Regular Distributions. On each Payment Date, so long as no Event of Default or Early Amortization Event has occurred and is continuing, after the withdrawals and transfers provided for in Section 3.02 have been made, the Available Collections Amount will be applied in the following order of priority, and in each case after the payment of any Railroad Mileage Credit reimbursements:
(1) to the payment of the portion of the Required Expense Amount described in clause (i) of the definition thereof to the applicable payees, and to the Expense Account an amount equal to the Required Expense Deposit;
(2) to the payment to the Service Providers of the Service Provider Fees;
(3) pro rata, to the payment of (i) applicable Enhancement Premium owing to any Series Enhancer in respect of Class A Notes, (ii) interest on unreimbursed drawings owing to a Series Enhancer in respect of Class A Notes (at the related Class A Interest Rate), and (iii) Series Enhancer Expenses owing to a Series Enhancer in respect of Class A Notes (with the amount of such expense payments funded at this level of the Flow of Funds not to exceed $1,000,000 in any 12-month period);
(4) pro rata, to the payment of (i) Class A Interest, and (ii) reimbursement of any amounts due in respect of interest payments paid by any Series Enhancer for Class A Notes;
(5) pro rata, to the payment of applicable Enhancement Prepayment Premium owing to any Series Enhancer in respect of Class A Notes;
(6) a deposit to the Class A Liquidity Reserve Account equal to the positive difference (if any) between (i) the Class A Liquidity Reserve Target Amount and (ii) the balance in the Class A Liquidity Reserve Account;
(7) to the Class Accounts for the Class A Notes, their Minimum Principal Payment Amounts, allocated among the Class A Notes in accordance with the Series Allocation Rules;
(8) pro rata, to the payment of (i) applicable Enhancement Premium owing to any Series Enhancer in respect of Class B Notes, (ii) interest on unreimbursed drawings owing to a Series Enhancer in respect of Class B Notes (at the related Class B Interest Rate), and (iii) Series Enhancer Expenses owing to a Series Enhancer in respect of Class B Notes (with the amount of such expense payments payable at this level of the Flow of Funds not to exceed $1,000,000 in any 12-month period);
(9) pro rata, to the payment of (i) Class B Interest, and (ii) reimbursement of any amounts due in respect of interest payments paid by any Series Enhancer for Class B Notes;
(10) to the...
Regular Distributions. Subject to the rights of the holders of Preferred Units ranking senior to or on parity with the Series H Preferred Units, the holders of Series H Preferred Units shall be entitled to receive on each Distribution Payment Date, out of assets of the Partnership legally available for the payment of the distributions, monthly cumulative cash distributions at the following rates per annum on the $1,000 liquidation preference per Series H Preferred Unit:
(i) during such periods as the Series H Preferred Units are Base Rate Units, the Base Rate plus the Applicable Margin; and
(ii) during such periods as the Series H Preferred Units are LIBOR Units, the LIBOR Rate for such period plus the Applicable Margin. Notwithstanding anything to the contrary contained herein, after the Maturity Date and during any period when an Event of Default exists (as such term is defined in the Loan Agreement), the holders of Series H Preferred Units shall be entitled to receive on each Distribution Payment Date, cash distributions at the applicable Default Rate on $1,000 liquidation preference per Unit and all distributions thereon not paid when due. In addition to any distributions due under this Section 6, the Partnership shall pay to holders of Series H Preferred Units a late payment premium in the amount of two percent (2%) of any payments of distributions made two days after the Distribution Payment Date.
Regular Distributions. Except for distributions pursuant to Section 13.2 in connection with the dissolution and liquidation of the Partnership, and subject to the provisions of Sections 5.3, 5.4 and 5.5, the General Partner shall cause the Partnership to distribute, from time to time as determined by the General Partner, but in any event not less frequently than once each Quarter, the Partnership's Pro Rata Share of all Available Cash, to the Partners, in accordance with each Partner's respective Percentage Interest; provided, however, that in no event may a Limited Partner receive a distribution of Available Cash with respect to a L.P. Unit, if such Limited Partner is entitled to receive a distribution out of such Available Cash with respect to a share of Common Stock for which such L.P. Unit has been exchanged.
Regular Distributions. (a) Except for distributions pursuant to Section 13.2 in connection with the dissolution and liquidation of the Partnership, and subject to the provisions of Sections 5.1(b), 5.3, 5.4, 5.5 and 12.2(c), the General Partner shall cause the Partnership to distribute, at such times as the General Partner shall determine, an amount of Available Cash, determined by the General Partner in its sole discretion to the Limited Partners and the General Partner, as of the applicable Partnership Record Date, in accordance with each such Partner’s respective Percentage Interest. This section 5.1(a) is not applicable to the Associate General Partner. Distributions to the Associate General Partner should be made exclusively pursuant to Section 5.1(b). In no event may any such Partner receive a distribution of Available Cash with respect to a Partnership Unit if such Partner is entitled to receive a distribution out of such Available Cash with respect to REIT Stock for which such a Partnership Unit has been exchanged.
(b) Except for distributions pursuant to Section 13.2 in connection with the dissolution and liquidation of the Partnership, and subject to the provisions of Sections 5.1(a), 5.3, 5.4, 5.5 and 12.2(c), the General Partner shall cause the Partnership to distribute, at such times as the General Partner shall determine (each a “ Distribution Date”), an amount of Available Cash, determined by the General Partner in its sole discretion to the Associate General Partner, the Limited Partners and General Partner, as of the applicable Partnership Record Date, in accordance with the following provisions:
(i) 100% of Available Cash will be distributed to the General Partner and Limited Partners in accordance with Section 5.1(a) above until the Limited Partners receive distributions from the Partnership and the Stockholders receive dividends from the General Partner in an amount equal to a Cumulative Non-Compounded Return of 7% per year on their Net Investment (“ First Level Return”);
(ii) 100% of Available Cash will be distributed to the Associate General Partner if at the Distribution Date, the Limited Partners and the Stockholders have received First Level Returns, until the Associate General Partner receives distributions from the Partnership in an amount equal to a Cumulative Non-Compound Return of 7% per year on its Net Investment (“ SGP Distribution”);
(iii) 70% of Available Cash will be distributed to the General Partner and Limited Partners in accordance with Sec...
Regular Distributions. Subject to the rights of the holders of Preferred Units ranking senior to or on parity with the Series I Preferred Units, the holders of Series I Preferred Units shall be entitled to receive on each Distribution Payment Date, out of assets of the Partnership legally available for the payment of the distributions, monthly cumulative cash distributions at the LIBOR Rate on the $1,000 liquidation preference per Series I Preferred Unit. Notwithstanding anything to the contrary contained herein, after the Maturity Date and during any period when an Event of Default exists (as such term is defined in the Loan Agreement), the holders of Series I Preferred Units shall be entitled to receive on each Distribution Payment Date, cash distributions at the applicable Default Rate on $1,000 liquidation preference per Unit and all distributions thereon not paid when due. In addition to any distributions due under this Section 5, the Partnership shall pay to holders of Series I Preferred Units a late payment premium in the amount of two percent (2%) of any payments of distributions made two days after the Distribution Payment Date.
Regular Distributions. Subject to Section 3.4(b), Regular Distributions shall be made as follows:
(a) first, to the Class A Members, pro rata in accordance with their respective Unreturned Capital Contributions, until the amount of each Class A Member’s Unreturned Capital Contributions has been reduced to zero; and
(b) thereafter, 100% to the Class A Members and the Class B Members in respect of their vested Class B Units, pro rata, in accordance with their respective number of outstanding Class A Units and vested Class B Units. Notwithstanding the foregoing, no holder of a Class B Unit shall be entitled to receive any distributions (other than Tax Distributions) with respect to such Class B Unit unless and until the aggregate amount of distributions made after the issuance of such Class B Unit to the Members in respect of the Units outstanding at the time of the issuance of such Class B Unit equals the Hurdle Amount with respect to such Class B Unit. For purposes of determining the amount of distributions under this Section 5.2, each Member holding a Unit shall be treated as having received any amounts received by any prior Member holding such Unit in connection with any prior distributions made under this Section 5.2 or Section 5.4.
Regular Distributions. Subject to the prior rights of holders of Preferred Units at the time outstanding ranking senior to or on parity with the Series K Preferred Units with respect to rights as to distributions, the holders of Series K Preferred Units shall be entitled to receive, when, as and if declared by the General Partner, on each Distribution Payment Date, out of any assets of the Partnership legally available therefor, cumulative distributions per unit in a cash amount equal in value to (i) the amount of any dividend or other distribution made on a BPY Unit on such Distribution Payment Date multiplied by (ii) the Conversion Factor (as defined in the Charter) in effect on the date of declaration of such dividend or other distribution, as further adjusted by the General Partner as it deems in good faith to be appropriate in order to adjust for any stock split, reverse stock split, stock combination, reclassification or other similar event that affects the Class A Stock and does not similarly affect the Series K Preferred Units. The distributions upon the Series K Preferred Units shall, if and to the extent declared by the General Partner, be paid in arrears (without interest) on the Distribution Payment Date with respect thereto. If the full amount of such distribution on the Series K Preferred Units is not paid on such Distribution Payment Date, then such distribution shall accrue and accumulate, whether or not the Partnership has earnings, whether or not there are funds legally available for the payment thereof and whether or not such distributions are earned, declared or authorized. The record and payment dates for the dividends or other distributions upon the Series K Preferred Units during any Distribution Period, to the extent not prohibited by applicable law, shall be the same as the record and payment dates for the dividends or other distributions upon the BPY Units during such Distribution Period. Any distribution payment made upon the Series K Preferred Units shall first be credited against the earliest accumulated but unpaid distributions due with respect to such Units which remains payable. No interest, or sum of money in lieu of interest, shall be owing or payable to any holders of the Series K Preferred Units in respect of any distribution payment or payments on the Series K Preferred Units, whether or not in arrears.
Regular Distributions. Subject to the rights of the holders of Preferred Units ranking senior to or on parity with the Series J Preferred Units, the holders of Series J Preferred Units shall be entitled to receive on each Distribution Payment Date, out of assets of the Partnership legally available for the payment of the distributions, monthly cumulative cash distributions at the following rates per annum on the $1,000 liquidation preference per Series J Preferred Unit:
(i) during such periods as the Series J Preferred Units are Base Rate Units, the Base Rate plus the Applicable Margin;
(ii) during such periods as the Series J Preferred Units are LIBOR Units, the LIBOR Rate for such period plus the Applicable Margin; and
(iii) (an amount equal to any fees payable under the Credit Agreement during such periods resulting from or arising out of borrowings or the ability to borrow under the Credit Agreement. Notwithstanding anything to the contrary contained herein, during any period when an Event of Default exists (as such term is defined in the Credit Agreement), the holders of Series J Preferred Units shall be entitled to receive on each Distribution Payment Date, cash distributions at the applicable Default Rate on $1,000 liquidation preference per Unit and all distributions thereon not paid when due. In addition to any distributions due under this Section 6, the Partnership shall pay to holders of Series J Preferred Units a late payment premium in the amount of two percent (2%) of any payments of distributions made after the Distribution Payment Date.
Regular Distributions. Except for distributions pursuant to Section 13.2 in connection with the dissolution and liquidation of the Partnership, and subject to the provisions of Sections 5.3, 5.4, and 5.5, the General Partner shall cause the Partnership to distribute, from time to time as determined by the General Partner, but in any event not less frequently than quarterly, all Available Cash, to the Partners, in accordance with each Partner's respective Percentage Interest; provided, however, that in no event may a Partner receive a distribution of Available Cash with respect to an OP Unit if such Partner is entitled to receive a distribution out of such Available Cash with respect to a Share for which such OP Unit has been exchanged.
Regular Distributions. 23 5.2 Qualification as a REIT. . . . . . . . . . . . . . . . . . . . . 23 5.3 Withholding. . . . . . . . . . . . . . . . . . . . . . . . . . . 23 5.4 Additional Partnership Interests . . . . . . . . . . . . . . . . 24 5.5
