Series C Distributions. From and after the Series C Original Issue Date, the Manager shall declare cumulative distributions (“Series C Distributions”) on the Series C Preferred Mirror Units out of the assets or funds of the Company legally available therefor; provided, that Series C Distributions on each Series C Preferred Mirror Unit shall accrue whether or not there are funds legally available for the payment of distributions and whether or not declared by the Manager, on a daily basis in arrears at a rate of nine and seventy-five hundredths percent (9.75%) per annum (as adjusted pursuant to Section 18.03(c) below) (the “Series C Distribution Rate”) on the sum of (i) the Series C Stated Value thereof plus, (ii) once compounded, any Compounded Series C Distributions thereon, if any (the Series C Stated Value plus accumulated Compounded Series C Distributions and any accrued but unpaid Series C Distributions through any date of determination, including without limitation any Optional Redemption Date, Put Payment Date, Series C Conversion Date, date of Liquidation or date of Series C Change of Control, the “Accumulated Stated Value”). Series C Distributions will be payable to Series C Holders of record as they appear in the member records of the Company as of the end of the Business Day immediately preceding the applicable record date designated by the Manager for the payment of Series C Distributions, which such date shall be not more than thirty (30) or fewer than ten (10) days prior to the applicable Series C Distribution Payment Date. (b)
