Examples of Series A Preferred Priority Return in a sentence
For purposes of Section 6.2.D.(b) above, Depreciation shall be allocated to the Series A Preferred Units based on a fraction, the numerator of which is that portion of the Series A Preferred Priority Return for a Partnership Year or other applicable period that constitutes the Series A Preferred Return, and the denominator of which is the Adjusted Section 704(b) Net Income for such Partnership Year or other applicable period.
Holders of Series A Preferred Units will be entitled to receive the Series A Preferred Return, which will be paid to Holders of Series A Preferred Units as part of the Series A Preferred Priority Return and before any distributions are made to Holders of OP Units pursuant to Section 5.1(4).
The Series A Preferred Priority Return means, with respect to each Series A Preferred Unit, an amount equal to the sum of (a) 5.00% per annum on the Series A Preferred Stated Value per Series A Preferred Unit, commencing on the date of original issuance of the Series A Preferred Units and (b) the Series A Preferred Return.
Pursuant to Section 5.02, each holder of the Series A Preferred Units will be entitled to receive, at least quarterly to the extent of Available Cash, an amount equal to the Series A Preferred Priority Return.
Section 16.2(A) of the Partnership Agreement entitles the Knuppes, as holders of the Series A Preferred Units, to receive, at least quarterly to the extent of Available Cash, an amount equal to the Series A Preferred Priority Return.
The Knuppes hereby agree to irrevocably waive the portion of the Series A Preferred Priority Return in an amount equal to 2.75% per annum on the Series A Preferred Stated Value per Series A Preferred Unit in perpetuity while the Knuppes remain holders of Series A Preferred Units of the Partnership (the “Irrevocable Waiver”).
For the avoidance of doubt, from the effective date of this Letter Agreement, the Irrevocable Waiver shall entitle the Knuppes, as holders of the Series A Preferred Units, to receive quarterly distributions pursuant to Section 16.2(A) of the Partnership Agreement as a Series A Preferred Priority Return in an amount equal to the sum of (a) 2.25% per annum on the Series A Preferred Stated Value per Series A Preferred Unit and (b) the Series A Preferred Return.
Holders of Series A Preferred Units will be entitled to receive the Series A Preferred Return, which will be paid to Holders of Series A Preferred Units as part of the Series A Preferred Priority Return and before any distributions are made to Holders of OP Units pursuant to Section 5.1(3).
Pursuant to Section 5.1, each Holder of the Series A Preferred Units will be entitled to receive, at least quarterly to the extent of Available Cash, an amount equal to the Series A Preferred Priority Return.
Notwithstanding the foregoing, the Series A Preferred Priority Return will accrue whether or not the terms and provisions set forth in Section 13.02(c) hereof at any time prohibit the current payment of distributions, whether or not the Partnership has earnings, whether or not there are funds legally available for the payment of such distributions and whether or not such distributions are authorized.