Default Distribution. If the parties are unable to reach agreement after at least two negotiating sessions, the funds will be distributed to the unit members assigned to the classroom and other certificated staff according to Education Code Section 44653.
Default Distribution. (if none selected then the Default Distribution election for all events will be Lump Sum at Separation from Service)
Default Distribution. For any Distribution Period in which a Covenant Violation (as defined below) has occurred or is continuing, holders of Series B-1 Preferred Partnership Units shall be entitled to a default distribution (a “Default Distribution”) in an amount equal to $.05015 per Series B-1 Preferred Partnership Unit for such Distribution Period. Default Distributions shall be payable quarterly in arrears on the 15th day after the end of the applicable Distribution Period (on the 15th day of January, April, July and October of each year), or if such day is not a Business Day, the next succeeding Business Day, to holders of record on the last day of each of March, June, September and December, as the case may be, immediately preceding the applicable distribution payment date. Any such Default Distribution shall be in addition to and shall not reduce any Base Distribution, Special Distribution or Ratchet Distribution, if any, for the applicable Distribution Period. A “Covenant Violation” shall mean (i) any breach or non-performance of any covenant of the Company contained in the Series B Cumulative Convertible Redeemable Preferred Stock Purchase Agreement, dated as of December 23, 2004 among Security Capital Preferred Growth Incorporated, the Company and the Partnership, which breach or non-performance shall remain uncured for more than 120 days after such breach or non-performance has occurred or (ii) if and whenever the Partnership has failed to pay Distributions on the Series B-1 Preferred Partnership Units for four quarterly Distribution Periods whether or not such Distribution Periods are consecutive (which shall, with respect to any such Distribution, mean that any such Distribution has not been paid in full).
Default Distribution. Unless a Participant elects annual installment payments pursuant to Section 3.02, payment of the amount attributable to the Participant’s Deferred Accounts shall be paid in a lump sum payment on the Payment Date.
Default Distribution. Unless a Director elects annual installment payments pursuant to Section 3.02, payment of the amount attributable to the Director’s Deferred Accounts shall be paid in a single cash payment on the Payment Commencement Date in an amount determined under Sections 3.01(a) and (b) below.
Default Distribution. Upon the expiration of the Perpetuity Period, or if the Individual Trustees determine that the Purpose of the Trust can no longer be fulfilled, the Corporate Trustee shall distribute the Trust Estate outright to one or more organizations that will further the protection of free expression as appointed by the Settlor, Corporate Trustee and the Individual Trustees.
