Common use of Current Distributions Clause in Contracts

Current Distributions. (i) Commencing from and including the applicable date of issuance of Preferred Units (the “Date of Issuance”), current distributions (the “Current Distributions”) on each Preferred Unit shall be payable quarterly, at a fixed rate of the greater of (such rate, the “Pay Rate”): (a) 12% per annum; or (b) the highest per annum rate of interest which the Company is then offering pursuant to its public offering of fixed rate subordinated notes, until the redemption of such Preferred Units in accordance with Section 5, 6, or 7, as the case may be (each such period a “Current Distribution Period”). Once the Pay Rate is increased in accordance with (b), it will not reduce back to (a) if the higher rate is no longer offered. (ii) Current Distributions on the Preferred Units shall be cumulative from the applicable Date of Issuance at the Pay Rate, shall compound monthly, and shall be declared and payable quarterly each year and such distributions will commence following the Initial Date of Issuance in the month after the next quarterly distribution is declared (each, a “Current Distribution Payment Date”), and will be computed on the basis of a 360-day year and 90 days in the applicable period. Current Distributions will be payable to holders of record as they appear in the records of the Company at the close of business on the applicable record date by wire transfer pursuant to wire instructions provided by such holders. The record date shall be the last calendar day of the calendar quarter immediately preceding each Current Distribution Payment Date (each, a “Current Distribution Payment Record Date”). (iii) Current Distributions on the Preferred Units are payable only as a distribution on income. In the event that the Company has no net income during any given Current Distribution Period, the amount due is rolled forward to the next Current Distribution Period, which may continue only through the fourth quarter distribution of any year (which occurs in the following year), but no further. If on any Current Distribution Payment Date the Company shall not be permitted under Delaware law to pay all or a portion of any such Current Distributions, the Company shall take such action as may be lawfully permitted in order to enable the Company, to the extent permitted by Delaware law, to lawfully to pay such Current Distributions. Accumulated but unpaid Current Distributions, if any, on the Preferred Units, will not accrue interest.

Current Distributions. (i) Commencing from and including the applicable date of issuance of Preferred Units (the “Date of Issuance”), current distributions (the “Current Distributions”) on each Preferred Unit shall be payable quarterly, at a an annual fixed rate of the greater of 10% (such rate, the “Pay Rate”): (a) 12% per annum; or (b) the highest per annum rate of interest which the Company is then offering pursuant to its public offering of fixed rate subordinated notes), until the redemption of such Preferred Units in accordance with Section 5, 6, or 7, as the case may be (each such period a “Current Distribution Period”). Once the Pay Rate is increased in accordance with (b), it will not reduce back to (a) if the higher rate is no longer offered. (ii) Current Distributions on the Preferred Units shall be cumulative from the applicable Date of Issuance at the Pay Rate, shall compound monthly, and shall be declared and payable quarterly on February 28, May, 31, August 31, and November 30 of each year and such distributions will commence following the Initial Date of Issuance in the month after or, if not a business day, the next quarterly distribution is declared succeeding business day, which commenced on May 31, 2015 (each, a “Current Distribution Payment Date”), and will be computed on the basis of a 360-day year and 90 days in the applicable period. Current Distributions will be payable to holders of record as they appear in the records of the Company at the close of business on the applicable record date by wire transfer pursuant to wire instructions provided by such holders. The record date shall be the last calendar day of the calendar quarter immediately preceding each Current Distribution Payment Date (each, a “Current Distribution Payment Record Date”). (iii) Current Distributions on the Preferred Units are payable only as a distribution on income. In the event that the Company has no net income during any given Current Distribution Period, the amount due is rolled forward to the next Current Distribution Period, which may continue only through the fourth quarter distribution of any year (which occurs in the following year), but no further. If on any Current Distribution Payment Date the Company shall not be permitted under Delaware law to pay all or a portion of any such Current Distributions, the Company shall take such action as may be lawfully permitted in order to enable the Company, to the extent permitted by Delaware law, to lawfully to pay such Current Distributions. Accumulated but unpaid Current Distributions, if any, on the Preferred Units, will not accrue interest.

Current Distributions. (i) Commencing from and including the applicable date of issuance of Preferred Units (the “Date of Issuance”), current distributions (the “Current Distributions”) on each Preferred Unit shall be payable quarterly, at a an annual fixed rate of the greater of 10% (such rate, the “Pay Rate”): (a) 12% per annum; or (b) the highest per annum rate of interest which the Company is then offering pursuant to its public offering of fixed rate subordinated notes), until the redemption of such Preferred Units in accordance with Section 5, 6, or 7, as the case may be (each such period a “Current Distribution Period”). Once the Pay Rate is increased in accordance with (b), it will not reduce back to (a) if the higher rate is no longer offered. (ii) Current Distributions on the Preferred Units shall be cumulative from the applicable Date of Issuance at the Pay Rate, shall compound monthly, and shall be declared and payable quarterly on February 28, May, 31, August 31, and November 30 of each year and such distributions will commence following the Initial Date of Issuance in the month after or, if not a business day, the next quarterly distribution is declared succeeding business day, commencing on May 31, 2015 (each, a “Current Distribution Payment Date”), and will be computed on the basis of a 360-day year and 90 days in the applicable period. Current Distributions will be payable to holders of record as they appear in the records of the Company at the close of business on the applicable record date by wire transfer pursuant to wire instructions provided by such holders. The record date shall be the last calendar day of the calendar quarter immediately preceding each Current Distribution Payment Date (each, a “Current Distribution Payment Record Date”). (iii) Current Distributions on the Preferred Units are payable only as a distribution on income. In the event that the Company has no net income during any given Current Distribution Period, the amount due is rolled forward to the next Current Distribution Period, which may continue only through the fourth quarter distribution of any year (which occurs in the following year), but no further. If on any Current Distribution Payment Date the Company shall not be permitted under Delaware law to pay all or a portion of any such Current Distributions, the Company shall take such action as may be lawfully permitted in order to enable the Company, to the extent permitted by Delaware law, to lawfully to pay such Current Distributions. Accumulated but unpaid Current Distributions, if any, on the Preferred Units, will not accrue interest.

Current Distributions. (i) Commencing from and including the applicable date of issuance of Preferred Units Units, which may be issued in one or more tranches (the each such date, a “Date of Issuance”), current distributions (the “Current Distributions”) on each Preferred Unit shall be payable quarterlymonthly in arrears, at a fixed rate in an amount equal to the LIBOR Rate, plus 6.5% per annum of the greater of Liquidation Amount (such rate, as defined below) (the “Pay Rate”): (a) 12% per annum; or (b) the highest per annum rate of interest which the Company is then offering pursuant to its public offering of fixed rate subordinated notes), until the redemption or repurchase of such Preferred Units in accordance with Section 5, Sections 5 or 6, or 7, as the case may be (each such period a “Current Distribution Period”). Once the Pay Rate is increased in accordance with (b), it will not reduce back to (a) if the higher rate is no longer offered. (ii) Current Distributions on the Preferred Units shall be cumulative from the applicable Date of Issuance at the Pay Rate, shall compound monthly, and shall be declared and payable quarterly monthly in arrears on the 1st day of each month of each year and such distributions will commence following the Initial Date of Issuance in the month after or, if not a business day, the next quarterly distribution is declared succeeding business day, commencing on December 1, 2014 (each, a “Current Distribution Payment Date”), and will be computed on the basis of a 360-day year and 90 the actual number of days in the applicable period. Current Distributions will be payable to holders of record as they appear in the records of the Company Partnership at the close of business on the applicable record date by wire transfer pursuant to wire instructions provided by such holders. The record date shall be the last calendar day of the calendar quarter month immediately preceding each Current Distribution Payment Date (each, a “Current Distribution Payment Record Date”). (iii) Current Distributions on the Preferred Units are payable only as a distribution on income. In shall accumulate at the event that the Company has no net income during Pay Rate, whether or not, in any given Current Distribution Period, the amount due is rolled forward to the next Partnership has earnings, whether or not such Current Distribution Period, which may continue only through shall be authorized and declared and whether or not there shall be funds of the fourth quarter distribution Partnership legally available for payment of any year (which occurs in the following year), but no furthersuch Current Distributions. If on any Current Distribution Payment Date the Company Partnership shall not be permitted under Delaware law to pay all or a portion of any such Current Distributions, the Company Partnership shall take such action as may be lawfully permitted in order to enable the CompanyPartnership, to the extent permitted by Delaware law, to lawfully to pay such Current Distributions. Accumulated but unpaid Current Distributions, if any, on the Preferred Units, will not accrue interestat the Pay Rate plus the then-applicable Additional Distribution Rate (as defined below).

Current Distributions. (i) Commencing from and including the applicable date of issuance of Preferred Units Units, which may be issued in one or more tranches (the each such date, a “Date of Issuance”), current distributions (the “Current Distributions”) on each Preferred Unit shall be payable quarterlymonthly in arrears, at a fixed rate in an amount equal to the LIBOR Rate plus 6.5% per annum of the greater of Liquidation Amount (such rate, as defined below) (the “Pay Rate”): (a) 12% per annum; or (b) the highest per annum rate of interest which the Company is then offering pursuant to its public offering of fixed rate subordinated notes, until the redemption or repurchase of such Preferred Units in accordance with Section 5, Sections 5 or 6, or 7, as the case may be (each such period a “Current Distribution Period”). Once the Pay Rate is increased in accordance with (b), it will not reduce back to (a) if the higher rate is no longer offered. (ii) Current Distributions on the Preferred Units shall be cumulative from the applicable Date of Issuance at the Pay Rate, shall compound monthly, and shall be declared and payable quarterly monthly in arrears on the 1st day of each month of each year and such distributions will commence following the Initial Date of Issuance in the month after or, if not a business day, the next quarterly distribution is declared succeeding business day, commencing on September 1, 2014 (each, a “Current Distribution Payment Date”), and will be computed on the basis of a 360-day year and 90 the actual number of days in the applicable period. Current Distributions will be payable to holders of record as they appear in the records of the Company Partnership at the close of business on the applicable record date by wire transfer pursuant to wire instructions provided by such holders. The record date shall be the last calendar day of the calendar quarter month immediately preceding each Current Distribution Payment Date (each, a “Current Distribution Payment Record Date”). (iii) Current Distributions on the Preferred Units are payable only as a distribution on income. In shall accumulate at the event that the Company has no net income during Pay Rate, whether or not, in any given Current Distribution Period, the amount due is rolled forward to the next Partnership has earnings, whether or not such Current Distribution Period, which may continue only through shall be authorized and declared and whether or not there shall be funds of the fourth quarter distribution Partnership legally available for payment of any year (which occurs in the following year), but no furthersuch Current Distributions. If on any Current Distribution Payment Date the Company Partnership shall not be permitted under Delaware law to pay all or a portion of any such Current Distributions, the Company Partnership shall take such action as may be lawfully permitted in order to enable the CompanyPartnership, to the extent permitted by Delaware law, to lawfully to pay such Current Distributions. Accumulated but unpaid Current Distributions, if any, on the Preferred Units, will not accrue interestat the Pay Rate plus the then-applicable Additional Distribution Rate (as defined below).