Series L Priority Return definition

Series L Priority Return means an amount equal to 6 1/2% per annum on an amount equal to $25 per Series L Preferred Unit then outstanding (equivalent to $1.625 per annum). Such amount shall be determined on a daily basis computed on the basis of a 360-day year of twelve 30-day months (or actual days for any month which is shorter than a full monthly period), cumulative from June 23, 2003 to the extent not distributed for any given distribution period pursuant to Sections 5.1 and 20.3 hereof. Notwithstanding the foregoing, distributions on the Series L Preferred Units will accrue whether or not the terms and provisions of any agreement of the Partnership 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. Accrued but unpaid distributions on the Series L Preferred Units will accumulate as of the Preferred Unit Distribution Payment Date on which they first become payable.

Series L Priority Return means an amount equal to 6 1/2% per annum on an amount equal to $25 per Series L Preferred Unit then outstanding (equivalent to $1.625 per annum). Such amount shall be determined on a daily basis computed on the basis of a 360-day year of twelve 30-day months (or actual days for any month which is shorter than a full monthly period), cumulative from June 23, 2003 to the extent not distributed for any given distribution period pursuant to Sections 5.1 and 20.3 hereof.

Series L Priority Return means an amount equal to 6 1/2% per annum on an amount equal to $25 per Series L Preferred Unit then outstanding (equivalent to$1.625 per annum). Such amount shall be determined on a daily basis computed on the basis of a 360-day year of twelve 30-day months (or actual days for any month which is shorter than a full monthly period), cumulative from June 23, 2003 to the extent not distributed for any given distribution period pursuant to Sections 5.1 and 20.3 hereof. Notwithstanding the foregoing, distributions on the Series L Preferred Units will accrue whether or not the terms and provisions of any agreement of the Partnership 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. Accrued but unpaid distributions on the Series L Preferred Units will accumulate as of the Preferred Unit Distribution Payment Date on which they first become payable.

Examples of Series L Priority Return in a sentence

• Subject to the rights of Holders of Parity Preferred Units as to the payment of distributions, pursuant to Section 5.1, the General Partner, as holder of the Series L Preferred Units, will be entitled to receive, when, as and if declared by the Partnership acting through the General Partner, out of Available Cash, cumulative preferential cash distributions in an amount equal to the Series L Priority Return.

• For the avoidance of doubt, in no event will the Partnership be entitled to any payment from any such holder of Series L Preferred Units in the event that any such distribution or dividend described in clause (ii) of the foregoing sentence exceeds the prorated portion of the Series L Priority Return described in clause (i) of the foregoing sentence.

More Definitions of Series L Priority Return

Series L Priority Return means an amount equal to the Series L Applicable Rate multiplied by the stated issue price of $100.00 (the “Series L Issue Price”) per Series L Preferred Unit per annum. The term “Series L Applicable Rate” shall mean: 3.5% per annum (determined on the basis of a 365 day year).

Series L Priority Return shall have the meaning set forth therefor in Section 31.1 below.