Common use of Discretionary Special Distributions Clause in Contracts

Discretionary Special Distributions. Except for distributions to the Partners in accordance with Subsections 5.1(a) and 5.1(b), the Partnership shall not at any time prior to January 28, 2018 without Unanimous Approval make any other distributions to the Partners (such other distributions “Discretionary Distributions”). During the period from and after January 29, 2018 and on or prior to January 28, 2023, and provided that (x) the ratio of consolidated debt to consolidated equity of the Partnership is less than 3.0 to 1.0 immediately before, and after giving pro forma effect to the payment of, the proposed Discretionary Distributions and (y) the amount of all distributions made by the Partnership to the Partners with respect to the then current calendar year does not exceed eighty percent (80%) of the consolidated Net Income of the Partnership for the then current Partnership Year through the date of such Discretionary Distribution, then the making of a Discretionary Distribution shall require Majority Approval. After January 29, 2023, the making of any Discretionary Distribution shall require Majority Approval. Any Discretionary Distributions made pursuant to this Subsection 5.1(c) shall be made by the Partnership to the Partners pro rata in accordance with each Partner’s Percentage Interest.

Discretionary Special Distributions. Except for distributions to the Partners in accordance with Subsections 5.1(a) and 5.1(b), the Partnership shall not at any time prior to January 28, 2018 without Unanimous a Level One Approval make any other distributions to the Partners (such other distributions “Discretionary Distributions”). During the period from and after January 29, 2018 and on or prior to January 28, 2023, and provided that (x) the ratio of consolidated debt to consolidated equity of the Partnership is less than 3.0 to 1.0 immediately before, and after giving pro forma effect to the payment of, the proposed Discretionary Distributions and (y) the amount of all distributions made by the Partnership to the Partners with respect to during the then current calendar year does not exceed eighty percent (80%) of the consolidated Net Income net income of the Partnership for the then current Partnership Year through the date of such Discretionary Distribution, then the making of a Discretionary Distribution shall require Majority a Level Four Approval. After January 29, 2023, the making of any Discretionary Distribution shall require Majority a Level Four Approval. Any Discretionary Distributions made pursuant to this Subsection 5.1(c) shall be made by the Partnership to the Partners pro rata in accordance with each Partner’s Percentage Interest.

Discretionary Special Distributions. Except for distributions to the Partners in accordance with Subsections 5.1(a) and 5.1(b), the Partnership shall not not, at any time prior to January 28, 2018 without Unanimous Approval 2018, make any other distributions to the Partners (such other distributions “Discretionary Distributions”). During the period from and after January 29, 2018 and on or prior to January 28, 2023, and provided that (x) the ratio of consolidated debt to consolidated equity of the Partnership is less than 3.0 to 1.0 immediately before, and after giving pro forma effect to the payment of, the proposed Discretionary Distributions and (y) the amount of all distributions made by the Partnership to the Partners with respect to during the then current calendar year does not exceed eighty percent (80%) % of the consolidated Net Income net income of the Partnership for the then current Partnership Year through the date of such Discretionary Distribution, then the making of a Discretionary Distribution shall require Majority a Level Four Approval. After For the avoidance of doubt, from and after January 29, 2023, the making of any Discretionary Distribution shall require Majority a Level Four Approval. Any Discretionary Distributions made pursuant to this Subsection 5.1(c) shall be made by the Partnership to the Partners pro rata in accordance with each Partner’s Percentage Interest.