Preferred Capital Balance definition

Preferred Capital Balance. A Class B Limited Partner’s Preferred Capital Balance, as of any day, shall equal the excess of: (x) the dollar value of the Preferred Capital assigned to such Class B Limited Partner under Section 4.1(c), over (y) the amount of cash distributed to such Class B Limited Partner pursuant to Section 5.1(a)(ii) hereof. Such Preferred Capital Balance shall be decreased based on the date of any actual distribution. In the event a Class B Limited Partner transfers all or any portion of its Class B Partnership Interest in accordance with the terms of this Agreement, its transferee shall succeed to the Preferred Capital Balance to the extent it relates to the transferred Class B Partnership Interest.

Preferred Capital Balance means: (a) with respect to Suiza Preferred Partner, the excess of (i) $176,272,000 plus the amount of the Preferred Capital Balance of any additional Partner Interests issued to Suiza Preferred Partner pursuant to Section 4.3(a), over (ii) total Preferred Capital Balance Distributions to Suiza Preferred Partner since the Closing Date; and (b) with respect to Mid-Am, the excess of (i) $90,000,000, over (ii) total Preferred Capital Balance Distributions to Mid-Am since the Closing Date.

Preferred Capital Balance on a date shall mean, with respect to each Class A Limited Partner, an amount equal to the excess, if any, of (i) such Partner’s capital account balance at March 31, 1995 as per Exhibit C; over (ii) the aggregate amount of all distributions made on or before such date to such Partner pursuant to Section 9.3(b) or 9.4(b).

Examples of Preferred Capital Balance in a sentence

• Any distribution made pursuant to this Section shall be treated as an advance of distributions to which such Partner is entitled pursuant to Section 9.3(a) and (c) or Section 9.4(a) or (d), as appropriate, for all purposes of this Agreement, including the computation of the Preferred Capital Balance of each Partner and the Unpaid Preferred Return of each Partner, as having been made pursuant to the pertinent provision of such Section 9.3 or Section 9.4.