of the certificate representing the Series 1 Preferred Limited Partnership Units to be redeemed or reclassified) be paid by (i) posting in a postage paid envelope addressed to each Holder at the last address of such Holder as it appears on the securities register of the Partnership or, in the case of joint Holders, to the address of that one whose name appears first in the securities register of the Partnership as one of such joint Holders, or, in the event of the address of any Holder not so appearing, then to the address of such Holder last known to the Partnership, a cheque for such Series 1 Distributions (less any tax required to be deducted and withheld) payable to the order of such Holder or, in the case of joint Holders, to the order of all such Holders failing written instructions from them to the contrary or (ii) by any other reasonable means the Partnership deems desirable. Notwithstanding the foregoing, any distribution cheque may be delivered by the Partnership to a Holder at his/her address as aforesaid. The posting or delivery of such cheque or the payment of the Series 1 Distributions by any other reasonable means on or before the date on which such distribution is to be paid to a Holder shall be deemed to be payment and shall satisfy and discharge all liabilities for the payment of such Distributions to the extent of the sum represented thereby (plus the amount of any tax required to be deducted and withheld as aforesaid) unless, if applicable, such cheque is not paid on due presentation. Subject to applicable law, distributions which are represented by a cheque which has not been presented to the Partnership’s bankers for payment or that otherwise remain unclaimed for a period of two years from the date on which they were declared to be payable shall be forfeited to the Partnership.
Appears in 1 contract
Samples: Limited Partnership Agreement (Brookfield Infrastructure Partners L.P.)
Cumulative Preferential Distributions. The holders of the then Outstanding Series 1 11 Preferred Limited Partnership Units (the “Holders”) shall be entitled to receive, and the Partnership shall pay thereon, as and when declared by the General Partner, out of moneys of the Partnership properly applicable to the payment of legally available for distributions under Bermuda law and without regard to the income of the Partnership, cumulative preferential cash distributions (the “Series 1 11 Distributions”) payable quarterly at the rates and times herein provided by cheque at par in lawful money of Canada at any branch in Canada of the Partnership’s bankers for the time being or by any other reasonable means the Partnership deems desirable.
(a) During the Initial Fixed Rate Period, the Series 1 11 Distributions will be payable quarterly on or before the last day of MarchJanuary, JuneApril, September July and December October of each year (each, a “Distribution Payment Date”) at the Initial Fixed Distribution Rate. The initial Series 1 11 Distribution will be payable June on or before April 30, 2015 2017 and will be an amount in cash equal to C$0.3390 0.2568 per Series 1 11 Preferred Limited Partnership Unit less any tax required to be deducted and withheld. On each Distribution Payment Date during the Initial Fixed Rate Period, Period (other than June April 30, 2015) 2017), the Series 1 11 Distribution will be equal to C$0.28125 1.25 per unit.
(b) During each Subsequent Fixed Rate Period, Series 1 11 Distributions payable on the Series 1 11 Preferred Limited Partnership Units will be in an annual amount per unit determined by multiplying the Annual Fixed Distribution Rate applicable to such Subsequent Fixed Rate Period by C$25.00, less any tax required to be deducted and withheld, and shall be payable quarterly on each Distribution Payment Date during such Subsequent Fixed Rate Period.
(c) In respect of each Subsequent Fixed Rate Period, the Partnership will, during such Subsequent Fixed Rate Period calculate on each Fixed Rate Calculation Date the Annual Fixed Distribution Rate for such Subsequent Fixed Rate Period and will, on the Fixed Rate Calculation Date, give written notice thereof to the Holders. Each such determination by the Partnership of the Annual Fixed Distribution Rate will, in the absence of manifest error, be final and binding upon the Partnership and upon all Holders of Series 1 11 Preferred Limited Partnership Units.
(d) If on any Distribution Payment Date, the Series 1 11 Distributions accrued to such date are not paid in full on all of the Series 1 11 Preferred Limited Partnership Units then Outstanding, such Series 1 11 Distributions, or the unpaid part thereof, shall be paid on a subsequent date or dates determined by the General Partner on which the Partnership shall have sufficient monies properly applicable to the payment of legally available for such Series 1 Distributions11 Distributions under Bermuda law.
(e) The Holders shall not be entitled to any distributions other than or in excess of the Series 1 11 Distributions.
(f) The Record Date for the payment of Series 1 11 Distributions will be the last Business Day of the calendar month prior to fifteenth (15th) day in the calendar month during which a Distribution Payment Date falls, or such other record date if any, as may be fixed by the General Partner.
Series 1 Distributions shall (except in case of redemption or reclassification in which case payment of Series 1 Distributions shall, subject to the provisions of Section 17, be made on surrender of the certificate representing the Series 1 Preferred Limited Partnership Units to be redeemed or reclassified) be paid by (i) posting in a postage paid envelope addressed to each Holder at the last address of such Holder as it appears on the securities register of the Partnership or, in the case of joint Holders, to the address of that one whose name appears first in the securities register of the Partnership as one of such joint Holders, or, in the event of the address of any Holder not so appearing, then to the address of such Holder last known to the Partnership, a cheque for such Series 1 Distributions (less any tax required to be deducted and withheld) payable to the order of such Holder or, in the case of joint Holders, to the order of all such Holders failing written instructions from them to the contrary or (ii) by any other reasonable means the Partnership deems desirable. Notwithstanding the foregoing, any distribution cheque may be delivered by the Partnership to a Holder at his/her address as aforesaid. The posting or delivery of such cheque or the payment of the Series 1 Distributions by any other reasonable means on or before the date on which such distribution is to be paid to a Holder shall be deemed to be payment and shall satisfy and discharge all liabilities for the payment of such Distributions to the extent of the sum represented thereby (plus the amount of any tax required to be deducted and withheld as aforesaid) unless, if applicable, such cheque is not paid on due presentation. Subject to applicable law, distributions which are represented by a cheque which has not been presented to the Partnership’s bankers for payment or that otherwise remain unclaimed for a period of two years from the date on which they were declared to be payable shall be forfeited to the Partnership.
Appears in 1 contract
Samples: Limited Partnership Agreement (Brookfield Renewable Partners L.P.)
Cumulative Preferential Distributions. The holders of the then Outstanding Series 1 11 Preferred Limited Partnership Units (the “Holders”) shall be entitled to receive, and the Partnership shall pay thereon, as and when declared by the General Partner, out of moneys of the Partnership properly applicable to the payment of legally available for distributions under Bermuda law and without regard to the income of the Partnership, cumulative preferential cash distributions (the “Series 1 11 Distributions”) payable quarterly at the rates and times herein provided by cheque at par in lawful money of Canada at any branch in Canada of the Partnership’s bankers for the time being or by any other reasonable means the Partnership deems desirable.
(a) During the Initial Fixed Rate Period, the Series 1 11 Distributions will be payable quarterly on the last day of March, June, September and December of each year (each, a “Distribution Payment Date”) at the Initial Fixed Distribution Rate. The initial Series 1 11 Distribution will be payable June 30December 31, 2015 2018 and will be an amount in cash equal to C$0.3390 0.3842 per Series 1 11 Preferred Limited Partnership Unit less any tax required to be deducted and withheld. On each Distribution Payment Date during the Initial Fixed Rate Period, Period (other than June 30December 31, 2015) 2018), the Series 1 11 Distribution will be equal to C$0.28125 0.31875 per unit.
(b) During each Subsequent Fixed Rate Period, Series 1 11 Distributions payable on the Series 1 11 Preferred Limited Partnership Units will be in an annual amount per unit determined by multiplying the Annual Fixed Distribution Rate applicable to such Subsequent Fixed Rate Period by C$25.00, less any tax required to be deducted and withheld, and shall be payable quarterly on each Distribution Payment Date during such Subsequent Fixed Rate Period.
(c) In respect of each Subsequent Fixed Rate Period, the Partnership will, during such Subsequent Fixed Rate Period calculate on each Fixed Rate Calculation Date the Annual Fixed Distribution Rate for such Subsequent Fixed Rate Period and will, on the Fixed Rate Calculation Date, give written notice thereof to the Holders. Each such determination by the Partnership of the Annual Fixed Distribution Rate will, in the absence of manifest error, be final and binding upon the Partnership and upon all Holders of Series 1 11 Preferred Limited Partnership Units.
(d) If on any Distribution Payment Date, the Series 1 11 Distributions accrued to such date are not paid in full on all of the Series 1 11 Preferred Limited Partnership Units then Outstanding, such Series 1 11 Distributions, or the unpaid part thereof, shall be paid on a subsequent date or dates determined by the General Partner on which the Partnership shall have sufficient monies properly applicable to the payment of legally available for such Series 1 Distributions11 Distributions under Bermuda law.
(e) The Holders shall not be entitled to any distributions other than or in excess of the Series 1 11 Distributions.
(f) The Record Date for the payment of Series 1 11 Distributions will be the last Business Day of the calendar month prior to the calendar month during which a Distribution Payment Date falls, or such other record date if any, as may be fixed by the General Partner.
Series 1 Distributions shall (except in case of redemption or reclassification in which case payment of Series 1 Distributions shall, subject to the provisions of Section 17, be made on surrender of the certificate representing the Series 1 Preferred Limited Partnership Units to be redeemed or reclassified) be paid by (i) posting in a postage paid envelope addressed to each Holder at the last address of such Holder as it appears on the securities register of the Partnership or, in the case of joint Holders, to the address of that one whose name appears first in the securities register of the Partnership as one of such joint Holders, or, in the event of the address of any Holder not so appearing, then to the address of such Holder last known to the Partnership, a cheque for such Series 1 Distributions (less any tax required to be deducted and withheld) payable to the order of such Holder or, in the case of joint Holders, to the order of all such Holders failing written instructions from them to the contrary or (ii) by any other reasonable means the Partnership deems desirable. Notwithstanding the foregoing, any distribution cheque may be delivered by the Partnership to a Holder at his/her address as aforesaid. The posting or delivery of such cheque or the payment of the Series 1 Distributions by any other reasonable means on or before the date on which such distribution is to be paid to a Holder shall be deemed to be payment and shall satisfy and discharge all liabilities for the payment of such Distributions to the extent of the sum represented thereby (plus the amount of any tax required to be deducted and withheld as aforesaid) unless, if applicable, such cheque is not paid on due presentation. Subject to applicable law, distributions which are represented by a cheque which has not been presented to the Partnership’s bankers for payment or that otherwise remain unclaimed for a period of two years from the date on which they were declared to be payable shall be forfeited to the Partnership.
Appears in 1 contract
Samples: Limited Partnership Agreement (Brookfield Infrastructure Partners L.P.)
Cumulative Preferential Distributions. The holders of the then Outstanding Series 1 8 Preferred Limited Partnership Units (the “Holders”) shall be entitled to receive, and the Partnership shall pay thereon, as and when declared by the General Partner, out of moneys of the Partnership properly applicable to the payment of legally available for distributions under Bermuda law and without regard to the income of the Partnership, cumulative preferential cash distributions (the “Series 1 8 Distributions”) payable quarterly at the rates and times herein provided by cheque at par in lawful money of Canada at any branch in Canada of the Partnership’s bankers for the time being or by any other reasonable means the Partnership deems desirable.
(a) During the Initial Fixed Rate Period, the Series 1 Distributions will be payable quarterly on the last day of March, June, September and December of each year (each, a “Distribution Payment Date”) at the Initial Fixed Distribution Rate. The initial Series 1 Distribution will be payable June 30, 2015 and will be an amount in cash equal to C$0.3390 per Series 1 Preferred Limited Partnership Unit less any tax required to be deducted and withheld. On each Distribution Payment Date during the Initial Fixed Rate Period, (other than June 30, 2015) the Series 1 Distribution will be equal to C$0.28125 per unit.
(b) During each Subsequent Fixed Quarterly Floating Rate Period, Series 1 8 Distributions payable on the Series 1 8 Preferred Limited Partnership Units will be in an annual amount per unit Series 8 Preferred Limited Partnership Unit determined by multiplying the Annual Fixed Floating Quarterly Distribution Rate applicable to such Subsequent Fixed Quarterly Floating Rate Period by C$25.00, less any tax required to be deducted and withheld, and shall be payable quarterly on each Distribution Payment Date during such Subsequent Fixed Quarterly Floating Rate Period.
(cb) In respect of each Subsequent Fixed Quarterly Floating Rate Period, the Partnership will, during such Subsequent Fixed Quarterly Floating Rate Period Period, calculate on each Fixed Floating Rate Calculation Date the Annual Fixed Floating Quarterly Distribution Rate for such Subsequent Fixed Quarterly Floating Rate Period and will, on the Fixed Floating Rate Calculation Date, give written notice thereof to the Holders. Each such determination by the Partnership of the Annual Fixed Quarterly Floating Distribution Rate will, in the absence of manifest error, be final and binding upon the Partnership and upon all Holders of Series 1 8 Preferred Limited Partnership Units.
(dc) If on any Distribution Payment Date, the Series 1 8 Distributions accrued to such date are not paid in full on all of the Series 1 8 Preferred Limited Partnership Units then Outstanding, such Series 1 8 Distributions, or the unpaid part thereof, shall be paid on a subsequent date or dates determined by the General Partner on which the Partnership shall have sufficient monies properly applicable to the payment of legally available for such Series 1 Distributions8 Distributions under Bermuda law.
(ed) The Holders shall not be entitled to any distributions other than or in excess of the Series 1 8 Distributions.
(fe) The Record Date for the payment of Series 1 8 Distributions will be the last Business Day of the calendar month prior to fifteenth (15th) day in the calendar month during which a Distribution Payment Date falls, or such other record date if any, as may be fixed by the General Partner.
. Series 1 8 Distributions shall (except in case of redemption or reclassification in which case payment of Series 1 8 Distributions shall, subject to the provisions of Section 17, be made on surrender of the certificate representing the Series 1 8 Preferred Limited Partnership Units to be redeemed or reclassified) be paid by (i) posting in a postage paid envelope addressed to each Holder at the last address of such Holder as it appears on the securities register of the Partnership or, in the case of joint Holders, to the address of that one whose name appears first in the securities register of the Partnership as one of such joint Holders, or, in the event of the address of any Holder not so appearing, then to the address of such Holder last known to the Partnership, a cheque for such Series 1 8 Distributions (less any tax required to be deducted and withheld) payable to the order of such Holder or, in the case of joint Holders, to the order of all such Holders failing written instructions from them to the contrary or (ii) by any other reasonable means the Partnership deems desirable. Notwithstanding the foregoing, any distribution cheque may be delivered by the Partnership to a Holder at his/her address as aforesaid. The posting or delivery of such cheque or the payment of the Series 1 8 Distributions by any other reasonable means on or before the date on which such distribution is to be paid to a Holder shall be deemed to be payment and shall satisfy and discharge all liabilities for the payment of such Distributions to the extent of the sum represented thereby (plus the amount of any tax required to be deducted and withheld as aforesaidaforesaid and remitted to the proper tax authority) unless, if applicable, such cheque is not paid on due presentation. Subject to applicable law, distributions which are represented by a cheque which has not been presented to the Partnership’s bankers for payment or that otherwise remain unclaimed for a period of two years from the date on which they were declared to be payable shall be forfeited to the Partnership.
Appears in 1 contract
Samples: Limited Partnership Agreement
Cumulative Preferential Distributions. The holders of the then Outstanding Series 1 8 Preferred Limited Partnership Units (the “"Holders”") shall be entitled to receive, and the Partnership shall pay thereon, as and when declared by the General Partner, out of moneys of the Partnership properly applicable to the payment of legally available for distributions under Bermuda law and without regard to the income of the Partnership, cumulative preferential cash distributions (the “"Series 1 8 Distributions”") payable quarterly at the rates and times herein provided by cheque at par in lawful money of Canada at any branch in Canada of the Partnership’s 's bankers for the time being or by any other reasonable means the Partnership deems desirable.
(a) During the Initial Fixed Rate Period, the Series 1 Distributions will be payable quarterly on the last day of March, June, September and December of each year (each, a “Distribution Payment Date”) at the Initial Fixed Distribution Rate. The initial Series 1 Distribution will be payable June 30, 2015 and will be an amount in cash equal to C$0.3390 per Series 1 Preferred Limited Partnership Unit less any tax required to be deducted and withheld. On each Distribution Payment Date during the Initial Fixed Rate Period, (other than June 30, 2015) the Series 1 Distribution will be equal to C$0.28125 per unit.
(b) During each Subsequent Fixed Quarterly Floating Rate Period, Series 1 8 Distributions payable on the Series 1 8 Preferred Limited Partnership Units will be in an annual amount per unit Series 8 Preferred Limited Partnership Unit determined by multiplying the Annual Fixed Floating Quarterly Distribution Rate applicable to such Subsequent Fixed Quarterly Floating Rate Period by C$25.00, less any tax required to be deducted and withheld, and shall be payable quarterly on each Distribution Payment Date during such Subsequent Fixed Quarterly Floating Rate Period.
(cb) In respect of each Subsequent Fixed Quarterly Floating Rate Period, the Partnership will, during such Subsequent Fixed Quarterly Floating Rate Period Period, calculate on each Fixed Floating Rate Calculation Date the Annual Fixed Floating Quarterly Distribution Rate for such Subsequent Fixed Quarterly Floating Rate Period and will, on the Fixed Floating Rate Calculation Date, give written notice thereof to the Holders. Each such determination by the Partnership of the Annual Fixed Quarterly Floating Distribution Rate will, in the absence of manifest error, be final and binding upon the Partnership and upon all Holders of Series 1 8 Preferred Limited Partnership Units.
(dc) If on any Distribution Payment Date, the Series 1 8 Distributions accrued to such date are not paid in full on all of the Series 1 8 Preferred Limited Partnership Units then Outstanding, such Series 1 8 Distributions, or the unpaid part thereof, shall be paid on a subsequent date or dates determined by the General Partner on which the Partnership shall have sufficient monies properly applicable to the payment of legally available for such Series 1 Distributions8 Distributions under Bermuda law.
(ed) The Holders shall not be entitled to any distributions other than or in excess of the Series 1 8 Distributions.
(fe) The Record Date for the payment of Series 1 8 Distributions will be the last Business Day of the calendar month prior to fifteenth (15th) day in the calendar month during which a Distribution Payment Date falls, or such other record date if any, as may be fixed by the General Partner.
. Series 1 8 Distributions shall (except in case of redemption or reclassification in which case payment of Series 1 8 Distributions shall, subject to the provisions of Section 17, be made on surrender of the certificate representing the Series 1 8 Preferred Limited Partnership Units to be redeemed or reclassified) be paid by (i) posting in a postage paid envelope addressed to each Holder at the last address of such Holder as it appears on the securities register of the Partnership or, in the case of joint Holders, to the address of that one whose name appears first in the securities register of the Partnership as one of such joint Holders, or, in the event of the address of any Holder not so appearing, then to the address of such Holder last known to the Partnership, a cheque for such Series 1 8 Distributions (less any tax required to be deducted and withheld) payable to the order of such Holder or, in the case of joint Holders, to the order of all such Holders failing written instructions from them to the contrary or (ii) by any other reasonable means the Partnership deems desirable. Notwithstanding the foregoing, any distribution cheque may be delivered by the Partnership to a Holder at his/her address as aforesaid. The posting or delivery of such cheque or the payment of the Series 1 8 Distributions by any other reasonable means on or before the date on which such distribution is to be paid to a Holder shall be deemed to be payment and shall satisfy and discharge all liabilities for the payment of such Distributions to the extent of the sum represented thereby (plus the amount of any tax required to be deducted and withheld as aforesaidaforesaid and remitted to the proper tax authority) unless, if applicable, such cheque is not paid on due presentation. Subject to applicable law, distributions which are represented by a cheque which has not been presented to the Partnership’s 's bankers for payment or that otherwise remain unclaimed for a period of two years from the date on which they were declared to be payable shall be forfeited to the Partnership.
Appears in 1 contract
Samples: Limited Partnership Agreement (Brookfield Renewable Partners L.P.)
Cumulative Preferential Distributions. The holders of the then Outstanding Series 1 2 Preferred Limited Partnership Units (the “Holders”) shall be entitled to receive, and the Partnership shall pay thereon, as and when declared by the Managing General Partner, out of moneys of the Partnership properly applicable to the payment of distributions and without regard to the income of the Partnership, cumulative preferential cash distributions (the “Series 1 2 Distributions”) payable quarterly at the rates and times herein provided by cheque at par in lawful money of Canada at any branch in Canada of the Partnership’s bankers for the time being or by any other reasonable means the Partnership deems desirable.
(a) During the Initial Fixed Rate Period, the Series 1 Distributions will be payable quarterly on the last day of March, June, September and December of each year (each, a “Distribution Payment Date”) at the Initial Fixed Distribution Rate. The initial Series 1 Distribution will be payable June 30, 2015 and will be an amount in cash equal to C$0.3390 per Series 1 Preferred Limited Partnership Unit less any tax required to be deducted and withheld. On each Distribution Payment Date during the Initial Fixed Rate Period, (other than June 30, 2015) the Series 1 Distribution will be equal to C$0.28125 per unit.
(b) During each Subsequent Fixed Quarterly Floating Rate Period, Series 1 2 Distributions payable on the Series 1 2 Preferred Limited Partnership Units will be in an annual amount per unit Series 2 Preferred Limited Partnership Unit determined by multiplying the Annual Fixed Floating Quarterly Distribution Rate applicable to such Subsequent Fixed Quarterly Floating Rate Period by C$25.00, less any tax required to be deducted and withheld, and shall be payable quarterly on each Distribution Payment Date during such Subsequent Fixed Quarterly Floating Rate Period.
(cb) In respect of each Subsequent Fixed Quarterly Floating Rate Period, the Partnership will, during such Subsequent Fixed Quarterly Floating Rate Period Period, calculate on each Fixed Floating Rate Calculation Date the Annual Fixed Floating Quarterly Distribution Rate for such Subsequent Fixed Quarterly Floating Rate Period and will, on the Fixed Floating Rate Calculation Date, give written notice thereof to the Holders. Each such determination by the Partnership of the Annual Fixed Quarterly Floating Distribution Rate will, in the absence of manifest error, be final and binding upon the Partnership and upon all Holders of Series 1 2 Preferred Limited Partnership Units.
(dc) If on any Distribution Payment Date, the Series 1 2 Distributions accrued to such date are not paid in full on all of the Series 1 2 Preferred Limited Partnership Units then Outstanding, such Series 1 2 Distributions, or the unpaid part thereof, shall be paid on a subsequent date or dates determined by the Managing General Partner on which the Partnership shall have sufficient monies properly applicable to the payment of such Series 1 2 Distributions.
(ed) The Holders shall not be entitled to any distributions other than or in excess of the Series 1 2 Distributions.
(fe) The Record Date for the payment of Series 1 2 Distributions will be the last Business Day of the calendar month prior to the calendar month during which a Distribution Payment Date falls, or such other record date if any, as may be fixed by the Managing General Partner.
. Series 1 2 Distributions shall (except in case of redemption or reclassification in which case payment of Series 1 2 Distributions shall, subject to the provisions of Section 17, shall be made on surrender of the certificate representing the Series 1 2 Preferred Limited Partnership Units to be redeemed or reclassified) be paid by (i) posting in a postage paid envelope addressed to each Holder at the last address of such Holder as it appears on the securities register of the Partnership or, in the case of joint Holders, to the address of that one whose name appears first in the securities register of the Partnership as one of such joint Holders, or, in the event of the address of any Holder not so appearing, then to the address of such Holder last known to the Partnership, a cheque for such Series 1 Distributions (less any tax required to be deducted and withheld) payable to the order of such Holder or, in the case of joint Holders, to the order of all such Holders failing written instructions from them to the contrary or (ii) by any other reasonable means the Partnership deems desirable. Notwithstanding the foregoing, any distribution cheque may be delivered by the Partnership to a Holder at his/her address as aforesaid. The posting or delivery of such cheque or the payment of the Series 1 Distributions by any other reasonable means on or before the date on which such distribution is to be paid to a Holder shall be deemed to be payment and shall satisfy and discharge all liabilities for the payment of such Distributions to the extent of the sum represented thereby (plus the amount of any tax required to be deducted and withheld as aforesaid) unless, if applicable, such cheque is not paid on due presentation. Subject to applicable law, distributions which are represented by a cheque which has not been presented to the Partnership’s bankers for payment or that otherwise remain unclaimed for a period of two years from the date on which they were declared to be payable shall be forfeited to the Partnership.by
Appears in 1 contract
Samples: Limited Partnership Agreement
Cumulative Preferential Distributions. The holders of the then Outstanding Series 1 8 Preferred Limited Partnership Units (the “Holders”) shall be entitled to receive, and the Partnership shall pay thereon, as and when declared by the Managing General Partner, out of moneys of the Partnership properly applicable to the payment of legally available for distributions under Bermuda law and without regard to the income of the Partnership, cumulative preferential cash distributions (the “Series 1 8 Distributions”) payable quarterly at the rates and times herein provided by cheque at par in lawful money of Canada at any branch in Canada of the Partnership’s bankers for the time being or by any other reasonable means the Partnership deems desirable.
(a) During the Initial Fixed Rate Period, the Series 1 Distributions will be payable quarterly on the last day of March, June, September and December of each year (each, a “Distribution Payment Date”) at the Initial Fixed Distribution Rate. The initial Series 1 Distribution will be payable June 30, 2015 and will be an amount in cash equal to C$0.3390 per Series 1 Preferred Limited Partnership Unit less any tax required to be deducted and withheld. On each Distribution Payment Date during the Initial Fixed Rate Period, (other than June 30, 2015) the Series 1 Distribution will be equal to C$0.28125 per unit.
(b) During each Subsequent Fixed Quarterly Floating Rate Period, Series 1 8 Distributions payable on the Series 1 8 Preferred Limited Partnership Units will be in an annual amount per unit Series 8 Preferred Limited Partnership Unit determined by multiplying the Annual Fixed Floating Quarterly Distribution Rate applicable to such Subsequent Fixed Quarterly Floating Rate Period by C$25.00, less any tax required to be deducted and withheld, and shall be payable quarterly on each Distribution Payment Date during such Subsequent Fixed Quarterly Floating Rate Period.
(cb) In respect of each Subsequent Fixed Quarterly Floating Rate Period, the Partnership will, during such Subsequent Fixed Quarterly Floating Rate Period Period, calculate on each Fixed Floating Rate Calculation Date the Annual Fixed Floating Quarterly Distribution Rate for such Subsequent Fixed Quarterly Floating Rate Period and will, on the Fixed Floating Rate Calculation Date, give written notice thereof to the Holders. Each such determination by the Partnership of the Annual Fixed Quarterly Floating Distribution Rate will, in the absence of manifest error, be final and binding upon the Partnership and upon all Holders of Series 1 8 Preferred Limited Partnership Units.
(dc) If on any Distribution Payment Date, the Series 1 8 Distributions accrued to such date are not paid in full on all of the Series 1 8 Preferred Limited Partnership Units then Outstanding, such Series 1 8 Distributions, or the unpaid part thereof, shall be paid on a subsequent date or dates determined by the Managing General Partner on which the Partnership shall have sufficient monies properly applicable to the payment of legally available for such Series 1 Distributions8 Distributions under Bermuda law.
(ed) The Holders shall not be entitled to any distributions other than or in excess of the Series 1 8 Distributions.
(f) The Record Date for the payment of Series 1 Distributions will be the last Business Day of the calendar month prior to the calendar month during which a Distribution Payment Date falls, or such other record date if any, as may be fixed by the General Partner.
Series 1 Distributions shall (except in case of redemption or reclassification in which case payment of Series 1 Distributions shall, subject to the provisions of Section 17, be made on surrender of the certificate representing the Series 1 Preferred Limited Partnership Units to be redeemed or reclassified) be paid by (i) posting in a postage paid envelope addressed to each Holder at the last address of such Holder as it appears on the securities register of the Partnership or, in the case of joint Holders, to the address of that one whose name appears first in the securities register of the Partnership as one of such joint Holders, or, in the event of the address of any Holder not so appearing, then to the address of such Holder last known to the Partnership, a cheque for such Series 1 Distributions (less any tax required to be deducted and withheld) payable to the order of such Holder or, in the case of joint Holders, to the order of all such Holders failing written instructions from them to the contrary or (ii) by any other reasonable means the Partnership deems desirable. Notwithstanding the foregoing, any distribution cheque may be delivered by the Partnership to a Holder at his/her address as aforesaid. The posting or delivery of such cheque or the payment of the Series 1 Distributions by any other reasonable means on or before the date on which such distribution is to be paid to a Holder shall be deemed to be payment and shall satisfy and discharge all liabilities for the payment of such Distributions to the extent of the sum represented thereby (plus the amount of any tax required to be deducted and withheld as aforesaid) unless, if applicable, such cheque is not paid on due presentation. Subject to applicable law, distributions which are represented by a cheque which has not been presented to the Partnership’s bankers for payment or that otherwise remain unclaimed for a period of two years from the date on which they were declared to be payable shall be forfeited to the Partnership.
Appears in 1 contract
Samples: Limited Partnership Agreement (Brookfield Infrastructure Partners L.P.)
Cumulative Preferential Distributions. The holders of the then Outstanding Series 1 2 Preferred Limited Partnership Units (the “Holders”) shall be entitled to receive, and the Partnership shall pay thereon, as and when declared by the Managing General Partner, out of moneys of the Partnership properly applicable to the payment of distributions and without regard to the income of the Partnership, cumulative preferential cash distributions (the “Series 1 2 Distributions”) payable quarterly at the rates and times herein provided by cheque at par in lawful money of Canada at any branch in Canada of the Partnership’s bankers for the time being or by any other reasonable means the Partnership deems desirable.
(a) During the Initial Fixed Rate Period, the Series 1 Distributions will be payable quarterly on the last day of March, June, September and December of each year (each, a “Distribution Payment Date”) at the Initial Fixed Distribution Rate. The initial Series 1 Distribution will be payable June 30, 2015 and will be an amount in cash equal to C$0.3390 per Series 1 Preferred Limited Partnership Unit less any tax required to be deducted and withheld. On each Distribution Payment Date during the Initial Fixed Rate Period, (other than June 30, 2015) the Series 1 Distribution will be equal to C$0.28125 per unit.
(b) During each Subsequent Fixed Quarterly Floating Rate Period, Series 1 2 Distributions payable on the Series 1 2 Preferred Limited Partnership Units will be in an annual amount per unit Series 2 Preferred Limited Partnership Unit determined by multiplying the Annual Fixed Floating Quarterly Distribution Rate applicable to such Subsequent Fixed Quarterly Floating Rate Period by C$25.00, less any tax required to be deducted and withheld, and shall be payable quarterly on each Distribution Payment Date during such Subsequent Fixed Quarterly Floating Rate Period.
(cb) In respect of each Subsequent Fixed Quarterly Floating Rate Period, the Partnership will, during such Subsequent Fixed Quarterly Floating Rate Period Period, calculate on each Fixed Floating Rate Calculation Date the Annual Fixed Floating Quarterly Distribution Rate for such Subsequent Fixed Quarterly Floating Rate Period and will, on the Fixed Floating Rate Calculation Date, give written notice thereof to the Holders. Each such determination by the Partnership of the Annual Fixed Quarterly Floating Distribution Rate will, in the absence of manifest error, be final and binding upon the Partnership and upon all Holders of Series 1 2 Preferred Limited Partnership Units.
(dc) If on any Distribution Payment Date, the Series 1 2 Distributions accrued to such date are not paid in full on all of the Series 1 2 Preferred Limited Partnership Units then Outstanding, such Series 1 2 Distributions, or the unpaid part thereof, shall be paid on a subsequent date or dates determined by the Managing General Partner on which the Partnership shall have sufficient monies properly applicable to the payment of such Series 1 2 Distributions.
(ed) The Holders shall not be entitled to any distributions other than or in excess of the Series 1 2 Distributions.
(fe) The Record Date for the payment of Series 1 2 Distributions will be the last Business Day of the calendar month prior to the calendar month during which a Distribution Payment Date falls, or such other record date if any, as may be fixed by the Managing General Partner.
. Series 1 2 Distributions shall (except in case of redemption or reclassification in which case payment of Series 1 2 Distributions shall, subject to the provisions of Section 17, shall be made on surrender of the certificate representing the Series 1 2 Preferred Limited Partnership Units to be redeemed or reclassified) be paid by (i) posting in a postage paid envelope addressed to each Holder at the last address of such Holder as it appears on the securities register of the Partnership or, in the case of joint Holders, to the address of that one whose name appears first in the securities register of the Partnership as one of such joint Holders, or, in the event of the address of any Holder not so appearing, then to the address of such Holder last known to the Partnership, a cheque for such Series 1 2 Distributions (less any tax required to be deducted and withheld) payable to the order of such Holder or, in the case of joint Holders, to the order of all such Holders failing written instructions from them to the contrary or (ii) by any other reasonable means the Partnership deems desirable. Notwithstanding the foregoing, any distribution cheque may be delivered by the Partnership to a Holder at his/her address as aforesaid. The posting or delivery of such cheque or the payment of the Series 1 2 Distributions by any other reasonable means on or before the date on which such distribution is to be paid to a Holder shall be deemed to be payment and shall satisfy and discharge all liabilities for the payment of such Distributions to the extent of the sum represented thereby (plus the amount of any tax required to be deducted and withheld as aforesaid) unless, if applicable, such cheque is not paid on due presentation. Subject to applicable law, distributions which are represented by a cheque which has not been presented to the Partnership’s bankers for payment or that otherwise remain unclaimed for a period of two years from the date on which they were declared to be payable shall be forfeited to the Partnership.
Appears in 1 contract
Samples: Limited Partnership Agreement (Brookfield Infrastructure Partners L.P.)
Cumulative Preferential Distributions. The holders of the then Outstanding Series 1 4 Preferred Limited Partnership Units (the “Holders”) shall be entitled to receive, and the Partnership shall pay thereon, as and when declared by the General Partner, out of moneys of the Partnership properly applicable to the payment of legally available for distributions under Bermuda law and without regard to the income of the Partnership, cumulative preferential cash distributions (the “Series 1 4 Distributions”) payable quarterly at the rates and times herein provided by cheque at par in lawful money of Canada at any branch in Canada of the Partnership’s bankers for the time being or by any other reasonable means the Partnership deems desirable.
(a) During the Initial Fixed Rate Period, the Series 1 Distributions will be payable quarterly on the last day of March, June, September and December of each year (each, a “Distribution Payment Date”) at the Initial Fixed Distribution Rate. The initial Series 1 Distribution will be payable June 30, 2015 and will be an amount in cash equal to C$0.3390 per Series 1 Preferred Limited Partnership Unit less any tax required to be deducted and withheld. On each Distribution Payment Date during the Initial Fixed Rate Period, (other than June 30, 2015) the Series 1 Distribution will be equal to C$0.28125 per unit.
(b) During each Subsequent Fixed Quarterly Floating Rate Period, Series 1 4 Distributions payable on the Series 1 4 Preferred Limited Partnership Units will be in an annual amount per unit Series 4 Preferred Limited Partnership Unit determined by multiplying the Annual Fixed Floating Quarterly Distribution Rate applicable to such Subsequent Fixed Quarterly Floating Rate Period by C$25.00, less any tax required to be deducted and withheld, and shall be payable quarterly on each Distribution Payment Date during such Subsequent Fixed Quarterly Floating Rate Period.
(cb) In respect of each Subsequent Fixed Quarterly Floating Rate Period, the Partnership will, during such Subsequent Fixed Quarterly Floating Rate Period Period, calculate on each Fixed Floating Rate Calculation Date the Annual Fixed Floating Quarterly Distribution Rate for such Subsequent Fixed Quarterly Floating Rate Period and will, on the Fixed Floating Rate Calculation Date, give written notice thereof to the Holders. Each such determination by the Partnership of the Annual Fixed Quarterly Floating Distribution Rate will, in the absence of manifest error, be final and binding upon the Partnership and upon all Holders of Series 1 4 Preferred Limited Partnership Units.
(dc) If on any Distribution Payment Date, the Series 1 4 Distributions accrued to such date are not paid in full on all of the Series 1 4 Preferred Limited Partnership Units then Outstanding, such Series 1 4 Distributions, or the unpaid part thereof, shall be paid on a subsequent date or dates determined by the General Partner on which the Partnership shall have sufficient monies properly applicable to the payment of legally available for such Series 1 Distributions4 Distributions under Bermuda law.
(ed) The Holders shall not be entitled to any distributions other than or in excess of the Series 1 4 Distributions.
(fe) The Record Date for the payment of Series 1 4 Distributions will be the last Business Day of the calendar month prior to the calendar month during which a Distribution Payment Date falls, or such other record date if any, as may be fixed by the General Partner.
Series 1 Distributions shall (except in case of redemption or reclassification in which case payment of Series 1 Distributions shall, subject to the provisions of Section 17, be made on surrender of the certificate representing the Series 1 Preferred Limited Partnership Units to be redeemed or reclassified) be paid by (i) posting in a postage paid envelope addressed to each Holder at the last address of such Holder as it appears on the securities register of the Partnership or, in the case of joint Holders, to the address of that one whose name appears first in the securities register of the Partnership as one of such joint Holders, or, in the event of the address of any Holder not so appearing, then to the address of such Holder last known to the Partnership, a cheque for such Series 1 Distributions (less any tax required to be deducted and withheld) payable to the order of such Holder or, in the case of joint Holders, to the order of all such Holders failing written instructions from them to the contrary or (ii) by any other reasonable means the Partnership deems desirable. Notwithstanding the foregoing, any distribution cheque may be delivered by the Partnership to a Holder at his/her address as aforesaid. The posting or delivery of such cheque or the payment of the Series 1 Distributions by any other reasonable means on or before the date on which such distribution is to be paid to a Holder shall be deemed to be payment and shall satisfy and discharge all liabilities for the payment of such Distributions to the extent of the sum represented thereby (plus the amount of any tax required to be deducted and withheld as aforesaid) unless, if applicable, such cheque is not paid on due presentation. Subject to applicable law, distributions which are represented by a cheque which has not been presented to the Partnership’s bankers for payment or that otherwise remain unclaimed for a period of two years from the date on which they were declared to be payable shall be forfeited to the Partnership.
Appears in 1 contract
Samples: Limited Partnership Agreement (Brookfield Infrastructure Partners L.P.)
Cumulative Preferential Distributions. The holders of the then Outstanding Series 1 5 Preferred Limited Partnership Units (the “Holders”) shall be entitled to receive, and the Partnership shall pay thereon, as and when declared by the Managing General Partner, out of moneys of the Partnership properly applicable to the payment of legally available for distributions under Bermuda law and without regard to the income of the Partnership, cumulative preferential cash distributions (the “Series 1 5 Distributions”) payable quarterly at the rates and times herein provided by cheque at par in lawful money of Canada at any branch in Canada of the Partnership’s bankers for the time being or by any other reasonable means the Partnership deems desirable.
(a) During the Initial Fixed Rate Period, the Series 1 5 Distributions will be payable quarterly on or before the last day of March, June, September and December of each year (each, a “Distribution Payment Date”) at the Initial Fixed Distribution Rate. The initial Series 1 5 Distribution will be payable June on or before September 30, 2015 2016 and will be an amount in cash equal to C$0.3390 0.2162 per Series 1 5 Preferred Limited Partnership Unit less any tax required to be deducted and withheld. On each Distribution Payment Date during the Initial Fixed Rate Period, Period (other than June September 30, 2015) 2016), the Series 1 5 Distribution will be equal to C$0.28125 0.334375 per unit.
(b) During each Subsequent Fixed Rate Period, Series 1 5 Distributions payable on the Series 1 5 Preferred Limited Partnership Units will be in an annual amount per unit determined by multiplying the Annual Fixed Distribution Rate applicable to such Subsequent Fixed Rate Period by C$25.00, less any tax required to be deducted and withheld, and shall be payable quarterly on each Distribution Payment Date during such Subsequent Fixed Rate Period.
(c) In respect of each Subsequent Fixed Rate Period, the Partnership will, during such Subsequent Fixed Rate Period calculate on each Fixed Rate Calculation Date the Annual Fixed Distribution Rate for such Subsequent Fixed Rate Period and will, on the Fixed Rate Calculation Date, give written notice thereof to the Holders. Each such determination by the Partnership of the Annual Fixed Distribution Rate will, in the absence of manifest error, be final and binding upon the Partnership and upon all Holders of Series 1 5 Preferred Limited Partnership Units.
(d) If on any Distribution Payment Date, the Series 1 5 Distributions accrued to such date are not paid in full on all of the Series 1 5 Preferred Limited Partnership Units then Outstanding, such Series 1 5 Distributions, or the unpaid part thereof, shall be paid on a subsequent date or dates determined by the Managing General Partner on which the Partnership shall have sufficient monies properly applicable to the payment of legally available for such Series 1 Distributions5 Distributions under Bermuda law.
(e) The Holders shall not be entitled to any distributions other than or in excess of the Series 1 5 Distributions.
(f) The Record Date for the payment of Series 1 5 Distributions will be the last Business Day of the calendar month prior to the calendar month during which a Distribution Payment Date falls, or such other record date if any, as may be fixed by the Managing General Partner.
. Series 1 5 Distributions shall (except in case of redemption or reclassification in which case payment of Series 1 5 Distributions shall, subject to the provisions of Section 17, shall be made on surrender of the certificate representing the Series 1 5 Preferred Limited Partnership Units to be redeemed or reclassified) be paid by (i) posting in a postage paid envelope addressed to each Holder at the last address of such Holder as it appears on the securities register of the Partnership or, in the case of joint Holders, to the address of that one whose name appears first in the securities register of the Partnership as one of such joint Holders, or, in the event of the address of any Holder not so appearing, then to the address of such Holder last known to the Partnership, a cheque for such Series 1 5 Distributions (less any tax required to be deducted and withheld) payable to the order of such Holder or, in the case of joint Holders, to the order of all such Holders failing written instructions from them to the contrary or (ii) by any other reasonable means the Partnership deems desirable. Notwithstanding the foregoing, any distribution cheque may be delivered by the Partnership to a Holder at his/her address as aforesaid. The posting or delivery of such cheque or the payment of the Series 1 5 Distributions by any other reasonable means on or before the date on which such distribution is to be paid to a Holder shall be deemed to be payment and shall satisfy and discharge all liabilities for the payment of such Distributions to the extent of the sum represented thereby (plus the amount of any tax required to be deducted and withheld as aforesaidaforesaid and remitted to the proper tax authority) unless, if applicable, such cheque is not paid on due presentation. Subject to applicable law, distributions which are represented by a cheque which has not been presented to the Partnership’s bankers for payment or that otherwise remain unclaimed for a period of two years from the date on which they were declared to be payable shall be forfeited to the Partnership.
Appears in 1 contract
Samples: Limited Partnership Agreement (Brookfield Infrastructure Partners L.P.)
Cumulative Preferential Distributions. The holders of the then Outstanding Series 1 9 Preferred Limited Partnership Units (the “Holders”) shall be entitled to receive, and the Partnership shall pay thereon, as and when declared by the Managing General Partner, out of moneys of the Partnership properly applicable to the payment of legally available for distributions under Bermuda law and without regard to the income of the Partnership, cumulative preferential cash distributions (the “Series 1 9 Distributions”) payable quarterly at the rates and times herein provided by cheque at par in lawful money of Canada at any branch in Canada of the Partnership’s bankers for the time being or by any other reasonable means the Partnership deems desirable.
(a) During the Initial Fixed Rate Period, the Series 1 9 Distributions will be payable quarterly on or before the last day of March, June, September and December of each year (each, a “Distribution Payment Date”) at the Initial Fixed Distribution Rate. The initial Series 1 9 Distribution will be payable June 30on or before March 31, 2015 2018 and will be an amount in cash equal to C$0.3390 0.2295 per Series 1 9 Preferred Limited Partnership Unit less any tax required to be deducted and withheld. On each Distribution Payment Date during the Initial Fixed Rate Period, Period (other than June 30March 31, 2015) 2018), the Series 1 9 Distribution will be equal to C$0.28125 0.3125 per unit.
(b) During each Subsequent Fixed Rate Period, Series 1 9 Distributions payable on the Series 1 9 Preferred Limited Partnership Units will be in an annual amount per unit determined by multiplying the Annual Fixed Distribution Rate applicable to such Subsequent Fixed Rate Period by C$25.00, less any tax required to be deducted and withheld, and shall be payable quarterly on each Distribution Payment Date during such Subsequent Fixed Rate Period.
(c) In respect of each Subsequent Fixed Rate Period, the Partnership will, during such Subsequent Fixed Rate Period calculate on each Fixed Rate Calculation Date the Annual Fixed Distribution Rate for such Subsequent Fixed Rate Period and will, on the Fixed Rate Calculation Date, give written notice thereof to the Holders. Each such determination by the Partnership of the Annual Fixed Distribution Rate will, in the absence of manifest error, be final and binding upon the Partnership and upon all Holders of Series 1 9 Preferred Limited Partnership Units.
(d) If on any Distribution Payment Date, the Series 1 9 Distributions accrued to such date are not paid in full on all of the Series 1 9 Preferred Limited Partnership Units then Outstanding, such Series 1 9 Distributions, or the unpaid part thereof, shall be paid on a subsequent date or dates determined by the Managing General Partner on which the Partnership shall have sufficient monies properly applicable to the payment of legally available for such Series 1 Distributions9 Distributions under Bermuda law.
(e) The Holders shall not be entitled to any distributions other than or in excess of the Series 1 9 Distributions.
(f) The Record Date for the payment of Series 1 9 Distributions will be the last Business Day of the calendar month prior to the calendar month during which a Distribution Payment Date falls, or such other record date if any, as may be fixed by the Managing General Partner.
Series 1 Distributions shall (except in case of redemption or reclassification in which case payment of Series 1 Distributions shall, subject to the provisions of Section 17, be made on surrender of the certificate representing the Series 1 Preferred Limited Partnership Units to be redeemed or reclassified) be paid by (i) posting in a postage paid envelope addressed to each Holder at the last address of such Holder as it appears on the securities register of the Partnership or, in the case of joint Holders, to the address of that one whose name appears first in the securities register of the Partnership as one of such joint Holders, or, in the event of the address of any Holder not so appearing, then to the address of such Holder last known to the Partnership, a cheque for such Series 1 Distributions (less any tax required to be deducted and withheld) payable to the order of such Holder or, in the case of joint Holders, to the order of all such Holders failing written instructions from them to the contrary or (ii) by any other reasonable means the Partnership deems desirable. Notwithstanding the foregoing, any distribution cheque may be delivered by the Partnership to a Holder at his/her address as aforesaid. The posting or delivery of such cheque or the payment of the Series 1 Distributions by any other reasonable means on or before the date on which such distribution is to be paid to a Holder shall be deemed to be payment and shall satisfy and discharge all liabilities for the payment of such Distributions to the extent of the sum represented thereby (plus the amount of any tax required to be deducted and withheld as aforesaid) unless, if applicable, such cheque is not paid on due presentation. Subject to applicable law, distributions which are represented by a cheque which has not been presented to the Partnership’s bankers for payment or that otherwise remain unclaimed for a period of two years from the date on which they were declared to be payable shall be forfeited to the Partnership.
Appears in 1 contract
Samples: Limited Partnership Agreement (Brookfield Infrastructure Partners L.P.)
Cumulative Preferential Distributions. The holders of the then Outstanding Series 1 7 Preferred Limited Partnership Units (the “Holders”) shall be entitled to receive, and the Partnership shall pay thereon, as and when declared by the General Partner, out of moneys of the Partnership properly applicable to the payment of legally available for distributions under Bermuda law and without regard to the income of the Partnership, cumulative preferential cash distributions (the “Series 1 7 Distributions”) payable quarterly at the rates and times herein provided by cheque at par in lawful money of Canada at any branch in Canada of the Partnership’s bankers for the time being or by any other reasonable means the Partnership deems desirable.
(a) During the Initial Fixed Rate Period, the Series 1 7 Distributions will be payable quarterly on the last day of MarchJanuary, JuneApril, September July and December October of each year (each, a “Distribution Payment Date”) at the Initial Fixed Distribution Rate. The initial Series 1 7 Distribution will be payable June 30January 31, 2015 2016 and will be an amount in cash equal to C$0.3390 0.2524 per Series 1 7 Preferred Limited Partnership Unit less any tax required to be deducted and withheld. On each Distribution Payment Date during the Initial Fixed Rate Period, Period (other than June 30January 31, 2015) 2016), the Series 1 7 Distribution will be equal to C$0.28125 0.34375 per unit.
(b) During each Subsequent Fixed Rate Period, Series 1 7 Distributions payable on the Series 1 7 Preferred Limited Partnership Units will be in an annual amount per unit determined by multiplying the Annual Fixed Distribution Rate applicable to such Subsequent Fixed Rate Period by C$25.00, less any tax required to be deducted and withheld, and shall be payable quarterly on each Distribution Payment Date during such Subsequent Fixed Rate Period.
(c) In respect of each Subsequent Fixed Rate Period, the Partnership will, during such Subsequent Fixed Rate Period calculate on each Fixed Rate Calculation Date the Annual Fixed Distribution Rate for such Subsequent Fixed Rate Period and will, on the Fixed Rate Calculation Date, give written notice thereof to the Holders. Each such determination by the Partnership of the Annual Fixed Distribution Rate will, in the absence of manifest error, be final and binding upon the Partnership and upon all Holders of Series 1 7 Preferred Limited Partnership Units.
(d) If on any Distribution Payment Date, the Series 1 7 Distributions accrued to such date are not paid in full on all of the Series 1 7 Preferred Limited Partnership Units then Outstanding, such Series 1 7 Distributions, or the unpaid part thereof, shall be paid on a subsequent date or dates determined by the General Partner on which the Partnership shall have sufficient monies properly applicable to the payment of legally available for such Series 1 Distributions7 Distributions under Bermuda law.
(e) The Holders shall not be entitled to any distributions other than or in excess of the Series 1 7 Distributions.
(f) The Record Date for the payment of Series 1 7 Distributions will be the last Business Day of the calendar month prior to fifteenth (15th) day in the calendar month during which a Distribution Payment Date falls, or such other record date if any, as may be fixed by the General Partner.
Series 1 Distributions shall (except in case of redemption or reclassification in which case payment of Series 1 Distributions shall, subject to the provisions of Section 17, be made on surrender of the certificate representing the Series 1 Preferred Limited Partnership Units to be redeemed or reclassified) be paid by (i) posting in a postage paid envelope addressed to each Holder at the last address of such Holder as it appears on the securities register of the Partnership or, in the case of joint Holders, to the address of that one whose name appears first in the securities register of the Partnership as one of such joint Holders, or, in the event of the address of any Holder not so appearing, then to the address of such Holder last known to the Partnership, a cheque for such Series 1 Distributions (less any tax required to be deducted and withheld) payable to the order of such Holder or, in the case of joint Holders, to the order of all such Holders failing written instructions from them to the contrary or (ii) by any other reasonable means the Partnership deems desirable. Notwithstanding the foregoing, any distribution cheque may be delivered by the Partnership to a Holder at his/her address as aforesaid. The posting or delivery of such cheque or the payment of the Series 1 Distributions by any other reasonable means on or before the date on which such distribution is to be paid to a Holder shall be deemed to be payment and shall satisfy and discharge all liabilities for the payment of such Distributions to the extent of the sum represented thereby (plus the amount of any tax required to be deducted and withheld as aforesaid) unless, if applicable, such cheque is not paid on due presentation. Subject to applicable law, distributions which are represented by a cheque which has not been presented to the Partnership’s bankers for payment or that otherwise remain unclaimed for a period of two years from the date on which they were declared to be payable shall be forfeited to the Partnership.
Appears in 1 contract
Samples: Limited Partnership Agreement (Brookfield Renewable Energy Partners L.P.)
Cumulative Preferential Distributions. The holders of the then Outstanding Series 1 6 Preferred Limited Partnership Units (the “Holders”) shall be entitled to receive, and the Partnership shall pay thereon, as and when declared by the General Partner, out of moneys of the Partnership properly applicable to the payment of legally available for distributions under Bermuda law and without regard to the income of the Partnership, cumulative preferential cash distributions (the “Series 1 6 Distributions”) payable quarterly at the rates and times herein provided by cheque at par in lawful money of Canada at any branch in Canada of the Partnership’s bankers for the time being or by any other reasonable means the Partnership deems desirable.
(a) During the Initial Fixed Rate Period, the Series 1 Distributions will be payable quarterly on the last day of March, June, September and December of each year (each, a “Distribution Payment Date”) at the Initial Fixed Distribution Rate. The initial Series 1 Distribution will be payable June 30, 2015 and will be an amount in cash equal to C$0.3390 per Series 1 Preferred Limited Partnership Unit less any tax required to be deducted and withheld. On each Distribution Payment Date during the Initial Fixed Rate Period, (other than June 30, 2015) the Series 1 Distribution will be equal to C$0.28125 per unit.
(b) During each Subsequent Fixed Quarterly Floating Rate Period, Series 1 6 Distributions payable on the Series 1 6 Preferred Limited Partnership Units will be in an annual amount per unit Series 6 Preferred Limited Partnership Unit determined by multiplying the Annual Fixed Floating Quarterly Distribution Rate applicable to such Subsequent Fixed Quarterly Floating Rate Period by C$25.00, less any tax required to be deducted and withheld, and shall be payable quarterly on each Distribution Payment Date during such Subsequent Fixed Quarterly Floating Rate Period.
(cb) In respect of each Subsequent Fixed Quarterly Floating Rate Period, the Partnership will, during such Subsequent Fixed Quarterly Floating Rate Period Period, calculate on each Fixed Floating Rate Calculation Date the Annual Fixed Floating Quarterly Distribution Rate for such Subsequent Fixed Quarterly Floating Rate Period and will, on the Fixed Floating Rate Calculation Date, give written notice thereof to the Holders. Each such determination by the Partnership of the Annual Fixed Quarterly Floating Distribution Rate will, in the absence of manifest error, be final and binding upon the Partnership and upon all Holders of Series 1 6 Preferred Limited Partnership Units.
(dc) If on any Distribution Payment Date, the Series 1 6 Distributions accrued to such date are not paid in full on all of the Series 1 6 Preferred Limited Partnership Units then Outstanding, such Series 1 6 Distributions, or the unpaid part thereof, shall be paid on a subsequent date or dates determined by the General Partner on which the Partnership shall have sufficient monies properly applicable to the payment of legally available for such Series 1 Distributions6 Distributions under Bermuda law.
(ed) The Holders shall not be entitled to any distributions other than or in excess of the Series 1 6 Distributions.
(fe) The Record Date for the payment of Series 1 6 Distributions will be the last Business Day of the calendar month prior to the calendar month during which a Distribution Payment Date falls, or such other record date if any, as may be fixed by the General Partner.
. Series 1 6 Distributions shall (except in case of redemption or reclassification in which case payment of Series 1 6 Distributions shall, subject to the provisions of Section 17, be made on surrender of the certificate representing the Series 1 6 Preferred Limited Partnership Units to be redeemed or reclassified) be paid by (i) posting in a postage paid envelope addressed to each Holder at the last address of such Holder as it appears on the securities register of the Partnership or, in the case of joint Holders, to the address of that one whose name appears first in the securities register of the Partnership as one of such joint Holders, or, in the event of the address of any Holder not so appearing, then to the address of such Holder last known to the Partnership, a cheque for such Series 1 6 Distributions (less any tax required to be deducted and withheld) payable to the order of such Holder or, in the case of joint Holders, to the order of all such Holders failing written instructions from them to the contrary or (ii) by any other reasonable means the Partnership deems desirable. Notwithstanding the foregoing, any distribution cheque may be delivered by the Partnership to a Holder at his/her address as aforesaid. The posting or delivery of such cheque or the payment of the Series 1 6 Distributions by any other reasonable means on or before the date on which such distribution is to be paid to a Holder shall be deemed to be payment and shall satisfy and discharge all liabilities for the payment of such Distributions to the extent of the sum represented thereby (plus the amount of any tax required to be deducted and withheld as aforesaidaforesaid and remitted to the proper tax authority) unless, if applicable, such cheque is not paid on due presentation. Subject to applicable law, distributions which are represented by a cheque which has not been presented to the Partnership’s bankers for payment or that otherwise remain unclaimed for a period of two years from the date on which they were declared to be payable shall be forfeited to the Partnership.
Appears in 1 contract
Samples: Limited Partnership Agreement (Brookfield Infrastructure Partners L.P.)
Cumulative Preferential Distributions. The holders of the then Outstanding Series 1 9 Preferred Limited Partnership Units (the “Holders”) shall be entitled to receive, and the Partnership shall pay thereon, as and when declared by the General Partner, out of moneys of the Partnership properly applicable to the payment of legally available for distributions under Bermuda law and without regard to the income of the Partnership, cumulative preferential cash distributions (the “Series 1 9 Distributions”) payable quarterly at the rates and times herein provided by cheque at par in lawful money of Canada at any branch in Canada of the Partnership’s bankers for the time being or by any other reasonable means the Partnership deems desirable.
(a) During the Initial Fixed Rate Period, the Series 1 9 Distributions will be payable quarterly on or before the last day of MarchJanuary, JuneApril, September July and December October of each year (each, a “Distribution Payment Date”) at the Initial Fixed Distribution Rate. The initial Series 1 9 Distribution will be payable June 30on or before July 31, 2015 2016 and will be an amount in cash equal to C$0.3390 0.2639 per Series 1 9 Preferred Limited Partnership Unit less any tax required to be deducted and withheld. On each Distribution Payment Date during the Initial Fixed Rate Period, Period (other than June 30July 31, 2015) 2016), the Series 1 9 Distribution will be equal to C$0.28125 0.359375 per unit.
(b) During each Subsequent Fixed Rate Period, Series 1 9 Distributions payable on the Series 1 9 Preferred Limited Partnership Units will be in an annual amount per unit determined by multiplying the Annual Fixed Distribution Rate applicable to such Subsequent Fixed Rate Period by C$25.00, less any tax required to be deducted and withheld, and shall be payable quarterly on each Distribution Payment Date during such Subsequent Fixed Rate Period.
(c) In respect of each Subsequent Fixed Rate Period, the Partnership will, during such Subsequent Fixed Rate Period calculate on each Fixed Rate Calculation Date the Annual Fixed Distribution Rate for such Subsequent Fixed Rate Period and will, on the Fixed Rate Calculation Date, give written notice thereof to the Holders. Each such determination by the Partnership of the Annual Fixed Distribution Rate will, in the absence of manifest error, be final and binding upon the Partnership and upon all Holders of Series 1 9 Preferred Limited Partnership Units.
(d) If on any Distribution Payment Date, the Series 1 9 Distributions accrued to such date are not paid in full on all of the Series 1 9 Preferred Limited Partnership Units then Outstanding, such Series 1 9 Distributions, or the unpaid part thereof, shall be paid on a subsequent date or dates determined by the General Partner on which the Partnership shall have sufficient monies properly applicable to the payment of legally available for such Series 1 Distributions9 Distributions under Bermuda law.
(e) The Holders shall not be entitled to any distributions other than or in excess of the Series 1 9 Distributions.
(f) The Record Date for the payment of Series 1 9 Distributions will be the last Business Day of the calendar month prior to fifteenth (15th) day in the calendar month during which a Distribution Payment Date falls, or such other record date if any, as may be fixed by the General Partner.
. Series 1 9 Distributions shall (except in case of redemption or reclassification in which case payment of Series 1 9 Distributions shall, subject to the provisions of Section 17, shall be made on surrender of the certificate representing the Series 1 9 Preferred Limited Partnership Units to be redeemed or reclassified) be paid by (i) posting in a postage paid envelope addressed to each Holder at the last address of such Holder as it appears on the securities register of the Partnership or, in the case of joint Holders, to the address of that one whose name appears first in the securities register of the Partnership as one of such joint Holders, or, in the event of the address of any Holder not so appearing, then to the address of such Holder last known to the Partnership, a cheque for such Series 1 9 Distributions (less any tax required to be deducted and withheld) payable to the order of such Holder or, in the case of joint Holders, to the order of all such Holders failing written instructions from them to the contrary or (ii) by any other reasonable means the Partnership deems desirable. Notwithstanding the foregoing, any distribution cheque may be delivered by the Partnership to a Holder at his/her address as aforesaid. The posting or delivery of such cheque or the payment of the Series 1 9 Distributions by any other reasonable means on or before the date on which such distribution is to be paid to a Holder shall be deemed to be payment and shall satisfy and discharge all liabilities for the payment of such Distributions to the extent of the sum represented thereby (plus the amount of any tax required to be deducted and withheld as aforesaidaforesaid and remitted to the proper tax authority) unless, if applicable, such cheque is not paid on due presentation. Subject to applicable law, distributions which are represented by a cheque which has not been presented to the Partnership’s bankers for payment or that otherwise remain unclaimed for a period of two years from the date on which they were declared to be payable shall be forfeited to the Partnership.
Appears in 1 contract
Samples: Limited Partnership Agreement (Brookfield Renewable Partners L.P.)
Cumulative Preferential Distributions. The holders of the then Outstanding Series 1 5 Preferred Limited Partnership Units (the “Holders”) shall be entitled to receive, and the Partnership shall pay thereon, as and when declared by the General Partner, out of moneys of the Partnership properly applicable to the payment of legally available for distributions under Bermuda law and without regard to the income of the Partnership, cumulative preferential cash distributions (the “Series 1 5 Distributions”) payable quarterly at the rates and times herein provided by cheque at par in lawful money of Canada at any branch in Canada of the Partnership’s bankers for the time being or by any other reasonable means the Partnership deems desirable.
(a) During the Initial Fixed Rate Period, the Series 1 5 Distributions will be payable quarterly on the last day of March, June, September and December of each year (each, a “Distribution Payment Date”) at the Initial Fixed Distribution Rate. The initial Series 1 5 Distribution will be payable June September 30, 2015 2016 and will be an amount in cash equal to C$0.3390 0.2162 per Series 1 5 Preferred Limited Partnership Unit less any tax required to be deducted and withheld. On each Distribution Payment Date during the Initial Fixed Rate Period, Period (other than June September 30, 2015) 2016), the Series 1 5 Distribution will be equal to C$0.28125 0.334375 per unit.
(b) During each Subsequent Fixed Rate Period, Series 1 5 Distributions payable on the Series 1 5 Preferred Limited Partnership Units will be in an annual amount per unit determined by multiplying the Annual Fixed Distribution Rate applicable to such Subsequent Fixed Rate Period by C$25.00, less any tax required to be deducted and withheld, and shall be payable quarterly on each Distribution Payment Date during such Subsequent Fixed Rate Period.
(c) In respect of each Subsequent Fixed Rate Period, the Partnership will, during such Subsequent Fixed Rate Period calculate on each Fixed Rate Calculation Date the Annual Fixed Distribution Rate for such Subsequent Fixed Rate Period and will, on the Fixed Rate Calculation Date, give written notice thereof to the Holders. Each such determination by the Partnership of the Annual Fixed Distribution Rate will, in the absence of manifest error, be final and binding upon the Partnership and upon all Holders of Series 1 5 Preferred Limited Partnership Units.
(d) If on any Distribution Payment Date, the Series 1 5 Distributions accrued to such date are not paid in full on all of the Series 1 5 Preferred Limited Partnership Units then Outstanding, such Series 1 5 Distributions, or the unpaid part thereof, shall be paid on a subsequent date or dates determined by the General Partner on which the Partnership shall have sufficient monies properly applicable to the payment of legally available for such Series 1 Distributions5 Distributions under Bermuda law.
(e) The Holders shall not be entitled to any distributions other than or in excess of the Series 1 5 Distributions.
(f) The Record Date for the payment of Series 1 5 Distributions will be the last Business Day of the calendar month prior to the calendar month during which a Distribution Payment Date falls, or such other record date if any, as may be fixed by the General Partner.
. Series 1 5 Distributions shall (except in case of redemption or reclassification in which case payment of Series 1 5 Distributions shall, subject to the provisions of Section 17, be made on surrender of the certificate representing the Series 1 5 Preferred Limited Partnership Units to be redeemed or reclassified) be paid by (i) posting in a postage paid envelope addressed to each Holder at the last address of such Holder as it appears on the securities register of the Partnership or, in the case of joint Holders, to the address of that one whose name appears first in the securities register of the Partnership as one of such joint Holders, or, in the event of the address of any Holder not so appearing, then to the address of such Holder last known to the Partnership, a cheque for such Series 1 5 Distributions (less any tax required to be deducted and withheld) payable to the order of such Holder or, in the case of joint Holders, to the order of all such Holders failing written instructions from them to the contrary or (ii) by any other reasonable means the Partnership deems desirable. Notwithstanding the foregoing, any distribution cheque may be delivered by the Partnership to a Holder at his/her address as aforesaid. The posting or delivery of such cheque or the payment of the Series 1 5 Distributions by any other reasonable means on or before the date on which such distribution is to be paid to a Holder shall be deemed to be payment and shall satisfy and discharge all liabilities for the payment of such Distributions to the extent of the sum represented thereby (plus the amount of any tax required to be deducted and withheld as aforesaidaforesaid and remitted to the proper tax authority) unless, if applicable, such cheque is not paid on due presentation. Subject to applicable law, distributions which are represented by a cheque which has not been presented to the Partnership’s bankers for payment or that otherwise remain unclaimed for a period of two years from the date on which they were declared to be payable shall be forfeited to the Partnership.
Appears in 1 contract
Samples: Limited Partnership Agreement (Brookfield Infrastructure Partners L.P.)
Cumulative Preferential Distributions. The holders of the then Outstanding Series 1 8 Preferred Limited Partnership Units (the “Holders”) shall be entitled to receive, and the Partnership shall pay thereon, as and when declared by the Managing General Partner, out of moneys of the Partnership properly applicable to the payment of legally available for distributions under Bermuda law and without regard to the income of the Partnership, cumulative preferential cash distributions (the “Series 1 8 Distributions”) payable quarterly at the rates and times herein provided by cheque at par in lawful money of Canada at any branch in Canada of the Partnership’s bankers for the time being or by any other reasonable means the Partnership deems desirable.
(a) During the Initial Fixed Rate Period, the Series 1 Distributions will be payable quarterly on the last day of March, June, September and December of each year (each, a “Distribution Payment Date”) at the Initial Fixed Distribution Rate. The initial Series 1 Distribution will be payable June 30, 2015 and will be an amount in cash equal to C$0.3390 per Series 1 Preferred Limited Partnership Unit less any tax required to be deducted and withheld. On each Distribution Payment Date during the Initial Fixed Rate Period, (other than June 30, 2015) the Series 1 Distribution will be equal to C$0.28125 per unit.
(b) During each Subsequent Fixed Quarterly Floating Rate Period, Series 1 8 Distributions payable on the Series 1 8 Preferred Limited Partnership Units will be in an annual amount per unit Series 8 Preferred Limited Partnership Unit determined by multiplying the Annual Fixed Floating Quarterly Distribution Rate applicable to such Subsequent Fixed Quarterly Floating Rate Period by C$25.00, less any tax required to be deducted and withheld, and shall be payable quarterly on each Distribution Payment Date during such Subsequent Fixed Quarterly Floating Rate Period.
(cb) In respect of each Subsequent Fixed Quarterly Floating Rate Period, the Partnership will, during such Subsequent Fixed Quarterly Floating Rate Period Period, calculate on each Fixed Floating Rate Calculation Date the Annual Fixed Floating Quarterly Distribution Rate for such Subsequent Fixed Quarterly Floating Rate Period and will, on the Fixed Floating Rate Calculation Date, give written notice thereof to the Holders. Each such determination by the Partnership of the Annual Fixed Quarterly Floating Distribution Rate will, in the absence of manifest error, be final and binding upon the Partnership and upon all Holders of Series 1 8 Preferred Limited Partnership Units.
(dc) If on any Distribution Payment Date, the Series 1 8 Distributions accrued to such date are not paid in full on all of the Series 1 8 Preferred Limited Partnership Units then Outstanding, such Series 1 8 Distributions, or the unpaid part thereof, shall be paid on a subsequent date or dates determined by the Managing General Partner on which the Partnership shall have sufficient monies properly applicable to the payment of legally available for such Series 1 Distributions8 Distributions under Bermuda law.
(ed) The Holders shall not be entitled to any distributions other than or in excess of the Series 1 8 Distributions.
(fe) The Record Date for the payment of Series 1 8 Distributions will be the last Business Day of the calendar month prior to the calendar month during which a Distribution Payment Date falls, or such other record date if any, as may be fixed by the Managing General Partner.
. Series 1 8 Distributions shall (except in case of redemption or reclassification in which case payment of Series 1 8 Distributions shall, subject to the provisions of Section 17, shall be made on surrender of the certificate representing the Series 1 8 Preferred Limited Partnership Units to be redeemed or reclassified) be paid by (i) posting in a postage paid envelope addressed to each Holder at the last address of such Holder as it appears on the securities register of the Partnership or, in the case of joint Holders, to the address of that one whose name appears first in the securities register of the Partnership as one of such joint Holders, or, in the event of the address of any Holder not so appearing, then to the address of such Holder last known to the Partnership, a cheque for such Series 1 8 Distributions (less any tax required to be deducted and withheld) payable to the order of such Holder or, in the case of joint Holders, to the order of all such Holders failing written instructions from them to the contrary or (ii) by any other reasonable means the Partnership deems desirable. Notwithstanding the foregoing, any distribution cheque may be delivered by the Partnership to a Holder at his/her address as aforesaid. The posting or delivery of such cheque or the payment of the Series 1 8 Distributions by any other reasonable means on or before the date on which such distribution is to be paid to a Holder shall be deemed to be payment and shall satisfy and discharge all liabilities for the payment of such Distributions to the extent of the sum represented thereby (plus the amount of any tax required to be deducted and withheld as aforesaidaforesaid and remitted to the proper tax authority) unless, if applicable, such cheque is not paid on due presentation. Subject to applicable law, distributions which are represented by a cheque which has not been presented to the Partnership’s bankers for payment or that otherwise remain unclaimed for a period of two years from the date on which they were declared to be payable shall be forfeited to the Partnership.
Appears in 1 contract
Samples: Limited Partnership Agreement (Brookfield Infrastructure Partners L.P.)
Cumulative Preferential Distributions. The holders of the then Outstanding Series 1 9 Preferred Limited Partnership Units (the “Holders”) shall be entitled to receive, and the Partnership shall pay thereon, as and when declared by the General Partner, out of moneys of the Partnership properly applicable to the payment of legally available for distributions under Bermuda law and without regard to the income of the Partnership, cumulative preferential cash distributions (the “Series 1 9 Distributions”) payable quarterly at the rates and times herein provided by cheque at par in lawful money of Canada at any branch in Canada of the Partnership’s bankers for the time being or by any other reasonable means the Partnership deems desirable.
(a) During the Initial Fixed Rate Period, the Series 1 9 Distributions will be payable quarterly on the last day of March, June, September and December of each year (each, a “Distribution Payment Date”) at the Initial Fixed Distribution Rate. The initial Series 1 9 Distribution will be payable June 30March 31, 2015 2018 and will be an amount in cash equal to C$0.3390 0.2295 per Series 1 9 Preferred Limited Partnership Unit less any tax required to be deducted and withheld. On each Distribution Payment Date during the Initial Fixed Rate Period, Period (other than June 30March 31, 2015) 2018), the Series 1 9 Distribution will be equal to C$0.28125 0.3125 per unit.
(b) During each Subsequent Fixed Rate Period, Series 1 9 Distributions payable on the Series 1 9 Preferred Limited Partnership Units will be in an annual amount per unit determined by multiplying the Annual Fixed Distribution Rate applicable to such Subsequent Fixed Rate Period by C$25.00, less any tax required to be deducted and withheld, and shall be payable quarterly on each Distribution Payment Date during such Subsequent Fixed Rate Period.
(c) In respect of each Subsequent Fixed Rate Period, the Partnership will, during such Subsequent Fixed Rate Period calculate on each Fixed Rate Calculation Date the Annual Fixed Distribution Rate for such Subsequent Fixed Rate Period and will, on the Fixed Rate Calculation Date, give written notice thereof to the Holders. Each such determination by the Partnership of the Annual Fixed Distribution Rate will, in the absence of manifest error, be final and binding upon the Partnership and upon all Holders of Series 1 9 Preferred Limited Partnership Units.
(d) If on any Distribution Payment Date, the Series 1 9 Distributions accrued to such date are not paid in full on all of the Series 1 9 Preferred Limited Partnership Units then Outstanding, such Series 1 9 Distributions, or the unpaid part thereof, shall be paid on a subsequent date or dates determined by the General Partner on which the Partnership shall have sufficient monies properly applicable to the payment of legally available for such Series 1 Distributions9 Distributions under Bermuda law.
(e) The Holders shall not be entitled to any distributions other than or in excess of the Series 1 9 Distributions.
(f) The Record Date for the payment of Series 1 9 Distributions will be the last Business Day of the calendar month prior to the calendar month during which a Distribution Payment Date falls, or such other record date if any, as may be fixed by the General Partner.
Series 1 Distributions shall (except in case of redemption or reclassification in which case payment of Series 1 Distributions shall, subject to the provisions of Section 17, be made on surrender of the certificate representing the Series 1 Preferred Limited Partnership Units to be redeemed or reclassified) be paid by (i) posting in a postage paid envelope addressed to each Holder at the last address of such Holder as it appears on the securities register of the Partnership or, in the case of joint Holders, to the address of that one whose name appears first in the securities register of the Partnership as one of such joint Holders, or, in the event of the address of any Holder not so appearing, then to the address of such Holder last known to the Partnership, a cheque for such Series 1 Distributions (less any tax required to be deducted and withheld) payable to the order of such Holder or, in the case of joint Holders, to the order of all such Holders failing written instructions from them to the contrary or (ii) by any other reasonable means the Partnership deems desirable. Notwithstanding the foregoing, any distribution cheque may be delivered by the Partnership to a Holder at his/her address as aforesaid. The posting or delivery of such cheque or the payment of the Series 1 Distributions by any other reasonable means on or before the date on which such distribution is to be paid to a Holder shall be deemed to be payment and shall satisfy and discharge all liabilities for the payment of such Distributions to the extent of the sum represented thereby (plus the amount of any tax required to be deducted and withheld as aforesaid) unless, if applicable, such cheque is not paid on due presentation. Subject to applicable law, distributions which are represented by a cheque which has not been presented to the Partnership’s bankers for payment or that otherwise remain unclaimed for a period of two years from the date on which they were declared to be payable shall be forfeited to the Partnership.
Appears in 1 contract
Samples: Limited Partnership Agreement (Brookfield Infrastructure Partners L.P.)
Cumulative Preferential Distributions. The holders of the then Outstanding Series 1 15 Preferred Limited Partnership Units (the “Holders”) shall be entitled to receive, and the Partnership shall pay thereon, as and when declared by the General Partner, out of moneys of the Partnership properly applicable to the payment of legally available for distributions under Bermuda law and without regard to the income of the Partnership, cumulative preferential cash distributions (the “Series 1 15 Distributions”) payable quarterly at the rates and times herein provided by cheque at par in lawful money of Canada at any branch in Canada of the Partnership’s bankers for the time being or by any other reasonable means the Partnership deems desirable.
(a) During the Initial Fixed Rate Period, the Series 1 15 Distributions will be payable quarterly on the last day of MarchJanuary, JuneApril, September July and December October of each year (each, a “Distribution Payment Date”) at the Initial Fixed Distribution Rate. The initial Series 1 15 Distribution will be payable June April 30, 2015 2019 and will be an amount in cash equal to C$0.3390 0.1969 per Series 1 15 Preferred Limited Partnership Unit less any tax required to be deducted and withheld. On each Distribution Payment Date during the Initial Fixed Rate Period, Period (other than June April 30, 2015) 2019), the Series 1 15 Distribution will be equal to C$0.28125 0.359375 per unit.
(b) During each Subsequent Fixed Rate Period, Series 1 15 Distributions payable on the Series 1 15 Preferred Limited Partnership Units will be in an annual amount per unit determined by multiplying the Annual Fixed Distribution Rate applicable to such Subsequent Fixed Rate Period by C$25.00, less any tax required to be deducted and withheld, and shall be payable quarterly on each Distribution Payment Date during such Subsequent Fixed Rate Period.
(c) In respect of each Subsequent Fixed Rate Period, the Partnership will, during such Subsequent Fixed Rate Period calculate on each Fixed Rate Calculation Date the Annual Fixed Distribution Rate for such Subsequent Fixed Rate Period and will, on the Fixed Rate Calculation Date, give written notice thereof to the Holders. Each such determination by the Partnership of the Annual Fixed Distribution Rate will, in the absence of manifest error, be final and binding upon the Partnership and upon all Holders of Series 1 15 Preferred Limited Partnership Units.
(d) If on any Distribution Payment Date, the Series 1 15 Distributions accrued to such date are not paid in full on all of the Series 1 15 Preferred Limited Partnership Units then Outstanding, such Series 1 15 Distributions, or the unpaid part thereof, shall be paid on a subsequent date or dates determined by the General Partner on which the Partnership shall have sufficient monies properly applicable to the payment of legally available for such Series 1 Distributions15 Distributions under Bermuda law.
(e) The Holders shall not be entitled to any distributions other than or in excess of the Series 1 15 Distributions.
(f) The Record Date for the payment of Series 1 15 Distributions will be the last Business Day of the calendar month prior to fifteenth (15th) day in the calendar month during which a Distribution Payment Date falls, or such other record date if any, as may be fixed by the General Partner.
. Series 1 15 Distributions shall (except in case of redemption or reclassification in which case payment of Series 1 15 Distributions shall, subject to the provisions of Section 17, be made on surrender of the certificate representing the Series 1 15 Preferred Limited Partnership Units to be redeemed or reclassified) be paid by (i) posting in a postage paid envelope addressed to each Holder at the last address of such Holder as it appears on the securities register of the Partnership or, in the case of joint Holders, to the address of that one whose name appears first in the securities register of the Partnership as one of such joint Holders, or, in the event of the address of any Holder not so appearing, then to the address of such Holder last known to the Partnership, a cheque for such Series 1 15 Distributions (less any tax required to be deducted and withheld) payable to the order of such Holder or, in the case of joint Holders, to the order of all such Holders failing written instructions from them to the contrary or (ii) by any other reasonable means the Partnership deems desirable. Notwithstanding the foregoing, any distribution cheque may be delivered by the Partnership to a Holder at his/her address as aforesaid. The posting or delivery of such cheque or the payment of the Series 1 15 Distributions by any other reasonable means on or before the date on which such distribution is to be paid to a Holder shall be deemed to be payment and shall satisfy and discharge all liabilities for the payment of such Distributions to the extent of the sum represented thereby (plus the amount of any tax required to be deducted and withheld as aforesaidaforesaid and remitted to the proper tax authority) unless, if applicable, such cheque is not paid on due presentation. Subject to applicable law, distributions which are represented by a cheque which has not been presented to the Partnership’s bankers for payment or that otherwise remain unclaimed for a period of two years from the date on which they were declared to be payable shall be forfeited to the Partnership.
Appears in 1 contract
Samples: Limited Partnership Agreement
Cumulative Preferential Distributions. The holders of the then Outstanding Series 1 Preferred Limited Partnership Units (the “Holders”) shall be entitled to receive, and the Partnership shall pay thereon, as and when declared by the Managing General Partner, out of moneys of the Partnership properly applicable to the payment of distributions and without regard to the income of the Partnership, cumulative preferential cash distributions (the “Series 1 Distributions”) payable quarterly at the rates and times herein provided by cheque at par in lawful money of Canada at any branch in Canada of the Partnership’s bankers for the time being or by any other reasonable means the Partnership deems desirable.
(a) During the Initial Fixed Rate Period, the Series 1 Distributions will be payable quarterly on or before the last day of March, June, September and December of each year (each, a “Distribution Payment Date”) at the Initial Fixed Distribution Rate. The initial Series 1 Distribution will be payable on or before June 30, 2015 and will be an amount in cash equal to C$0.3390 per Series 1 Preferred Limited Partnership Unit less any tax required to be deducted and withheld. On each Distribution Payment Date during the Initial Fixed Rate Period, (other than June 30, 2015) the Series 1 Distribution will be equal to C$0.28125 per unit.
(b) During each Subsequent Fixed Rate Period, Series 1 Distributions payable on the Series 1 Preferred Limited Partnership Units will be in an annual amount per unit determined by multiplying the Annual Fixed Distribution Rate applicable to such Subsequent Fixed Rate Period by C$25.00, less any tax required to be deducted and withheld, and shall be payable quarterly on each Distribution Payment Date during such Subsequent Fixed Rate Period.
(c) In respect of each Subsequent Fixed Rate Period, the Partnership will, during such Subsequent Fixed Rate Period calculate on each Fixed Rate Calculation Date the Annual Fixed Distribution Rate for such Subsequent Fixed Rate Period and will, on the Fixed Rate Calculation Date, give written notice thereof to the Holders. Each such determination by the Partnership of the Annual Fixed Distribution Rate will, in the absence of manifest error, be final and binding upon the Partnership and upon all Holders of Series 1 Preferred Limited Partnership Units.
(d) If on any Distribution Payment Date, the Series 1 Distributions accrued to such date are not paid in full on all of the Series 1 Preferred Limited Partnership Units then Outstanding, such Series 1 Distributions, or the unpaid part thereof, shall be paid on a subsequent date or dates determined by the Managing General Partner on which the Partnership shall have sufficient monies properly applicable to the payment of such Series 1 Distributions.
(e) The Holders shall not be entitled to any distributions other than or in excess of the Series 1 Distributions.
(f) The Record Date for the payment of Series 1 Distributions will be the last Business Day of the calendar month prior to the calendar month during which a Distribution Payment Date falls, or such other record date if any, as may be fixed by the Managing General Partner.
. Series 1 Distributions shall (except in case of redemption or reclassification in which case payment of Series 1 Distributions shall, subject to the provisions of Section 17, shall be made on surrender of the certificate representing the Series 1 Preferred Limited Partnership Units to be redeemed or reclassified) be paid by (i) posting in a postage paid envelope addressed to each Holder at the last address of such Holder as it appears on the securities register of the Partnership or, in the case of joint Holders, to the address of that one whose name appears first in the securities register of the Partnership as one of such joint Holders, or, in the event of the address of any Holder not so appearing, then to the address of such Holder last known to the Partnership, a cheque for such Series 1 Distributions (less any tax required to be deducted and withheld) payable to the order of such Holder or, in the case of joint Holders, to the order of all such Holders failing written instructions from them to the contrary or (ii) by any other reasonable means the Partnership deems desirable. Notwithstanding the foregoing, any distribution cheque may be delivered by the Partnership to a Holder at his/her address as aforesaid. The posting or delivery of such cheque or the payment of the Series 1 Distributions by any other reasonable means on or before the date on which such distribution is to be paid to a Holder shall be deemed to be payment and shall satisfy and discharge all liabilities for the payment of such Distributions to the extent of the sum represented thereby (plus the amount of any tax required to be deducted and withheld as aforesaid) unless, if applicable, such cheque is not paid on due presentation. Subject to applicable law, distributions which are represented by a cheque which has not been presented to the Partnership’s bankers for payment or that otherwise remain unclaimed for a period of two years from the date on which they were declared to be payable shall be forfeited to the Partnership.
Appears in 1 contract
Samples: Limited Partnership Agreement (Brookfield Infrastructure Partners L.P.)
Cumulative Preferential Distributions. The holders of the then Outstanding Series 1 16 Preferred Limited Partnership Units (the “Holders”) shall be entitled to receive, and the Partnership shall pay thereon, as and when declared by the General Partner, out of moneys of the Partnership properly applicable to the payment of legally available for distributions under Bermuda law and without regard to the income of the Partnership, cumulative preferential cash distributions (the “Series 1 16 Distributions”) payable quarterly at the rates and times herein provided by cheque at par in lawful money of Canada at any branch in Canada of the Partnership’s bankers for the time being or by any other reasonable means the Partnership deems desirable.
(a) During the Initial Fixed Rate Period, the Series 1 Distributions will be payable quarterly on the last day of March, June, September and December of each year (each, a “Distribution Payment Date”) at the Initial Fixed Distribution Rate. The initial Series 1 Distribution will be payable June 30, 2015 and will be an amount in cash equal to C$0.3390 per Series 1 Preferred Limited Partnership Unit less any tax required to be deducted and withheld. On each Distribution Payment Date during the Initial Fixed Rate Period, (other than June 30, 2015) the Series 1 Distribution will be equal to C$0.28125 per unit.
(b) During each Subsequent Fixed Quarterly Floating Rate Period, Series 1 16 Distributions payable on the Series 1 16 Preferred Limited Partnership Units will be in an annual amount per unit Series 16 Preferred Limited Partnership Unit determined by multiplying the Annual Fixed Floating Quarterly Distribution Rate applicable to such Subsequent Fixed Quarterly Floating Rate Period by C$25.00, less any tax required to be deducted and withheld, and shall be payable quarterly on each Distribution Payment Date during such Subsequent Fixed Quarterly Floating Rate Period.
(cb) In respect of each Subsequent Fixed Quarterly Floating Rate Period, the Partnership will, during such Subsequent Fixed Quarterly Floating Rate Period Period, calculate on each Fixed Floating Rate Calculation Date the Annual Fixed Floating Quarterly Distribution Rate for such Subsequent Fixed Quarterly Floating Rate Period and will, on the Fixed Floating Rate Calculation Date, give written notice thereof to the Holders. Each such determination by the Partnership of the Annual Fixed Quarterly Floating Distribution Rate will, in the absence of manifest error, be final and binding upon the Partnership and upon all Holders of Series 1 16 Preferred Limited Partnership Units.
(dc) If on any Distribution Payment Date, the Series 1 16 Distributions accrued to such date are not paid in full on all of the Series 1 16 Preferred Limited Partnership Units then Outstanding, such Series 1 16 Distributions, or the unpaid part thereof, shall be paid on a subsequent date or dates determined by the General Partner on which the Partnership shall have sufficient monies properly applicable to the payment of legally available for such Series 1 Distributions16 Distributions under Bermuda law.
(ed) The Holders shall not be entitled to any distributions other than or in excess of the Series 1 16 Distributions.
(fe) The Record Date for the payment of Series 1 16 Distributions will be the last Business Day of the calendar month prior to fifteenth (15th) day in the calendar month during which a Distribution Payment Date falls, or such other record date if any, as may be fixed by the General Partner.
. Series 1 16 Distributions shall (except in case of redemption or reclassification in which case payment of Series 1 16 Distributions shall, subject to the provisions of Section 17, be made on surrender of the certificate representing the Series 1 16 Preferred Limited Partnership Units to be redeemed or reclassified) be paid by (i) posting in a postage paid envelope addressed to each Holder at the last address of such Holder as it appears on the securities register of the Partnership or, in the case of joint Holders, to the address of that one whose name appears first in the securities register of the Partnership as one of such joint Holders, or, in the event of the address of any Holder not so appearing, then to the address of such Holder last known to the Partnership, a cheque for such Series 1 16 Distributions (less any tax required to be deducted and withheld) payable to the order of such Holder or, in the case of joint Holders, to the order of all such Holders failing written instructions from them to the contrary or (ii) by any other reasonable means the Partnership deems desirable. Notwithstanding the foregoing, any distribution cheque may be delivered by the Partnership to a Holder at his/her address as aforesaid. The posting or delivery of such cheque or the payment of the Series 1 16 Distributions by any other reasonable means on or before the date on which such distribution is to be paid to a Holder shall be deemed to be payment and shall satisfy and discharge all liabilities for the payment of such Distributions to the extent of the sum represented thereby (plus the amount of any tax required to be deducted and withheld as aforesaidaforesaid and remitted to the proper tax authority) unless, if applicable, such cheque is not paid on due presentation. Subject to applicable law, distributions which are represented by a cheque which has not been presented to the Partnership’s bankers for payment or that otherwise remain unclaimed for a period of two years from the date on which they were declared to be payable shall be forfeited to the Partnership.
Appears in 1 contract
Samples: Limited Partnership Agreement
Cumulative Preferential Distributions. The holders of the then Outstanding Series 1 7 Preferred Limited Partnership Units (the “Holders”) shall be entitled to receive, and the Partnership shall pay thereon, as and when declared by the Managing General Partner, out of moneys of the Partnership properly applicable to the payment of legally available for distributions under Bermuda law and without regard to the income of the Partnership, cumulative preferential cash distributions (the “Series 1 7 Distributions”) payable quarterly at the rates and times herein provided by cheque at par in lawful money of Canada at any branch in Canada of the Partnership’s bankers for the time being or by any other reasonable means the Partnership deems desirable.
(a) During the Initial Fixed Rate Period, the Series 1 7 Distributions will be payable quarterly on or before the last day of March, June, September and December of each year (each, a “Distribution Payment Date”) at the Initial Fixed Distribution Rate. The initial Series 1 7 Distribution will be payable June 30on or before March 31, 2015 2017 and will be an amount in cash equal to C$0.3390 0.2192 per Series 1 7 Preferred Limited Partnership Unit less any tax required to be deducted and withheld. On each Distribution Payment Date during the Initial Fixed Rate Period, Period (other than June 30March 31, 2015) 2017), the Series 1 7 Distribution will be equal to C$0.28125 0.3125 per unit.
(b) During each Subsequent Fixed Rate Period, Series 1 7 Distributions payable on the Series 1 7 Preferred Limited Partnership Units will be in an annual amount per unit determined by multiplying the Annual Fixed Distribution Rate applicable to such Subsequent Fixed Rate Period by C$25.00, less any tax required to be deducted and withheld, and shall be payable quarterly on each Distribution Payment Date during such Subsequent Fixed Rate Period.
(c) In respect of each Subsequent Fixed Rate Period, the Partnership will, during such Subsequent Fixed Rate Period calculate on each Fixed Rate Calculation Date the Annual Fixed Distribution Rate for such Subsequent Fixed Rate Period and will, on the Fixed Rate Calculation Date, give written notice thereof to the Holders. Each such determination by the Partnership of the Annual Fixed Distribution Rate will, in the absence of manifest error, be final and binding upon the Partnership and upon all Holders of Series 1 7 Preferred Limited Partnership Units.
(d) If on any Distribution Payment Date, the Series 1 7 Distributions accrued to such date are not paid in full on all of the Series 1 7 Preferred Limited Partnership Units then Outstanding, such Series 1 7 Distributions, or the unpaid part thereof, shall be paid on a subsequent date or dates determined by the Managing General Partner on which the Partnership shall have sufficient monies properly applicable to the payment of such Series 1 Distributions.
(e) The Holders shall not be entitled to any distributions other than or in excess of the Series 1 Distributions.
(f) The Record Date for the payment of Series 1 Distributions will be the last Business Day of the calendar month prior to the calendar month during which a Distribution Payment Date falls, or such other record date if any, as may be fixed by the General Partner.
Series 1 Distributions shall (except in case of redemption or reclassification in which case payment of Series 1 Distributions shall, subject to the provisions of Section 17, be made on surrender of the certificate representing the Series 1 Preferred Limited Partnership Units to be redeemed or reclassified) be paid by (i) posting in a postage paid envelope addressed to each Holder at the last address of such Holder as it appears on the securities register of the Partnership or, in the case of joint Holders, to the address of that one whose name appears first in the securities register of the Partnership as one of such joint Holders, or, in the event of the address of any Holder not so appearing, then to the address of such Holder last known to the Partnership, a cheque legally available for such Series 1 7 Distributions (less any tax required to be deducted and withheld) payable to the order of such Holder or, in the case of joint Holders, to the order of all such Holders failing written instructions from them to the contrary or (ii) by any other reasonable means the Partnership deems desirable. Notwithstanding the foregoing, any distribution cheque may be delivered by the Partnership to a Holder at his/her address as aforesaid. The posting or delivery of such cheque or the payment of the Series 1 Distributions by any other reasonable means on or before the date on which such distribution is to be paid to a Holder shall be deemed to be payment and shall satisfy and discharge all liabilities for the payment of such Distributions to the extent of the sum represented thereby (plus the amount of any tax required to be deducted and withheld as aforesaid) unless, if applicable, such cheque is not paid on due presentation. Subject to applicable under Bermuda law, distributions which are represented by a cheque which has not been presented to the Partnership’s bankers for payment or that otherwise remain unclaimed for a period of two years from the date on which they were declared to be payable shall be forfeited to the Partnership.
Appears in 1 contract
Samples: Limited Partnership Agreement (Brookfield Infrastructure Partners L.P.)
Cumulative Preferential Distributions. The holders of the then Outstanding Series 1 11 Preferred Limited Partnership Units (the “Holders”) shall be entitled to receive, and the Partnership shall pay thereon, as and when declared by the General Partner, out of moneys of the Partnership properly applicable to the payment of legally available for distributions under Bermuda law and without regard to the income of the Partnership, cumulative preferential cash distributions (the “Series 1 11 Distributions”) payable quarterly at the rates and times herein provided by cheque at par in lawful money of Canada at any branch in Canada of the Partnership’s bankers for the time being or by any other reasonable means the Partnership deems desirable.
(a) During the Initial Fixed Rate Period, the Series 1 11 Distributions will be payable quarterly on the last day of MarchJanuary, JuneApril, September July and December October of each year (each, a “Distribution Payment Date”) at the Initial Fixed Distribution Rate. The initial Series 1 11 Distribution will be payable June April 30, 2015 2017 and will be an amount in cash equal to C$0.3390 0.2568 per Series 1 11 Preferred Limited Partnership Unit less any tax required to be deducted and withheld. On each Distribution Payment Date during the Initial Fixed Rate Period, Period (other than June April 30, 2015) 2017), the Series 1 11 Distribution will be equal to C$0.28125 1.25 per unit.
(b) During each Subsequent Fixed Rate Period, Series 1 11 Distributions payable on the Series 1 11 Preferred Limited Partnership Units will be in an annual amount per unit determined by multiplying the Annual Fixed Distribution Rate applicable to such Subsequent Fixed Rate Period by C$25.00, less any tax required to be deducted and withheld, and shall be payable quarterly on each Distribution Payment Date during such Subsequent Fixed Rate Period.
(c) In respect of each Subsequent Fixed Rate Period, the Partnership will, during such Subsequent Fixed Rate Period calculate on each Fixed Rate Calculation Date the Annual Fixed Distribution Rate for such Subsequent Fixed Rate Period and will, on the Fixed Rate Calculation Date, give written notice thereof to the Holders. Each such determination by the Partnership of the Annual Fixed Distribution Rate will, in the absence of manifest error, be final and binding upon the Partnership and upon all Holders of Series 1 11 Preferred Limited Partnership Units.
(d) If on any Distribution Payment Date, the Series 1 11 Distributions accrued to such date are not paid in full on all of the Series 1 11 Preferred Limited Partnership Units then Outstanding, such Series 1 11 Distributions, or the unpaid part thereof, shall be paid on a subsequent date or dates determined by the General Partner on which the Partnership shall have sufficient monies properly applicable to the payment of legally available for such Series 1 Distributions11 Distributions under Bermuda law.
(e) The Holders shall not be entitled to any distributions other than or in excess of the Series 1 11 Distributions.
(f) The Record Date for the payment of Series 1 11 Distributions will be the last Business Day of the calendar month prior to fifteenth (15th) day in the calendar month during which a Distribution Payment Date falls, or such other record date if any, as may be fixed by the General Partner.
. Series 1 11 Distributions shall (except in case of redemption or reclassification in which case payment of Series 1 11 Distributions shall, subject to the provisions of Section 17, be made on surrender of the certificate representing the Series 1 11 Preferred Limited Partnership Units to be redeemed or reclassified) be paid by (i) posting in a postage paid envelope addressed to each Holder at the last address of such Holder as it appears on the securities register of the Partnership or, in the case of joint Holders, to the address of that one whose name appears first in the securities register of the Partnership as one of such joint Holders, or, in the event of the address of any Holder not so appearing, then to the address of such Holder last known to the Partnership, a cheque for such Series 1 11 Distributions (less any tax required to be deducted and withheld) payable to the order of such Holder or, in the case of joint Holders, to the order of all such Holders failing written instructions from them to the contrary or (ii) by any other reasonable means the Partnership deems desirable. Notwithstanding the foregoing, any distribution cheque may be delivered by the Partnership to a Holder at his/her address as aforesaid. The posting or delivery of such cheque or the payment of the Series 1 11 Distributions by any other reasonable means on or before the date on which such distribution is to be paid to a Holder shall be deemed to be payment and shall satisfy and discharge all liabilities for the payment of such Distributions to the extent of the sum represented thereby (plus the amount of any tax required to be deducted and withheld as aforesaidaforesaid and remitted to the proper tax authority) unless, if applicable, such cheque is not paid on due presentation. Subject to applicable law, distributions which are represented by a cheque which has not been presented to the Partnership’s bankers for payment or that otherwise remain unclaimed for a period of two years from the date on which they were declared to be payable shall be forfeited to the Partnership.
Appears in 1 contract
Samples: Limited Partnership Agreement
