Distributions on Common Units Sample Clauses

The "Distributions on Common Units" clause defines how profits, dividends, or other distributions are allocated to holders of common units in a company or partnership. Typically, this clause outlines the timing, method, and proportion in which distributions are made, ensuring that each common unit holder receives their fair share based on their ownership percentage. For example, it may specify that distributions occur quarterly and are divided equally among all common units outstanding. The core function of this clause is to provide clarity and fairness in the allocation of financial returns to common unit holders, preventing disputes and ensuring transparency in the distribution process.
Distributions on Common Units. (a) For each full quarter ending on or prior to the Conversion Date, distributions on Class A Units shall be paid from Net LNG Sales Proceeds on each Quarterly Distribution Date following such declaration by the Board to the Members holding Class A Units as they appear on the Schedule A at the close of business on the relevant record date for such distribution. (b) For any distributions of Available Cash following the Conversion Date, distributions on Common Units shall be paid from Available Cash on a quarterly basis on each Quarterly Distribution Date following such declaration by the Board to the Members holding Common Units as they appear on the Schedule A at the close of business on the relevant record date for such distribution. Notwithstanding anything to the contrary, (i) any distributions on Class A Units pursuant to this Section 6.02(b) concurrently with or following a distribution of a Special Class B Distribution Amount shall be reduced (without duplication) by an amount in the aggregate equal to such Special Class B Distribution Amount, if any (it being understood and agreed, for the avoidance of doubt, after such aggregate reduction has occurred one time, such reduction shall no longer apply in respect of such Special Class B Distribution Amount) and (ii) any distributions on Class B Units pursuant to this Section 6.02(b) concurrently with or following a distribution of a Special Class A Distribution Amount shall be reduced (without duplication) by an amount in the aggregate equal to such Special Class A Distribution Amount, if any (it being understood and agreed, for the avoidance of doubt, after such aggregate reduction has occurred one time, such reduction shall no longer apply in respect of such Special Class A Distribution Amount).
View SourceView Similar (3)
Distributions on Common Units. (a) For each full quarter ending on or prior to the Commercial Operation Date, distributions on Common Units shall be paid from Net LNG Sales Proceeds on the Quarterly Distribution Date following such declaration by the Managing Member to the Members holding Common Units as they appear on the Schedule A at the close of business on the relevant record date for such distribution. (b) Except as set forth in Section 6.02(a), prior to the eighth anniversary of the Closing Date, distributions on Common Units shall be paid from Available Cash on a quarterly basis on each Quarterly Distribution Date following such declaration by the Managing Member to the Members holding Common Units as they appear on the Schedule A at the close of business on the relevant Quarterly Distribution Date only for so long as at the time of any such distribution (i) the Company has redeemed for cash any Accrued Distributions that have previously cumulated and accrued and (ii) the requisite amount of distribution in cash on the Preferred Units is made on such Quarterly Distribution Date such that no Accrued Distribution is made or outstanding on such Quarterly Distribution Date. (c) Following the eighth anniversary of the Closing Date but prior to the Redeemed in Full Date, except for Permitted Tax Distributions, (i) no distributions on Common Units shall be declared or paid and (ii) the Company shall use all Available Cash to effect Redemptions as soon as reasonably practicable and in any event on each Quarterly Distribution Date. (d) Following the Redeemed in Full Date, distributions on Common Units shall be paid from Available Cash on a quarterly basis on each Quarterly Distribution Date following such declaration by the Managing Member to the Members holding Common Units as they appear on the Schedule A at the close of business on the relevant record date for such distribution.
View SourceView Similar (2)
Distributions on Common Units. The Company may, in its sole discretion, make distributions to the Member(s) holding Common Units with respect to such Units from time to time. Distributions to the Member(s) holding Common Units shall be made in the amounts and at the times determined by the Company, irrespective of whether the Company has made distributions to the Member(s) holding Preferred Units for the relevant period.
View Source
Distributions on Common Units. (a) For each full quarter ending on or prior to the Commercial Operation Date, distributions on Common Units shall be paid from Net LNG Sales Proceeds on the Quarterly Distribution Date following such declaration by the Managing Member to the Members holding Common Units as they appear on the Schedule A at the close of business on the relevant record date for such distribution.
View Source
Distributions on Common Units. Commencing on April 30, 2021, so long as (i) the Partnership has made all required Quarterly Distributions (in cash or PIK Units), made all required Tax Distributions with respect to the Senior Preferred Units and PIK Units and paid all Senior Preferred Additional Amounts then due and owing; (ii) the Partnership has previously or contemporaneously with the distribution redeemed all PIK Units (if any) outstanding in accordance with the terms of this Amendment; (iii) the Partnership is not in, and will not be in, breach of any of the provisions set forth in Section 10 both immediately before and after giving effect to such distribution (including compliance with the Liquidity Covenant); (iv) the Partnership Leverage is below 7.00 (or 7.25 through May 15, 2022) both immediately before and after giving effect to distributions under this Section 6; and (v) the Partnership has delivered an officer’s certificate signed by the chief financial officer of the Partnership that such conditions have been satisfied, then the Partnership shall be permitted on each such date the foregoing conditions are satisfied to make distributions of Available Cash with respect to its Common Units. For the avoidance of doubt, the Partnership shall not be permitted to make distributions with respect to its Common Units prior to April 30, 2021.
View Source
Distributions on Common Units. Notwithstanding the foregoing, if on a Distribution Payment Date (i) the amount of the distribution that would be paid with respect to a Series A-2 Preferred Unit if such Series A-2 Preferred Unit had been converted into Common Units as provided herein is greater than (ii) the amount of the distribution that otherwise would be paid with respect to such Series A-2 Preferred Unit, the Preferential Distribution payable with respect to such Series A-2 Preferred Unit shall be the distribution described in (i) above. The determination to be made in (i) in the preceding sentence shall be based upon the distribution payment date for the Common Units that occurs simultaneously with, or immediately precedes, the applicable Distribution Payment Date.
View Source

Related to Distributions on Common Units

  • Class B Units Class B Unitholders shall not be entitled to vote in any matters relating to the Company, unless otherwise reserved to the Members by the Act. In addition to the other rights and obligations of Class B Unitholders hereunder, Class B Units shall entitle the holder of such Class B Units to (i) Tax Distributions pursuant to Section 4.01(b), and (ii) a preferred return equal to the Class B Preferred Return Amount. The Class B Preferred Return Amount shall not be required to be paid annually but shall accrue and become payable at the earlier of (x) the fifth (5th) anniversary of the Effective Time, or (y) a liquidation of, or a taxable sale of substantially all of the assets of, the Company. Upon the occurrence of an event referenced in clause (y) above, each Class B Unitholder shall also be paid such Class B Unitholder’s Class B Preferred Return Base Amount, in addition to all of the outstanding, accrued and unpaid Class B Preferred Return Amount. On the seventh (7th) anniversary of the Effective Time, each Class B Unitholder may, at its option and in accordance with the notice and other procedural provisions set forth in Section 11.01(a) (the “7 Year Put Option”), sell all (but not less than all) of its Class B Units to the Company for an amount equal to such Class B Unitholder’s Class B Preferred Return Base Amount plus any outstanding and accrued Class B Preferred Return Amount of such Class B Unitholder (the “Class B Option Consideration”) and, upon the exercise of the 7 Year Put Option by any Class B Unitholder, the Company shall purchase all of such holder’s Class B Units for the Class B Option Consideration. Notwithstanding anything herein to the contrary, no Class B Preferred Return Amount shall be due and payable with respect to such Class B Units pursuant this Section 3.02(b) at such time or times specified in this Section 3.02(b) unless such Class B Units remain issued and outstanding at such time or times and no Redemption or Direct Exchange of such Class B Units described in Article XI hereof has occurred.

  • Common Units The capital structure of the Company shall consist of one class of common interests (the "Common Units"). The Company shall have authority to issue one thousand (1,000) Common Units. Each Common Unit shall have one vote and shall otherwise be identical with each other Common Unit in every respect.

  • Dividends, Distributions and Redemptions To enable each Fund to pay dividends or other distributions to shareholders of each such Fund and to make payment to shareholders who have requested repurchase or redemption of their shares of each such Fund (collectively, the "Shares"), the Custodian shall release cash or Securities insofar as available. In the case of cash, the Custodian shall, upon the receipt of Instructions, transfer such funds by check or wire transfer to any account at any bank or trust company designated by each such Fund in such Instructions. In the case of Securities, the Custodian shall, upon the receipt of Special Instructions, make such transfer to any entity or account designated by each such Fund in such Special Instructions.

  • Distributions and Redemptions Maker shall not declare or pay any dividends or make any distributions of cash, property or securities of Maker with respect to any shares of its common stock, preferred stock or any other class or series of its stock, or, directly or indirectly (except for repurchases of common stock by Maker in accordance with the terms of employee benefit plans or written agreement between Maker and any of its employees approved by the Board of Directors of Maker prior to February 1, 2004), redeem, purchase, or otherwise acquire for any consideration any shares of its common stock or any other class of its stock.

  • Preferred Units Notwithstanding anything to the contrary, the provisions of Section 14.3 are not applicable to Preferred Units or the holders of Preferred Units. Holders of Preferred Units shall have no voting, approval or consent rights under this Article XIV. Voting, approval and consent rights of holders of Preferred Units shall be solely as provided for and set forth in Article XVI.