Distribution Procedures. Distributions with respect to the L-SCUs shall be payable quarterly on the dates designated by the General Partner for the payment of distributions to the holders of Common Units. Any distribution payable on the L-SCUs for the quarter in which the L-SCUs are first issued will be prorated and computed on the basis of a 360-day year consisting of twelve 30-day months. Distributions will be payable to holders of record of the L-SCUs as they appear in the records of the Operating Partnership at the close of business on the applicable record date, which shall be the record date designated by the General Partner for the payment of distributions for such quarter to the holders of Common Units.
Appears in 3 contracts
Sources: Limited Partnership Agreement (CBL & Associates Properties Inc), Limited Partnership Agreement (CBL & Associates Properties Inc), Second Amended and Restated Agreement of Limited Partnership (CBL & Associates Properties Inc)