Common use of Declaration of Distributions Clause in Contracts

Declaration of Distributions. Each Distribution payable to holders of Units or other securities of the Company as provided in this ARTICLE X shall first be declared by the Board prior to the payment thereof, and may be declared on, or not more than 45 days prior to, the date the distribution is to be made. A record holder of the Units or other applicable securities on the declaration date of a Distribution shall be entitled to receive such Distribution and, subject to applicable law, such holder shall have the status of, and shall be entitled to all remedies available to, a creditor of the Company with respect to the Distribution.

Declaration of Distributions. Each Distribution payable to holders of Units or other securities of the Company as provided in this ARTICLE Article X and in Article XIV shall first be declared by the Board prior to the payment thereof, and may be declared on, or not more than 45 days prior to, the date the distribution is to be made. A record holder of the Units or other applicable securities on the declaration date of a Distribution shall be entitled to receive such Distribution and, subject to applicable law, such holder shall have the status of, and shall be entitled to all remedies available to, a creditor of the Company with respect to the Distribution.