Common use of Payment of Distributions Clause in Contracts

Payment of Distributions. Subject to the rights of Holders of ------------------------ Parity Preferred Units as to the payment of distributions, pursuant to Section 5.1 hereof, Holders of Series A Preferred Units will be entitled to receive, when, as and if declared by the Partnership acting through the General Partner, out of Available Cash, cumulative preferential cash distributions at the rate per annum of 8.075% of the original Capital Contribution per Series A Preferred Unit. Such distributions shall be cumulative, shall accrue from the original date of issuance and will be payable (A) quarterly (such quarterly periods for purposes of payment and accrual will be the quarterly periods ending on the dates specified in this sentence and not calendar year quarters) in arrears, on or before February 15, May 15, August 15 and November 15 of each year and, (B), in the event of (i) an exchange of Series A Preferred Units into REIT Series A Preferred Shares, or (ii) a redemption of Series A Preferred Units, on the exchange date or redemption date, as applicable (each a "Preferred Unit -------------- Distribution Payment Date"), commencing (i) in the case of Series A Preferred ------------------------- Units originally issued on February 6, 1998, on May 15, 1998 and (ii) in the case of all other Series A Preferred Units, on the first of such payment dates to occur following their original date of issuance. The amount of the distribution payable for any period will be computed on the basis of a 360-day year of twelve 30-day months and for any period shorter than a full quarterly period for which distributions are computed, the amount of the distribution payable will be computed on the basis of the actual number of days elapsed in such a 30-day month. If any date on which distributions are to be made on the Series A Preferred Units is not a Business Day (as defined herein), then payment of the distribution to be made on such date will be made on the next succeeding day that is a Business Day (and without any interest or other payment in respect of any such delay) except that, if such Business Day is in the next succeeding calendar year, such payment shall be made on the immediately preceding Business Day, in each case with the same force and effect as if made on such date. Distributions on the Series A Preferred Units will be made to the Holders of record of the Series A Preferred Units on the relevant record dates, which will be fifteen (15) days prior to the relevant Preferred Unit Distribution Payment Date (the "Preferred Unit Partnership Record Date"). --------------------------------------

Payment of Distributions. Subject to the rights of Holders holders of ------------------------ Senior Preferred Units and Parity Preferred Units as to the payment of distributionsUnits, pursuant to Section 5.1 hereofif any, Holders holders of Series A D Preferred Units will shall be entitled to receive, when, as and if authorized and declared by the Partnership acting through the General Partner, out of Available Cash, cumulative preferential cash distributions at the rate per annum of 8.0759.45% of the original Capital Contribution per Stated Value of the Series A D Preferred UnitUnits (the "Series D Preferred Distribution"). Such distributions Distributions shall be cumulative, shall accrue from the original date of issuance and will all distributions accrued to the scheduled date of payment shall be payable in cash (A) quarterly (such quarterly periods for purposes of payment and accrual will be the quarterly periods ending on and including the dates specified in this sentence and not calendar year quarters) in arrears, on or before February March 15, May June 15, August September 15 and November December 15 of each year commencing on December 15, 1999 (with the first such payment to include the amount accrued from the period commencing October 1, 1999 and ending December 15, 1999) and, (B), ) in the event of (i1) an exchange of Series A D Preferred Units into REIT Series A Preferred SharesD Exchanged Units, or (ii2) a redemption of Series A D Preferred Units, on the exchange date or redemption date, as applicable (each a "Preferred Unit -------------- Distribution Payment Date"), commencing (i) in the case of Series A Preferred ------------------------- Units originally issued on February 6, 1998, on May 15, 1998 and (ii) in the case of all other Series A Preferred Units, on the first of such payment dates to occur following their original date of issuance. The amount of the distribution payable for any period will shall be computed on the basis of a 360-day year of twelve 30-day months months, and the amount of the distribution payable on the initial Preferred Unit Distribution Payment Date and for any period shorter than a full quarterly period for which distributions are computed, the amount of the distribution payable will computed shall be computed based on the basis ratio of the actual number of days elapsed in such a 30-day monthquarterly period to 90 days. If any date on which distributions are to be made on the Series A D Preferred Units is not a Business Day (as defined herein)Day, then payment of the distribution to be made on such date will shall be made on the next succeeding day that is a Business Day (and without any interest or other payment in respect of any such delay) except that, if such Business Day is in the next succeeding calendar year, such payment shall be made on the immediately preceding Business Day, in each case with the same force and effect as if made on such date. Distributions on the Series A D Preferred Units will shall be made to the Holders holders of record of the Series A D Preferred Units on the relevant record datesdates to be fixed by the Partnership acting through the General Partner, which will record dates shall be fifteen (15) not more than 60 days prior to the relevant Preferred Unit Distribution Payment Date (the "Preferred Unit Partnership Record Date"). --------------------------------------.

Payment of Distributions. Subject ------------- ------------------------ to the rights of Holders holders of ------------------------ Parity Preferred Units and holders of preferred units ranking senior to the Series C Preferred Units issued after the date hereof in accordance herewith as to the payment of distributionsdistributions and rights upon voluntary or involuntary dissolution, pursuant to Section 5.1 hereofliquidation or winding-up, Holders holders of Series A C Preferred Units will shall be entitled to receive, when, as and if declared by the Partnership acting through the General Partner, out of Available Cashfunds legally available for the payment of distributions, cumulative preferential cash distributions at the rate per annum of 8.0759.45% of the original Capital Contribution per Series A C Preferred Unit. Such distributions shall be cumulative, cumulative and shall accrue from the original date first day of issuance the applicable Distribution Period (as defined herein), and will be payable (A) quarterly (such quarterly periods for purposes of payment and accrual will be the quarterly periods ending on the dates specified in this sentence and not calendar year quarters) in arrears, on or before February 15, May 15, August 15 not later than the third calendar day after the end of the applicable Distribution Period and November 15 of each year and, (B), ) in the event of (i) an exchange of Series A C Preferred Units into REIT Series A C Preferred Shares, or (ii) a redemption of Series A C Preferred Units, on the exchange date or redemption date, as applicable (each a "Preferred Unit -------------- Distribution Payment Date"). For purposes of this Amendment, the term ------------------------- "Distribution Period" shall mean quarterly distribution periods commencing on -------------------- January 1, April 1, July 1 and October 1 of each year and ending on and including the day preceding the first day of the next succeeding Distribution Period with respect to any Series C Preferred Units (i) in other than the case of Series A Preferred ------------------------- Units originally issued on February 6initial Distribution Period, 1998, on May 15, 1998 and (ii) in the case of all other Series A Preferred Units, which shall commence on the first original date of issuance for such payment dates to occur Series C Preferred Units and end on and include the last day of the calendar quarter immediately following their the original date of issuance, and other than the Distribution Period during which any Series C Preferred Units shall be redeemed or exchanged, which shall end on and include the date of such redemption or exchange). The amount of the distribution payable for any period will be computed on the basis of a 360-day year of twelve 30-day months and for any period shorter than a full quarterly period for which distributions are computed, the amount of the distribution payable will be computed on the basis of the ratio of the actual number of days elapsed in such a 30-day monthperiod to ninety (90) days. If any date on which distributions are to be made on the Series A C Preferred Units is not a Business Day (as defined herein), then payment of the distribution to be made on such date will be made on the next succeeding day that is a Business Day (and without any interest or other payment in respect of any such delay) except that, if such Business Day is in the next succeeding calendar year, such payment shall be made on the immediately preceding Business Day, in each case with the same force and effect as if made on such date. Distributions on the Series A C Preferred Units will be made to the Holders holders of record of the Series A C Preferred Units on October 1, 1999 and thereafter on the relevant record datesdates to be fixed by the Partnership acting through the General Partner, which will be record dates shall in no event exceed fifteen (15) days Business Days prior to the relevant Preferred Unit Distribution Payment Date (the "Preferred Unit Partnership Record Date"). --------------------------------------

Payment of Distributions. Subject to the rights of Holders holders of ------------------------ Parity Preferred Units as to the payment of distributions, distributions pursuant to Section 5.1 hereofof the Partnership Agreement, Holders holders of Series A E Preferred Units will shall be entitled to receive, when, as and if declared by the Partnership acting through the General Partner, out of Available Cash, cumulative preferential cash distributions at the rate per annum of 8.075% of the original Capital Contribution per Series A Preferred UnitPriority Return. Such distributions Priority Return shall be cumulative, shall accrue from the original date of issuance and of the Series E Preferred Units and, notwithstanding Section 5.1 of the Partnership Agreement, will be payable (Ai) quarterly (such quarterly periods for purposes of payment in arrears on March 31, June 30, September 30 and accrual will be the quarterly periods ending on the dates specified in this sentence and not calendar year quarters) in arrears, on or before February 15, May 15, August 15 and November 15 December 31 of each year andcommencing on September 30, 2001, and (B), ii) in the event of (iA) a redemption of Series E Preferred Units, or (B) an exchange of Series A E Preferred Units into REIT Series A E Preferred Shares, or (ii) a redemption of Series A Preferred UnitsStock, on the exchange redemption date or redemption the exchange date, as applicable (each a "Series E Preferred Unit -------------- Distribution Payment Date"), commencing (i) in the case of Series A Preferred ------------------------- Units originally issued on February 6, 1998, on May 15, 1998 and (ii) in the case of all other Series A Preferred Units, on the first of such payment dates to occur following their original date of issuance. The amount of the distribution payable for any period will be computed on the basis of a 360-day year of twelve 30-day months and for any period shorter than a full quarterly period for which distributions are computed, the amount of the distribution payable will be computed based on the basis ratio of the actual number of days elapsed in such a 30-day monthperiod to ninety (90) days. If any date on which distributions are to be made on the Series A E Preferred Units is not a Business Day (as defined herein), then payment of the distribution to be made on such date will be made on the next succeeding day that is a Business Day (and without any interest or other payment in respect of any such delay) except that, if such Business Day is in the next succeeding calendar year, such payment shall be made on the immediately preceding Business Day, in each case such date with the same force and effect as if made on such date. Distributions on the Series A E Preferred Units will be made to the Holders holders of record of the Series A E Preferred Units on the relevant record datesdates to be fixed by the Partnership acting through the General Partner, which will be record dates shall in no event exceed fifteen (15) days Business Days prior to the relevant Series E Preferred Unit Distribution Payment Date (the "Series E Preferred Unit Partnership Record Date"). --------------------------------------.

Payment of Distributions. Subject to the rights of Holders holders of ------------------------ Parity Preferred Units and any holders of Partnership Interests issued after the date hereof in accordance herewith ranking senior to the Series A Preferred Units as to the payment of distributions, pursuant to Section 5.1 hereof, Holders holders of Series A Preferred Units will shall be entitled to receive, when, as and if declared by the Partnership acting through the General Partner, out of Available CashCash and Capital Transaction Proceeds, cumulative preferential cash distributions at the rate per annum of 8.0758.125% of the original Capital Contribution per Series A Preferred Unit. Such distributions shall be cumulative, shall accrue from the original date of issuance and will be payable (A) quarterly (such quarterly periods for purposes of payment and accrual will be the quarterly periods ending on the dates specified in this sentence and not calendar year quarters) in arrears, on or before February 15March 31, May 15June 30, August 15 September 30 and November 15 December 31 of each year commencing on June 30, 1998 and, (B), in the event of (i) an exchange of Series A Preferred Units into REIT Series A Preferred SharesStock, or (ii) a redemption of Series A Preferred Units, on the exchange date or redemption date, as applicable (each a "Preferred Unit -------------- Distribution Payment Date"), commencing (i) in the case of Series A Preferred ------------------------- Units originally issued on February 6, 1998, on May 15, 1998 and (ii) in the case of all other Series A Preferred Units, on the first of such payment dates to occur following their original date of issuance. The amount of the distribution payable for any ------------------------- period will be computed on the basis of a 360-day year of twelve 30-day months and for any period shorter than a full quarterly period for which distributions are computed, the amount of the distribution payable will be computed on the basis of the actual number of days elapsed in such a 30-day month. If any date on which distributions are to be made on the Series A Preferred Units is not a Business Day (as defined herein), then payment of the distribution to be made on such date will be made on the next succeeding day that is a Business Day (and without any interest or other payment in respect of any such delay) except that, if such Business Day is in the next succeeding calendar year, such payment shall be made on the immediately preceding Business Day, in each case with the same force and effect as if made on such date. Distributions on June 30, 1998 and thereafter on the Series A Preferred Units will be made to the Holders holders of record of the Series A Preferred Units on the relevant record datesdates to be fixed by the Partnership acting through the General Partner, which will record dates shall be fifteen not less than ten (1510) days and not more than thirty (30) Business Days prior to the relevant Preferred Unit Distribution Payment Date (the "Preferred Unit Partnership Record DatePREFERRED UNIT -------------- PARTNERSHIP RECORD DATE"). -------------------------------------------------------------

Payment of Distributions. (i) Subject to the rights of Holders holders of ------------------------ Parity Preferred Units as to the payment of distributions, pursuant to Section 5.1 hereof, Holders holders of Series A Preferred F Preference Units will shall be entitled to receive, when, as and if declared by the Partnership acting through the General Partner, out of Capital Cash Flow and Operating Cash Flow (together, “Available Cash”), cumulative preferential cash distributions at the rate per annum of 8.0757.95% of the original Capital Contribution per Series A Preferred F Preference Unit. Such All distributions shall be cumulative, shall accrue from the original date of issuance and will be payable (A1) quarterly (such quarterly periods for purposes of payment and accrual will be the quarterly periods ending on the dates specified in this sentence and not calendar year quarterssentence) in arrears, on or before February 15March 31, May 15June 30, August 15 September 30 and November 15 December 31 of each year and, commencing on the first of such dates to occur after the original date of issuance (B), with the first such payment to include the period commencing on the day following the date the Contributions are received by the Partnership and ending on the last day of such calendar quarter) and (2) in the event of (iA) an exchange of Series A Preferred F Preference Units into REIT Series A F Preferred SharesStock (as hereinafter defined), or (iiB) a redemption of Series A Preferred F Preference Units, on the exchange date or redemption date, as applicable (each such payment, exchange or redemption date, a "“Preferred Unit -------------- Distribution Payment Date"”), commencing (i) in the case of Series A Preferred ------------------------- Units originally issued on February 6, 1998, on May 15, 1998 and (ii) in the case of all other Series A Preferred Units, on the first of such payment dates to occur following their original date of issuance. The amount of the distribution payable for any period will be computed on the basis of a 360-day year of twelve 30-day months and for any period shorter than a full quarterly period for which distributions are computed, the amount of the distribution payable will be computed based on the basis ratio of the actual number of days elapsed in such a 30-day monthperiod to ninety (90) days. If any date on which distributions are to be made on the Series A Preferred F Preference Units is not a Business Day (as defined herein), then payment of the distribution to be made on such date will be made on the next succeeding day that is a Business Day (and without any interest or other payment in respect of any such delay) except that, if such Business Day is in the next succeeding calendar year, such payment shall be made on the immediately preceding Business Day, in each case with the same force and effect as if made on such date. Distributions on the Series A Preferred F Preference Units will be made to the Holders holders of record of the Series A Preferred Units on the relevant record dates, which will be fifteen (15) days prior to the relevant Preferred Unit Distribution Payment Date (the "Preferred Unit Partnership Record Date"). --------------------------------------F

Payment of Distributions. (i) Subject to the rights of Holders holders of ------------------------ Parity Preferred Units as to the payment of distributions, pursuant and holders of preferred units ranking senior to Section 5.1 hereofthe Series G Units, Holders as to payment of distributions, holders of Series A Preferred G Units will be entitled to receive, when, as and if declared by the Partnership acting through the General Partner, out of Capital Cash Flow and Operating Cash Flow (together, “Available Cash”), cumulative preferential cash distributions at the rate per annum of 8.0758.034% of the original Capital Contribution per Series A Preferred G Unit. Such All distributions shall be cumulative, shall accrue accumulate from the original date of issuance and will be payable (A1) quarterly (such quarterly periods for purposes of payment and accrual will be the quarterly periods ending on the dates specified in this sentence and not calendar year quarterssentence) in arrears, on or before February 15March 31, May 15June 30, August 15 September 30 and November 15 December 31 of each year andcommencing on March 31, 2011 and (B), 2) in the event of (i) an exchange of Series A Preferred Units into REIT Series A Preferred Shares, or (ii) a redemption of Series A Preferred Units, on the redemption date, (each such payment, exchange date or redemption date, as applicable (each a "“Preferred Unit -------------- Distribution Payment Date"”), commencing (i) in the case of Series A Preferred ------------------------- Units originally issued on February 6, 1998, on May 15, 1998 and (ii) in the case of all other Series A Preferred Units, on the first of such payment dates to occur following their original date of issuance. The amount of the distribution payable for any period will be computed based on the basis ratio of a 360-day year of twelve 30-day months and for any period shorter than a full quarterly period for which distributions are computed, the amount of the distribution payable will be computed on the basis of the actual number of days elapsed in such a 30-day monthperiod to ninety (90) days. If any date on which distributions are to be made on the Series A Preferred G Units is not a Business Day (as defined herein), then payment of the distribution to be made on such date will be made on the next succeeding day that is a Business Day (and without any interest or other payment in respect of any such delay) except that, if such Business Day is in the next succeeding calendar year, such payment shall be made on the immediately preceding Business Day, in each case with the same force and effect as if made on such date. Distributions on the Series A Preferred G Units will be made to the Holders holders of record of the Series A Preferred G Units on the relevant record datesdates to be fixed by the Partnership acting through the General Partner, which will be record dates shall in no event exceed fifteen (15) days Business Days prior to the relevant Preferred Unit Distribution Payment Date (the "each, a “Preferred Unit Partnership Record Date"”). --------------------------------------The term “Business Day” shall mean each day, other than a Saturday or a Sunday, which is not a day on which banking institutions in New York, New York are authorized or required by law, regulation or executive order to close.

Payment of Distributions. (i) Subject to the rights of Holders holders of ------------------------ Series A Preferred Units, Parity Preferred Units, Preferred OP Units and Series B Parity Preferred Units as to the payment of distributions, distributions pursuant to Section 5.1 hereofSections 4.3, Holders 8.2 and 16.3 of the Agreement, holders of Series A B Preferred Units will shall be entitled to receive, when, as and if declared by the Partnership acting through the General Partner, out of Available Cashthe Partnership's available cash, cumulative preferential cash distributions at the rate per annum of 8.075% of the original Capital Contribution per Series A Preferred Unit. Such B Priority Return. (ii) All distributions shall be cumulative, shall accrue from the original date of issuance and will be payable (Ai) quarterly (such quarterly periods for purposes of payment and accrual will be the quarterly periods ending on the dates specified in this sentence and not calendar year quarterssentence) in arrears, on or before February 15April 30, May 15June 30, August 15 September 30 and November 15 December 31 of each year andyear, commencing on June 30, 2000 (B), in with the event of (i) an exchange of Series A Preferred Units into REIT Series A Preferred Shares, or (ii) a redemption of Series A Preferred Units, first such payment to include the amount accrued from the period commencing on the exchange date or redemption datehereof through and including June 30, as applicable (each a "Preferred Unit -------------- Distribution Payment Date"), commencing (i2000) in the case of Series A Preferred ------------------------- Units originally issued on February 6, 1998, on May 15, 1998 and (ii) in the case event of all other a redemption of Series A B Preferred Units, on the first of such payment dates to occur following their original redemption date of issuance(each a "SERIES B PREFERRED UNIT DISTRIBUTION PAYMENT DATE"). The amount of the distribution payable for any period will be computed on the basis of a 360365-day year of twelve 30-day months and for any period shorter than a full quarterly period for which distributions are computed, the amount of the distribution payable will be computed based on the basis ratio of the actual number of days elapsed in such a 30-day monthperiod to the actual number of days in such quarterly period. If any date on which distributions are to be made on the Series A B Preferred Units is not a Business Day (as defined hereinin SECTION 14), then payment of the distribution to be made on such date will be made on the next succeeding day that is a Business Day (and without any interest or other payment in respect of any such delay) except that, if such Business Day is in the next succeeding calendar year, such payment shall be made on the immediately preceding Business Day, in each case with the same force and effect as if made on such date. Distributions on the Series A B Preferred Units will be made to the Holders holders of record of the Series A B Preferred Units on the relevant record datesdates to be fixed by the Partnership acting through the General Partner, which will be record dates shall in no event exceed fifteen (15) days Business Days prior to the relevant Series B Preferred Unit Distribution Payment Date (the "Preferred Unit Partnership Record Date"). --------------------------------------.

Payment of Distributions. Subject to the rights of Holders holders of ------------------------ Parity Preferred Units as to the payment of distributions, pursuant to Section 5.1 hereof6.2 of the Partnership Agreement, Holders holders of Series A Preferred Units will shall be entitled to receive, when, as and if declared by the Partnership acting through the General PartnerPartnership, out of Available CashOperating Cash Flow, cumulative preferential cash distributions at the rate per annum of 8.0758.125% of the original Capital Contribution per Series A Preferred Unit; provided, however, that in the event Xxxxx'x shall upgrade Chateau Communities, Inc.'s preferred stock rating to not lower than "baa3" within 90 days after the date hereof the rate per annum shall be 7.80% of the original Capital Contribution per Series A Preferred Unit, in which case the designation of the Series A Preferred Units will change accordingly to reflect such new dividend rate. Such distributions shall be cumulative, shall accrue from the original date of issuance and will be payable (A) quarterly (such quarterly periods for purposes of payment and accrual will be the quarterly periods ending on the dates specified in this sentence and not calendar year quarters) in arrears, on or before February 15, May 15, August 15, November 15 and November 15 February 15, of each year commencing on May 15, 1998 and, (B), in the event of (i) an exchange of Series A Preferred Units into REIT Series A Preferred SharesStock, or (ii) a redemption of Series A Preferred Units, on the exchange date or redemption date, as applicable (each a "Preferred Unit -------------- Distribution Payment DatePREFERRED UNIT DISTRIBUTION PAYMENT DATE"), commencing (i) in the case of Series A Preferred ------------------------- Units originally issued on February 6, 1998, on May 15, 1998 and (ii) in the case of all other Series A Preferred Units, on the first of such payment dates to occur following their original date of issuance. The amount of the distribution payable for any period will be computed on the basis of a 360-day year of twelve 30-day months and for any period shorter than a full quarterly period for which distributions are computed, the amount of the distribution payable will be computed on the basis of the actual number of days elapsed in such a 30-day month. If any date on which distributions are to be made on the Series A Preferred Units is not a Business Day (as defined herein), then payment of the distribution to be made on such date will be made on the next succeeding day that is a Business Day (and without any interest or other payment in respect of any such delay) except that, if such Business Day is in the next succeeding calendar year, such payment shall be made on the immediately preceding Business Day, in each case with the same force and effect as if made on such date. Distributions on the Series A Preferred Units will be made to the Holders holders of record of the Series A Preferred Units on the relevant record datesdates to be fixed by the Partnership, which will be fifteen (15) days record dates shall in no event exceed 15 Business Days prior to the relevant Preferred Unit Distribution Payment Date (the "Preferred Unit Partnership Record DatePREFERRED UNIT PARTNERSHIP RECORD DATE"). --------------------------------------.

Payment of Distributions. Subject to the rights of Holders holders of ------------------------ Parity Preferred Units as to the payment of distributions, pursuant to Section 5.1 Sections 5.1, 5.3 and 13.2 hereof, Holders holders of Series A B Preferred Units will shall be entitled to receive, when, as and if declared by the Partnership acting through the General Partner, out of Available Cash, cumulative preferential cash distributions at the rate per annum of 8.0758.5% of the original Capital Contribution per Series A B Preferred Unit. With respect to the Holders of the Series B Preferred Units, the original Capital Contribution per Series B Preferred Unit is $25. Such distributions shall be cumulative, shall accrue from the original date of issuance and will be payable (Ai) quarterly (such quarterly periods for purposes of payment and accrual will be the quarterly periods ending on the dates specified in this sentence and not calendar year quarters) in arrears, on or before February 15not later than the third calendar day after March 31, May 15June 30, August 15 September 30 and November 15 December 31 of each year commencing on March 31, 1999 and, (B), ii) in the event of (ia) an exchange of Series A B Preferred Units into REIT Series A B Preferred Shares, or (iib) a redemption of Series A B Preferred Units, on the exchange date or redemption date, as applicable (each a "Preferred Unit -------------- Distribution Payment DateSERIES B PREFERRED UNIT DISTRIBUTION PAYMENT DATE"), commencing (i) in the case of Series A Preferred ------------------------- Units originally issued on February 6, 1998, on May 15, 1998 and (ii) in the case of all other Series A Preferred Units, on the first of such payment dates to occur following their original date of issuance. The amount of the distribution payable for any period will be computed on the basis of a 360-day year of twelve 30-day months and for any period shorter than a full quarterly period for which distributions are computed, the amount of the distribution payable will be computed on the basis of the actual number of days elapsed in such a 30-day month. If any date on which distributions are to be made on the Series A B Preferred Units is not a Business Day (as defined herein)Day, then payment of the distribution to be made on such date will be made on the next succeeding day that is a Business Day (and without any interest or other payment in respect of any such delay) except that, if such Business Day is in the next succeeding calendar year, such payment shall be made on the immediately preceding Business Day, in each case with the same force and effect as if made on such date. Distributions on the Series A B Preferred Units will be made to the Holders holders of record of the Series A B Preferred Units on the relevant record datesdates to be fixed by the Partnership acting through the General Partner, which will be record dates shall in no event exceed fifteen (15) days Business Days prior to the relevant Series B Preferred Unit Distribution Payment Date (the "Preferred Unit Partnership Record DateSERIES B PREFERRED UNIT PARTNERSHIP RECORD DATE"). --------------------------------------.

Payment of Distributions. Subject to the rights of Holders of ------------------------ Parity Preferred Units as to the payment of distributions, pursuant to Section 5.1 hereof, Holders of Series A C Preferred Units will be entitled to receive, when, as and if declared by the Partnership acting through the General Partner, out of Available Cash, cumulative preferential cash distributions at the rate per annum of 8.0759 3/8% of the original Capital Contribution per Series A C Preferred Unit. Such distributions shall be cumulative, shall accrue from the original date of issuance and will be payable (A) quarterly (such quarterly periods for purposes of payment and accrual will be the quarterly periods ending on the dates specified in this sentence and not calendar year quarters) in arrears, on or before February 15the 15th day of February, May 15May, August 15 and November 15 of each year and, (B), in the event of (i) an exchange of Series A C Preferred Units into REIT Series A C Preferred Shares, or (ii) a redemption of Series A C Preferred Units, on the exchange date or redemption date, as applicable (each a "Series C Preferred Unit -------------- ----------------------- Distribution Payment Date"), commencing (i) in the case of Series A Preferred ------------------------- Units originally issued on February 6, 1998, on May 15, 1998 and (ii) in the case of all other Series A Preferred Units, on the first of such payment dates to ------------------------- occur following their original date of issuance. The amount of the distribution payable for any period will be computed on the basis of a 360-day year of twelve 30-day months and for any period shorter than a full quarterly period for which distributions are computed, the amount of the distribution payable will be computed on the basis of the actual number of days elapsed in such a 30-day month. If any date on which distributions are to be made on the Series A C Preferred Units is not a Business Day (as defined herein), then payment of the distribution to be made on such date will be made on the next succeeding day that is a Business Day (and without any interest or other payment in respect of any such delay) except that, if such Business Day is in the next succeeding calendar year, such payment shall be made on the immediately preceding Business Day, in each case with the same force and effect as if made on such date. Distributions on the Series A C Preferred Units will be made to the Holders of record of the Series A C Preferred Units on the relevant record dates, which will be fifteen (15) days prior to the relevant Preferred Unit Distribution Payment Date (the "Series C Preferred Unit Partnership Record ------------------------------------------ Date"). ------------------------------------------

Payment of Distributions. Subject to the rights of Holders holders of ------------------------ Parity Preferred Units as to the payment of distributions, pursuant to Section 5.1 Sections 5.1, 5.3 and 13.2 hereof, Holders holders of Series A C Preferred Units will shall be entitled to receive, when, as and if declared by the Partnership acting through the General Partner, out of Available Cash, cumulative preferential cash distributions at the rate per annum of 8.0758.25% of the original Capital Contribution per Series A C Preferred Unit. With respect to the Holders of the Series C Preferred Units, the original Capital Contribution per Series C Preferred Unit is $25. Such distributions shall be cumulative, shall accrue from the original date of issuance and will be payable (Ai) quarterly (such quarterly periods for purposes of payment and accrual will be the quarterly periods ending on the dates specified in this sentence and not calendar year quarters) in arrears, on or before February 15not later than the third calendar day after March 31, May 15June 30, August 15 September 30 and November 15 December 31 of each year commencing on September 30, 1999 and, (B), ii) in the event of (ia) an exchange of Series A C Preferred Units into REIT Series A C Preferred Shares, or (iib) a redemption of Series A C Preferred Units, on the exchange date or redemption date, as applicable (each a "Preferred Unit -------------- Distribution Payment DateSERIES C PREFERRED UNIT DISTRIBUTION PAYMENT DATE"), commencing (i) in the case of Series A Preferred ------------------------- Units originally issued on February 6, 1998, on May 15, 1998 and (ii) in the case of all other Series A Preferred Units, on the first of such payment dates to occur following their original date of issuance. The amount of the distribution payable for any period will be computed on the basis of a 360-day year of twelve 30-day months and for any period shorter than a full quarterly period for which distributions are computed, the amount of the distribution payable will be computed on the basis of the actual number of days elapsed in such a 30-day month. If any date on which distributions are to be made on the Series A C Preferred Units is not a Business Day (as defined herein)Day, then payment of the distribution to be made on such date will be made on the next succeeding day that is a Business Day (and without any interest or other payment in respect of any such delay) except that, if such Business Day is in the next succeeding calendar year, such payment shall be made on the immediately preceding Business Day, in each case with the same force and effect as if made on such date. Distributions on the Series A C Preferred Units will be made to the Holders holders of record of the Series A C Preferred Units on the relevant record datesdates to be fixed by the Partnership acting through the General Partner, which will be record dates shall in no event exceed fifteen (15) days Business Days prior to the relevant Series C Preferred Unit Distribution Payment Date (the "Preferred Unit Partnership Record DateSERIES C PREFERRED UNIT PARTNERSHIP RECORD DATE"). --------------------------------------.

Payment of Distributions. (i) Subject to the rights of Holders holders of ------------------------ Series A Preferred Units, Parity Preferred Units, Preferred OP Units and Series B Parity Preferred Units as to the payment of distributions, distributions pursuant to Section 5.1 hereofSections 4.3, Holders 8.2 and 16.3 of the Agreement, holders of Series A B Preferred Units, Series B-1 Preferred Units will and Series B-2 Preferred Units shall be entitled to receive, when, as and if declared by the Partnership acting through the General Partner, out of Available Cashthe Partnership's available cash, cumulative preferential cash distributions at the rate per annum of 8.075% of the original Capital Contribution per Series A Preferred Unit. Such B Priority Return, Series B-1 Priority Return, and Series B-2 Priority Return, respectively. (ii) All distributions shall be cumulative, shall accrue from the original date of issuance and will be payable (Ai) quarterly (such quarterly periods for purposes of payment and accrual will be the quarterly periods ending on the dates specified in this sentence and not calendar year quarterssentence) in arrears, on or before February 15March 31, May 15June 30, August 15 September 30 and November 15 December 31 of each year andyear, (B), in the event of (i) an exchange of Series A Preferred Units into REIT Series A Preferred Shares, or (ii) a redemption of Series A Preferred Units, on the exchange date or redemption date, as applicable (each a "Preferred Unit -------------- Distribution Payment Date"), commencing (i) in the case of Series A Preferred ------------------------- Units originally issued on February 6, 1998, on May 15, 1998 and (ii) in the case event of all other a redemption of Series A B Cumulative Preferred Units, on the first of such payment dates to occur following their original redemption date of issuance(each a "SERIES B CUMULATIVE PREFERRED UNIT DISTRIBUTION PAYMENT DATE"). The amount of the distribution payable for any period will be computed on the basis of a 360365-day year of twelve 30-day months and for any period shorter than a full quarterly period for which distributions are computed, the amount of the distribution payable will be computed based on the basis ratio of the actual number of days elapsed in such a 30-day monthperiod to the actual number of days in such quarterly period. If any date on which distributions are to be made on the Series A B Cumulative Preferred Units is not a Business Day (as defined hereinin Section 14), then payment of the distribution to be made on such date will be made on the next succeeding day that is a Business Day (and without any interest or other payment in respect of any such delay) except that, if such Business Day is in the next succeeding calendar year, such payment shall be made on the immediately preceding Business Day, in each case with the same force and effect as if made on such date. Distributions on the Series A B Cumulative Preferred Units will be made to the Holders holders of record of the Series A B Cumulative Preferred Units on the relevant record datesdates to be fixed by the Partnership acting through the General Partner, which will be record dates shall in no event exceed fifteen (15) days Business Days prior to the relevant Series B Cumulative Preferred Unit Distribution Payment Date (the "Preferred Unit Partnership Record Date"). --------------------------------------.

Payment of Distributions. Subject to the rights of Holders holders of ------------------------ Senior Preferred Units and Parity Preferred Units as to the payment of distributionsUnits, pursuant to Section 5.1 hereofif any, Holders holders of Series A D Preferred Units will shall be entitled to receive, when, as and if authorized and declared by the Partnership acting through the General Partner, out of Available Cash, cumulative preferential cash distributions at the rate per annum of 8.0759.45% of the original Capital Contribution per Stated Value of the Series A D Preferred UnitUnits. Such distributions Distributions shall be cumulative, shall accrue from the original date of issuance and will all distributions accrued to the scheduled date of payment shall be payable in cash (Ai) quarterly (such quarterly periods for purposes of payment and accrual will be the quarterly periods ending on and including the dates specified in this sentence and not calendar year quarters) in arrears, on or before February March 15, May June 15, August September 15 and November December 15 of each year commencing on December 15, 1999 (with the first such payment to include the amount accrued from the period commencing October 1, 1999 and ending December 15, 1999) and, (B), ii) in the event of (iA) an exchange of Series A D Preferred Units into REIT Series A D Cumulative Redeemable Preferred SharesStock of the General Partner (the "Series D Preferred Stock"), or (iiB) a redemption of Series A D Preferred Units, on the exchange date or redemption date, as applicable (each a "Preferred Unit -------------- Distribution Payment Date"), commencing (i) in the case of Series A Preferred ------------------------- Units originally issued on February 6, 1998, on May 15, 1998 and (ii) in the case of all other Series A Preferred Units, on the first of such payment dates to occur following their original date of issuance. The amount of the distribution payable for any period will shall be computed on the basis of a 360-day year of twelve 30-day months months, and the amount of the distribution payable on the initial Preferred Unit Distribution Payment Date and for any period shorter than a full quarterly period for which distributions are computed, the amount of the distribution payable will computed shall be computed based on the basis ratio of the actual number of days elapsed in such a 30-day monthquarterly period to 90 days. If any date on which distributions are to be made on the Series A D Preferred Units is not a Business Day (as defined herein)Day, then payment of the distribution to be made on such date will shall be made on the next succeeding day that is a Business Day (and without any interest or other payment in respect of any such delay) except that, if such Business Day is in the next succeeding calendar year, such payment shall be made on the immediately preceding Business Day, in each case with the same force and effect as if made on such date. Distributions on the Series A D Preferred Units will shall be made to the Holders holders of record of the Series A D Preferred Units on the relevant record datesdates to be fixed by the Partnership acting through the General Partner, which will record dates shall be fifteen (15) not more than 60 days prior to the relevant Preferred Unit Distribution Payment Date (the each, a "Preferred Unit Partnership Record Date"). --------------------------------------.

Payment of Distributions. Subject to the rights of Holders of ------------------------ Parity Preferred Units as to the payment of distributions, pursuant to Section 5.1 hereof, Holders of Series A D Preferred Units will shall be entitled to receive, when, as and if declared by the Partnership acting through the General Partner, out of Available Cash, cumulative preferential cash distributions at the rate per annum of 8.0759 1/4% of the original Capital Contribution per Series A D Preferred Unit. Such All distributions shall be cumulative, shall accrue from the original date of issuance and will be payable (Ai) quarterly (such quarterly periods for purposes of payment and accrual will be the quarterly periods ending on the dates specified in this sentence and not calendar year quarters) in arrears, on or before February 15, May 15, August 15 and November 15 15, of each year commencing on the first such payment dates to occur following their original date of issuance, and, (Bii), in the event of (iA) an exchange of Series A D Preferred Units into REIT Series A D Preferred Shares, or (iiB) a redemption of Series A D Preferred Units, on the exchange date or redemption date, as applicable (each a "“Series D Preferred Unit -------------- Distribution Payment Date"”), commencing (i) in the case of Series A Preferred ------------------------- Units originally issued on February 6, 1998, on May 15, 1998 and (ii) in the case of all other Series A Preferred Units, on the first of such payment dates to occur following their original date of issuance. The amount of the distribution payable for any period will be computed on the basis of a 360-day year of twelve 30-day months and for any period shorter than a full quarterly period for which distributions are computed, the amount of the distribution payable will be computed based on the basis ratio of the actual number of days elapsed in such a 30-day monthperiod to ninety (90) days. If any date on which distributions are to be made on the Series A D Preferred Units is not a Business Day (as defined herein), then payment of the distribution to be made on such date will be made on the next succeeding day that is a Business Day (and without any interest or other payment in respect of any such delay) except that, if such Business Day is in the next succeeding calendar year, such payment shall be made on the immediately preceding Business Day, in each case with the same force and effect as if made on such date. Distributions on the Series A D Preferred Units will be made to the Holders of record of the Series A D Preferred Units on the relevant record datesdates to be fixed by the Partnership acting through the General Partner, which will be record dates shall in no event exceed fifteen (15) days Business Days prior to the relevant Series D Preferred Unit Distribution Payment Date (the "“Series D Preferred Unit Partnership Record Date"”). --------------------------------------.

Payment of Distributions. Subject to the rights of Holders holders of ------------------------ Parity Preferred Units as to the payment of distributions, pursuant to Section 5.1 hereof1.2.C. of Exhibit I, Holders holders of Series A D Preferred Units will be entitled to receive, when, as and if declared by the Partnership acting through the General Partner, out of Available Cash, cumulative preferential cash distributions at the rate per annum of 8.0758% of the original Capital Contribution per Series A D Preferred Unit. Such distributions shall be cumulative, shall accrue from the original date of issuance and will be payable (A) quarterly (such quarterly periods for purposes of payment and accrual will be the quarterly periods ending on the dates specified last day of the quarterly periods set forth in this sentence clause (A) and not calendar year quarters) in arrears, arrears on or before February 15, May 15, August 15 and November 15 the 1st day of each year andof March, June, September and December of each year, commencing on December 1, 1999, and (B), ) in the event of (i) an exchange of Series A D Preferred Units into REIT Series A D Preferred Shares, or (ii) a redemption of Series A D Preferred Units, on the exchange date or redemption date, as applicable (each a "Series D Preferred Unit -------------- Distribution Payment Date"), commencing (i) in the case of Series A Preferred ------------------------- Units originally issued on February 6, 1998, on May 15, 1998 and (ii) in the case of all other Series A Preferred Units, on the first of such payment dates to occur following their original date of issuance. The amount of the distribution payable for any period will be computed on the basis of a 360-day year of twelve 30-day months and for any period shorter than a full quarterly period for which distributions are computed, the amount of the distribution payable will be computed based on the basis ratio of the actual number of days elapsed in such a 30-day monthperiod to ninety (90) days. If any date on which distributions are to be made on the Series A D Preferred Units is not a Business Day (as defined herein)Day, then payment of the distribution to be made on such date will be made on the next succeeding day that is a Business Day (and without any interest or other payment in respect of any such delay) except that, if such Business Day is in the next succeeding calendar year, such payment shall be made on the immediately preceding Business Day, in each case with the same force and effect as if made on such date. Distributions on the Series A D Preferred Units will be made to the Holders holders of record of the Series A D Preferred Units on the relevant record dates, which will be fifteen (15) days prior to the relevant Preferred Unit Distribution Payment Date (the "Series D Preferred Unit Partnership Record Date"). --------------------------------------.

Payment of Distributions. Subject to the rights of Holders holders of ------------------------ Parity Preferred Units as to the payment of distributions, distributions pursuant to Section 5.1 hereofof the Partnership Agreement, Holders holders of Series A G Preferred Units will shall be entitled to receive, when, as and if declared by the Partnership acting through the General Partner, out of Available Cash, cumulative preferential cash distributions at the rate per annum of 8.075% of the original Capital Contribution per Series A Preferred UnitPriority Return. Such distributions Priority Return shall be cumulative, shall accrue from the original date of issuance and of the Series G Preferred Units and, notwithstanding Section 5.1 of the Partnership Agreement, will be payable (Ai) quarterly (such quarterly periods for purposes of payment in arrears on March 31, June 30, September 30 and accrual will be the quarterly periods ending on the dates specified in this sentence and not calendar year quarters) in arrears, on or before February 15, May 15, August 15 and November 15 December 31 of each year andcommencing on December 31, 2002, and (B), ii) in the event of (iA) a redemption of Series G Preferred Units, or (B) an exchange of Series A G Preferred Units into REIT Series A G Preferred Shares, or (ii) a redemption of Series A Preferred UnitsStock, on the exchange redemption date or redemption the exchange date, as applicable (each a "“Series G Preferred Unit -------------- Distribution Payment Date"”), commencing (i) in the case of Series A Preferred ------------------------- Units originally issued on February 6, 1998, on May 15, 1998 and (ii) in the case of all other Series A Preferred Units, on the first of such payment dates to occur following their original date of issuance. The amount of the distribution payable for any period will be computed on the basis of a 360-day year of twelve 30-day months and for any period shorter than a full quarterly period for which distributions are computed, the amount of the distribution payable will be computed based on the basis ratio of the actual number of days elapsed in such a 30-day monthperiod to ninety (90) days. If any date on which distributions are to be made on the Series A G Preferred Units is not a Business Day (as defined herein), then payment of the distribution to be made on such date will be made on the next succeeding day that is a Business Day (and without any interest or other payment in respect of any such delay) except that, if such Business Day is in the next succeeding calendar year, such payment shall be made on the immediately preceding Business Day, in each case such date with the same force and effect as if made on such date. Distributions on the Series A G Preferred Units will be made to the Holders holders of record of the Series A G Preferred Units on the relevant record datesdates to be fixed by the Partnership acting through the General Partner, which will be record dates shall in no event exceed fifteen (15) days Business Days prior to the relevant Series G Preferred Unit Distribution Payment Date (the "“Series G Preferred Unit Partnership Record Date"”). --------------------------------------.