Preferred Equity Return means a return calculated on the amount of any Preferred Equity Contribution to a Project Entity from time to time at a rate per annum equal to the Preferred Equity Rate, compounded annually.
Preferred Equity Return means a cumulative distribution on the outstanding Preferred Equity paid quarterly in accordance with Section 7.1 hereof at a rate of 6.5% per annum; provided, that if the Partnership fails to (i) make a distribution to LMLP in an amount equal to the Preferred Equity Return on a Distribution Date, such distribution shall accrue, and LMLP shall be entitled to additional distributions on such accrued amount, at the rate of 6.5% per annum compounded quarterly, or (ii) redeem any Preferred Equity when such redemption is required hereunder, such redemption amount shall accrue, and LMLP shall be entitled to additional distributions on such accrued amount, at the rate of 10.5% per annum compounded quarterly.
Preferred Equity Return in Section 1.1 of the Partnership Agreement is hereby amended and restated in its entirety, effective as of the date of the Partnership Agreement, as follows:
Examples of Preferred Equity Return in a sentence
The Preferred Equity shall be redeemed by the Partnership (i) in accordance with Section 7.1(c) and Section 11.3(g) hereof and (ii) at the election of either the Partnership or LMLP, if any Preferred Equity remains outstanding on the tenth anniversary of the date first set forth above, on the tenth anniversary of the date first set forth above in full together with all accrued and unpaid Preferred Equity Return.
Transferor and Transferee further agree that the no Preferred Equity Return shall be due or begin to accrue on the Preferred Units issued to Transferor on account of the Contribution of the Contributed Interests relating to the L&T Owner and the L&T Property until July 1, 2008.
The Preferred Equity shall be redeemed by the Partnership (i) in accordance with Section 7.1(a)(ii) and Section 11.3(g) hereof and (ii) at the election of either the Partnership or LMLP, if any Preferred Equity remains outstanding on the tenth anniversary of the date first set forth above, on the tenth anniversary of the date first set forth above in full together with all accrued and unpaid Preferred Equity Return.
More Definitions of Preferred Equity Return
Preferred Equity Return means a cumulative distribution on the outstanding Preferred Equity paid quarterly in accordance with Section 7.1 hereof at a rate of 6.5% per annum; provided, that if the Partnership fails to (i) make a distribution to LMLP in an amount equal to the Preferred Equity Return on a Distribution Date, such amount shall accrue, and LMLP shall be entitled to additional distributions on such accrued amount, at the rate of 6.5% per annum compounded quarterly, or (ii) pay any Preferred Equity Redemption Amount when such Preferred Equity Redemption Amount is required to be paid hereunder to the extent the Partnership has remaining Net Cash Flow to pay such Preferred Equity Redemption Amount after making all distributions required under Section 7.1(c)(ii)(A)-(C), such unpaid Preferred Equity Redemption Amount shall accrue, and LMLP shall be entitled to additional distributions on such accrued amount, at the rate of 10.5% per annum compounded quarterly. For the avoidance of doubt, the Partners acknowledge that, as a result of the foregoing amendment, the encumbrance of Qualified Assets upon the entry by the Partnership into that certain loan to the Partnership evidenced by a promissory note dated as of July 26, 2011 in the original principal amount of $35,000,000 in favor of TD Bank, N.A. (the “TD Loan”) and the disposition of the proceeds of such TD Loan did not trigger any increase in the Preferred Equity Return. The Partners are considering amending the TD Loan to increase the principal amount thereof by approximately $22,153,000 and to add as collateral for the TD Loan a Qualified Asset located at 0000 Xxxx Xxxx Xxxx, Xxx Xxxxxx, Xxxx (the “Des Moines Property”). The additional proceeds of the TD Loan shall be used to repay the first mortgage loan encumbering the Des Moines Property. The Partners agree that, as a result of the foregoing amendment, neither such amendment of the TD Loan nor such use of proceeds shall trigger any increase in the Preferred Equity Return. Notwithstanding the foregoing, in the event that Inland (a) defaults under its obligations pursuant to Section 3 below or (b) takes any action, or colludes with any other party to take any action, that hinders or delays the Buy/Sell (as defined below), and as a result thereof, the Buy/Sell does not occur on or prior to the Buy/Sell Closing Date (as defined below), then this Section 2 shall be null and void and of no force or effect.
Preferred Equity Return means a cumulative distribution on the outstanding Preferred Equity paid quarterly in accordance with Section 7.1 hereof at a rate per annum equal to the weighted average interest rate on the mortgage financing to be secured by the Qualified Refi Assets or the Enhanced Preferred Equity Return, as applicable.
Preferred Equity Return equals the amount accruing on a daily basis, at 12% per annum, on the sum of the Unreturned Capital Contributions of such Member, until the closing of the Facility Loan.
Preferred Equity Return means an amount necessary to provide the Preferred Member with a return on the aggregate amount of Liquidation Preference at a per annum rate equal to:
Preferred Equity Return means the return on the equity investment in the Preferred Equity Investments.
Preferred Equity Return means, with respect to each Partner that makes a Preferred Equity contribution, the amount necessary for such Partner to receive a pre-tax yield equal to fourteen percent (14%) per annum, determined on the basis of a year of 365 or 366 days, as the case may be, for the actual number of days in the period for which such Preferred Equity Return is being determined, cumulative and compounded annually to the extent not distributed in any given Fiscal Year, on the average daily balance of the Adjusted Preferred Equity Balance during the period to which such Preferred Equity Return relates.
Preferred Equity Return contained in Section 1.1 of the Agreement is hereby amended by deleting the phrase “360-day year” therefrom and replacing such phrase in each instance with the phrase “365-day year”. 5 The parties hereto acknowledge the compliance by CBL with the provisions of Section 3.2(a)(ii) of the Agreement. Terms set forth in initial capital letters and not defined herein shall have the meanings ascribed to such terms as set forth in the Agreement Except as expressly modified herein, all terms and conditions set forth in the Agreement shall remain unchanged and in full force and effect. Any conflict between the Agreement and this Second Amendment shall be resolved in favor of this Second Amendment.