Priority Return. As of any date, an aggregate amount equal to an 6% cumulative, non-compounded, annual return on Invested Capital, prorated for any partial year. For purposes of calculating the Priority Return for any calendar year or portion thereof, the Company will use the daily amount of Invested Capital for such period.
Priority Return. A cumulative preferred return thereon commencing on the date of issuance as follows:
(A) A Priority Return Amount, payable in cash, at a Priority Return Percentage equal to 7.5 percent per annum of the Series B Liquidation Preference for each Series B Convertible Preferred Unit issued; or
(B) To the extent insufficient funds are legally or otherwise available for a cash payment as described in Section 9.2(d)(iii)(A) above, the unpaid portion of such Priority Return Amount shall be payable in kind in additional Series B Convertible Preferred Units (instead of the accrued but unpaid cash) (each such distribution, a “PIK Distribution”) in an amount per Series B Convertible Preferred Unit equal to (1) the product of (x) the Liquidation Preference of such Series B Convertible Preferred Unit multiplied by a fraction, the denominator of which is the Priority Return Amount otherwise payable in cash on such Distribution Date and the numerator of which is the portion of such Priority Return Amount not actually distributed in cash to the holder of such Series B Convertible Preferred Unit on the applicable Distribution Payment Date in respect of such Priority Return Amount and (y) a rate per annum equal to 10% applied on the basis of the applicable Distribution Period, divided by (2) $100.00. Series B Convertible Preferred Units payable as PIK Distributions to any holder in respect of Series B Convertible Preferred Units will be aggregated with all other PIK Distributions payable to each holder thereof, with any remaining fractional Series B Convertible Preferred Units added to the Series B Liquidation Preference (at a rate of $100 per Series B Convertible Preferred Unit) until paid on a subsequent Distribution Payment Date. For the avoidance of doubt, and solely by way of example, assuming a single Series B Convertible Preferred Unit is outstanding (the “Outstanding Unit”), with a Liquidation Preference of $100, and a Priority Return Amount of $7.50 for the applicable Distribution Period (assuming a one year period), and assuming that the Partnership distributes $3.00 in cash to the holder of the Outstanding Unit on the applicable Distribution Payment Date, 0.06 of a single Series B Convertible Preferred Unit would be distributed to the holder of the Outstanding Unit under this Section 9.2(iii)(B), as follows: The Liquidation Preference of the Outstanding Unit is $100, which is multiplied by a fraction the numerator of which is the unpaid Priority Return Amount ($7.5...
Priority Return. As of any date, an aggregate amount equal to a 6% cumulative, non-compounded, annual return on Invested Capital, prorated for any partial year. For purposes of calculating the Priority Return for any calendar year or portion thereof, the Company will use the daily weighted average amount of Invested Capital for such period. Notwithstanding the foregoing, the Priority Return of 6% will be effective only upon approval by the Company’s stockholders of an amendment to the Company’s articles of incorporation wherein the Priority Return is changed from 8% to 6%. Until the approval of such amendment by the stockholders, the Priority Return will be 8%.
Priority Return. “Priority Return” means a sum equal to fourteen percent (14%) per annum, determined on the basis of a year of 365, as the case may be, for the actual number of days occurring in the period for which the Priority Return is being determined, cumulative to the extent not distributed in any given quarter pursuant to Section 5.2(a) hereof, of the average daily balance of the Preferred Unit Holder’s Preferential Return Account from time to time during the period to which the Priority Return relates, commencing on the date the Preferred Unit Holder first makes a Capital Contribution pursuant to Section 3.1 hereof.
Priority Return. First, the Company shall distribute to each Class A Member an amount equal to the excess, if any, of (i) the Priority Return of the Class A Member from the date such Class A Member first has Unre- turned Capital to the date of such distribution, over (ii) the sum of all prior distributions to such Class A Member pursuant to this Section 4.1(a) and Section 4.2(a). If less than the total amount distributable to all Class A Members under this Section 4.1(a) is to be distributed, the amount distributed shall be allocated among the Class A Members in proportion to the then unsatisfied amounts owing to them.
Priority Return. For each Investor, and NOX to the extent of any cash capital contributions as of any date, the sum of (a) the Capital Contributions in the form of cash or other immediately available funds of such Investor, plus (b) the Cumulative Tax Liability of such Investor as of such date.
Priority Return. First, to the Venturers, pro rata and in proportion to their respective Undistributed Accrued Priority Returns, until their Undistributed Accrued Priority Returns are reduced to zero;
Priority Return. The “Priority Return” means, with respect to each Preferred Unit, the sum of (i) the accrued and unpaid Priority Return associated with such Preferred Unit as of the date hereof, as set forth in Schedule A, plus (ii) a return at the Priority Return Rate accruing daily from the date hereof and compounded quarterly on the unreturned Initial Preference Amount with respect to such Preferred Unit determined on the basis of a year of 365 or 366 days, as the case may be, for the actual number of days occurring in the period for which the Priority Return is being determined.
Priority Return. As of any date, calculated separately as to each Priority Unit, an amount equal to fifteen percent (15%) per annum on the amount of the Partner’s Capital Contribution for such Priority Unit from (a) the date upon which the Partner’s Capital Contribution for such Priority Unit was made, to (b) December 31, 2009.
Priority Return. Gross income for each Fiscal Year shall be allocated to each Partner receiving payments in such Fiscal Year of the Priority Return and that portion of the ORD Preference relating to net income generated by the operations of the Hotel as described in (i) of the definition of “ORD Preference”; such gross income being allocated to the extent of such payments made with respect to such Fiscal Year.
