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.
Appears in 3 contracts
Samples: Limited Liability Company Agreement (Fortress Transportation & Infrastructure Investors LLC), Limited Liability Company Agreement (Fortress Transportation & Infrastructure Investors LLC), Limited Liability Company Agreement (Fortress Transportation & Infrastructure Investors LLC)
Distribution Rate. (i) Each Series A B Holder will be entitled to receive, with respect to each Series A B Preferred Share held by such Series A B 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 B Liquidation Preference, at a rate equal to (i) from, and including, September 12November 27, 2019 to, but excluding, September December 15, 2024 (the “Fixed Rate Period”), 8.258.00% per annum, and (ii) beginning September December 15, 2024 (the “Floating Rate Period”), Three-Month LIBOR plus a spread of 688.6 644.7 basis points per annum.
Appears in 2 contracts
Samples: Limited Liability Company Agreement (Fortress Transportation & Infrastructure Investors LLC), Limited Liability Company Agreement (Fortress Transportation & Infrastructure Investors LLC)
