Common use of Distribution Terms Clause in Contracts

Distribution Terms. (i) Commencing from and including the applicable date of issuance of Preferred Units, which may be issued in one or more tranches (each such date, a “Date of Issuance”), distributions (the “Distributions”) on each Preferred Unit shall be payable monthly in arrears, in an amount equal to 9.0% per annum of the Liquidation Amount (as defined below) (the “Pay Rate”), until the redemption or repurchase of such Preferred Units in accordance with Sections 5 or 6, as the case may be (each such period a “Distribution Period”). (ii) Distributions on the Preferred Units shall be cumulative from the applicable Date of Issuance at the Pay Rate, and shall be declared and payable monthly in arrears on the 1st day of each month of each year or, if not a business day, the next succeeding business day, commencing on July 1, 2017 (each, a “Distribution Payment Date”), and will be computed on the basis of a 360-day year and the actual number of days in the applicable period. Distributions will be payable to holders of record as they appear in the records of the 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 month immediately preceding each Distribution Payment Date (each, a “Distribution Payment Record Date”). (iii) Distributions on the Preferred Units shall accumulate at the Pay Rate, whether or not, in any Distribution Period, the Partnership has earnings, whether or not such Distribution shall be authorized and declared and whether or not there shall be funds of the Partnership legally available for payment of such Distributions. If on any Distribution Payment Date the Partnership shall not be permitted under Delaware law to pay all or a portion of any such Distributions, the Partnership shall take such action as may be lawfully permitted in order to enable the Partnership, to the extent permitted by Delaware law, to lawfully to pay such Distributions. Accumulated but unpaid Distributions, if any, on the Preferred Units, will accrue at the Pay Rate.

Distribution Terms. (i) Commencing from and including the applicable date of issuance of Preferred Units, which may be issued in one or more tranches (each such date, a “Date of Issuance”), distributions (the “Distributions”) on each Preferred Unit shall be payable monthly in arrears, in an amount equal to 9.0% per annum of the applicable Pay Rate on the Liquidation Amount (as defined below) (the “Pay Rate”)Amount, until the redemption or repurchase of such Preferred Units in accordance with Sections 5 or 6, as the case may be (each such period a “Distribution Period”). (ii) Distributions on the Preferred Units shall be cumulative from the applicable Date of Issuance at the Pay Rate, and shall be declared and payable monthly in arrears on the 1st day of each month of each year or, if not a business day, the next succeeding business day, commencing on July February 1, 2017 2023 (each, a “Distribution Payment Date”), and will be computed on the basis of a 360-day 360‑day year and the actual number of days in the applicable period. Distributions will be payable to holders of record as they appear in the records of the 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 month immediately preceding each Distribution Payment Date (each, a “Distribution Payment Record Date”). (iii) Distributions on the Preferred Units shall accumulate at the Pay Rate, whether or not, in any Distribution Period, the Partnership has earnings, whether or not such Distribution shall be authorized and declared and whether or not there shall be funds of the Partnership legally available for payment of such Distributions. If on any Distribution Payment Date the Partnership shall not be permitted under Delaware law to pay all or a portion of any such Distributions, the Partnership shall take such action as may be lawfully permitted in order to enable the Partnership, to the extent permitted by Delaware law, to lawfully to pay such Distributions. Accumulated but unpaid Distributions, if any, on the Preferred Units, will accrue at the applicable Pay Rate. (iv) During the continuance of an Event of Default, Distributions on the Preferred Units, including any accumulated but unpaid Distributions, shall accrue at the applicable Pay Rate plus 5% per annum.