Distribution Rate. If the distribution rate per annum on the 7.00% Series A Preferred Units issued by the Issuer shall increase pursuant to Section 16.6 of the Issuer Limited Partnership Agreement, then the Distribution Rate shall increase by the same amount beginning on the same date as set forth in Article XVI of the Issuer Limited Partnership Agreement.
Distribution Rate. If the distribution rate per annum on the 7.00% Series A Preferred Shares issued by the Issuer shall increase pursuant to Section 20.06 of the Issuer Certificate of Incorporation, then the Distribution Rate shall increase by the same amount beginning on the same date as set forth in Article XX of the Issuer Certificate of Incorporation.
Distribution Rate. (a) During the Initial Fixed Rate Period, the Distribution Rate shall be the Initial Distribution Rate.
(b) Prior to the expiration of the Initial Fixed Rate Period and any subsequent Fixed Rate Period, prior to any Distribution Payment Date with respect to a Floating Rate Period or prior to any Distribution Payment Date in a Fixed Rate Period during a time in which the Preferred Securities are redeemable in such Fixed Rate Period, the Company and the Administrative Trustees will have the option to remarket the Preferred Securities to establish a new Fixed Rate for a new Fixed Rate Period (to be in effect after the expiration of the then current Distribution Period). If the Company and the Administrative Trustees elect to conduct a Remarketing of the Preferred Securities for the purpose of establishing a new Fixed Rate for a new Fixed Rate Period, the Trust shall, not less than 20 nor more than 35 Business Days prior to the related Election Date, notify in writing the Clearing Agency, the Property Trustee, the Indenture Trustee, the Calculation Agent and the Remarketing Agent. If the Preferred Securities are not issued in global, fully registered form to the Clearing Agency, such notice shall be delivered to the Holders instead of the Clearing Agency. Such notice shall describe the Remarketing and shall indicate the length of the proposed new Fixed Rate Period, the proposed Remarketing Date and any redemption provisions that will apply during such new Fixed Rate Period. The Company and the Administrative Trustees shall have the right to terminate a Remarketing at any time prior to the Election Date by written notice of such termination to the Clearing Agency (or the Holders, as applicable), the Remarketing Agent, the Property Trustee, the Indenture Trustee and the Calculation Agent.
(c) If the Remarketing Agent has determined that it will be able to remarket all Preferred Securities tendered or deemed tendered for purchase in the Remarketing at a Fixed Rate and at a price of $1,000 per Preferred Security, on any Remarketing Date, the Distribution Rate for the new Fixed Rate Period will be the Fixed Rate determined by the Remarketing Agent, which will be the rate per annum (rounded to the nearest one-thousandth (0.001) of one percent per annum) which the Remarketing Agent determines, in its sole judgment, to be the lowest Fixed Rate per annum, if any, that will enable it to remarket all Preferred Securities tendered or deemed tendered for Remarketing at a p...
Distribution Rate. (i) Each Series A Holder will be entitled to receive, with respect to each Series A Preferred Share held by such Series A Holder, only when, as, and if declared by the Board of Directors, out of funds legally available for such purpose, cumulative cash distributions based on the Series A Liquidation Preference, at a rate equal to (i) from, and including, September 12, 2019 to, but excluding, September 15, 2024 (the “Fixed Rate Period”), 8.25% per annum, and (ii) beginning September 15, 2024 (the “Floating Rate Period”), Three-Month LIBOR plus a spread of 688.6 basis points per annum.
(ii) The distribution rate for each Distribution Period in the Floating Rate Period will be determined by the Calculation Agent using Three-Month LIBOR as in effect on the second London Banking Day prior to the beginning of the Distribution Period, which date is referred to as the “Distribution Determination Date” for the relevant Distribution Period. The Calculation Agent then will add Three-Month LIBOR as determined on the Distribution Determination Date and the spread of 688.6 basis points and that sum will be the distribution rate for the applicable Distribution Period. Once the distribution rate for the Series A Preferred Shares is determined, the Calculation Agent will deliver that information to the Company and the Transfer Agent for the Series A Preferred Shares. Absent manifest error, the Calculation Agent’s determination of the distribution rate for a Distribution Period for the Series A Preferred Shares will be final.
Distribution Rate. The Preferred Return shall accrue at a per annum rate of 13.0% initially (the “Fixed Distribution Rate”). At the fifth (5th) anniversary of the Closing Date, the Requisite Class P Members may make a one-time irrevocable election (the “Floating Rate Election”) for all outstanding Class P Units to accrue Preferred Return from and after the fifth (5th) anniversary at a rate equal to the five-year Treasury Rate, plus 1,000 basis points, resetting quarterly to reflect the then current five-year Treasury Rate (the “Floating Distribution Rate”). The Floating Rate Election shall be made by means of a written notice delivered, in accordance with Section 11.02 of the LLC Agreement, by the Requisite Class P Members to the Company at any time during the thirty (30) days immediately prior to the fifth (5th) anniversary of the Closing Date, and the Company shall promptly notify all non-electing Holders of such election. On the seventh (7th), eighth (8th) and ninth (9th) anniversaries of the Closing Date, the Fixed Distribution Rate or, if the Floating Distribution Rate is then applicable, the spread over the then applicable five-year Treasury Rate, will increase by 100 basis points per annum, 100 basis points per annum and 50 basis points per annum, respectively.
Distribution Rate. If the dividend rate per annum on the Series B Preferred Stock issued by the Issuer shall increase pursuant to Section 22.06 of the Issuer Certificate of Incorporation, then the Distribution Rate shall increase by the same amount beginning on the same date as set forth in Section 22.06 of the Issuer Certificate of Incorporation.
Distribution Rate. 20 -------------- ----------------- Section 4.03.
Distribution Rate. The Foundation’s Distribution Rate refers to a suggested percentage of restricted funds set aside for distribution each year. The suggested rate is established by The Foundation Finance and Investment Committee (The Committee) on an annual basis. The suggested rate may increase or decrease. The Committee considers historical as well as estimated future rates of return and inflation rates. Participants may determine that a different rate will better accomplish their goals and objectives.
Distribution Rate. Section 3(a) of the Designation is hereby amended to change the annual distribution rate from 9.125% to 7.45%. In addition, all references throughout the Designation to 9.125% are hereby changed to 7.45%, and the Series D Preferred Stock shall be known as the "7.45% Series D Cumulative Redeemable Preferred Stock."
Distribution Rate. The rate for transmission service provided under this Agreement over facilities designated as the Non-ISO Controlled Grid. The Distribution Rate is specified in Section 8.1.
