First Priority Return means the receipt by Cogentrix GP and Cogentrix LP of cash distributions from Net Distributable Cash in an aggregate amount sufficient to provide each of Cogentrix GP and Cogentrix LP, as the case may be, with an Internal Rate of Return on its respective Cogentrix Investment hereunder of [xxx]% calculated in accordance with Schedule 1.1(a) (it being understood that any amounts which are part of Cogentrix Investment pursuant to subsection (b) of the definition of Cogentrix Investment shall only be entitled to such return from the date they are actually paid or made).
First Priority Return means, as of any calculation date, a nine percent (9%) cumulative annual return, compounded annually, on each Partner’s Unreturned Capital Account balance (computed from time to time to reflect additions to or reductions of such Unreturned Capital Account balance). Any existing Partner increasing its Commitment and any additional Limited Partner admitted on a Subsequent Closing Date shall be entitled to a First Priority Return on the amount of any Capital Contribution made (but not on the amount of any Subsequent Closing Interest paid) pursuant to Section 6.2.7(b) of this Agreement, calculated from the date each portion of such Capital Contribution would have been made if such Limited Partner had been admitted or such existing Partner had increased its Commitment on the Initial Closing. For purposes of calculating the First Priority Return with respect to non-defaulting Partners (taking into account cure periods), the date on which a Capital Contribution is due pursuant to a notice given by the General Partner pursuant to Section 6.3.1(a) of this Agreement shall be deemed to be the date on which a given Capital Contribution has been made.
First Priority Return means, with respect to the Non-managing Member, for each Fiscal Quarter of the Company from inception through the end of the Fiscal Quarter in which Crossover occurs, an amount equal to 5% per annum, non-compounded, on the Non-managing Member's Unrecovered Capital for such Fiscal Quarter (properly adjusted to reflect fluctuations in the amount of such Unrecovered Capital on each day of such Fiscal Quarter). Once Crossover is reached, the First Priority Return shall cease and to the extent permitted by law, shall not be returnable under Section 7.4 or otherwise.
Examples of First Priority Return in a sentence
The General Partner shall also have the authority to adjust allocations as necessary in order to realize the intended economic arrangement among the Partners, including allocations of gross income for distributions of the First Priority Return and Second Priority Return.
The Asset Management Fee will be an expense of the Partnership and payable prior to any distributions on Units, including, without limitation, the First Priority Return.
More Definitions of First Priority Return
First Priority Return means, for each Current Period, an amount equal to (a) the First Priority Return Rate for such Current Period multiplied by (b) the sum of (i) (A) the Original Capital Contribution of the Class A Limited Partner described in Section 3.02 plus (B) all Additional Capital Contributions made by the Class A Limited Partner pursuant to Section 3.03(a), adjusted for the timing of any Additional Capital Contributions made during such Current Period, and (ii) (A) the Cumulative First Priority Return as of the immediately preceding Distribution Date minus (B) the cumulative distributions made to the Class A Limited Partner pursuant to Section 5.01 during the period commencing on the Closing Date and ending on the immediately preceding Distribution Date. All computations referred to in this definition shall be determined on the basis of the actual number of days elapsed in a 360-day year (including the first day but excluding the last day) occurring in the period for which the First Priority Return is being calculated.
First Priority Return means an annual non-cumulative amount retained by Lessee out of certain portions of Operating Profit, as set forth in Section 5.02 hereof, equal to $75,000 plus ten percent (10%) of the balance, from time to time, of (i) Capital Contributions, plus
First Priority Return means an annual non-cumulative amount --------------------- retained by Owner out of certain portions of Operating Profit, as set forth in Section 5.02 hereof, equal to ten percent (10%) of the Capital Contributions for each Fiscal Year.
First Priority Return means an annual non-cumulative amount retained --------------------- by Lessee out of certain portions of Operating Profit, as set forth in Section 5.02 hereof, equal to $75,000 plus ten percent (10%) of the balance, from time to time, of (i) the Capital Contributions, plus (ii) any Additional Inn Investments made after the Execution Date; provided, however, that upon the Termination of this Agreement with respect to a given Inn or Inns (whether in connection with the Sale of the Inn or Inns, or pursuant to other applicable provisions of this Agreement), the
First Priority Return. As of any date, the Unreturned Capital Contribution of a Participant or its Affiliate in a particular Investment Entity multiplied by 12.75% per annum (calculated on a cumulative, compounded annual basis on the Unreturned Capital Contribution of such Participant or its Affiliate in such Investment Entity, as adjusted from time to time, from the date capital contributions are received by such Investment Entity to the date of payment).
First Priority Return means $1,080,149.
First Priority Return. [Confidential material has been omitted pursuant to a request for confidential treatment filed with the Commission under Rule 24b-2(b) and has been filed separately with the Commission.]