Common use of Requirement and Characterization of Distributions; Distributions to Record Holders Clause in Contracts

Requirement and Characterization of Distributions; Distributions to Record Holders. (a) Within 45 days following the end of each Quarter, an amount equal to 100% of Available Cash with respect to such Quarter shall, subject to Section 51 of the ▇▇▇▇▇▇▇▇ Islands Act, be distributed in accordance with this Article VI by the Partnership to the Partners as of the Record Date selected by the Board of Directors, except the holders of Class B Units shall not be entitled to distributions of Available Cash with respect to such Class B Units prior to the conversion of such Class B Units into Common Units pursuant Section 5.9(c). Notwithstanding any provision to the contrary contained in this Agreement, the Partnership shall not make a distribution to any Partner on account of its interest in the Partnership if such distribution would violate the ▇▇▇▇▇▇▇▇ Islands Act or any other applicable law. This Section 6.2(a) shall not apply to Preference Units. (b) Notwithstanding the first sentence of Section 6.2(a), in the event of the dissolution and liquidation of the Partnership, all receipts received during or after the Quarter in which the Liquidation Date occurs, other than from borrowings described in (a)(ii) of the definition of Available Cash, shall be applied and distributed solely in accordance with, and subject to the terms and conditions of, Section 12.4. (c) Each distribution in respect of a Partnership Interest shall be paid by the Partnership, directly or through the Transfer Agent or through any other Person or agent, only to the Record Holder of such Partnership Interest as of the Record Date set for such distribution. Such payment shall constitute full payment and satisfaction of the Partnership’s liability in respect of such payment, regardless of any claim of any Person who may have an interest in such payment by reason of an assignment or otherwise.

Requirement and Characterization of Distributions; Distributions to Record Holders. (a) Within 45 Subject to Section 5.14(b)(i), within 60 days following the end of each Quarter, an amount equal to 100% of Available Cash with respect to such Quarter shall, subject to Section 51 of the ▇▇▇▇▇▇▇▇ Islands Act, shall be distributed in accordance with this Article VI VI, by the Partnership Pro Rata to the Limited Partners as of the Record Date selected by the Board of Directors, except the holders of Class B Units shall not be entitled to distributions of Available Cash with respect to such Class B Units prior to the conversion of such Class B Units into Common Units pursuant Section 5.9(c)General Partner. Notwithstanding any provision to the contrary contained in this Agreement, the Partnership shall not make a distribution to any Partner on account of its interest in the Partnership if such distribution would violate the ▇▇▇▇▇▇▇▇ Islands Delaware Act or any other applicable law. This Section 6.2(a) All distributions required to be made under this Agreement shall be made subject to Sections 17-607 and 17-804 of the Delaware Act and other applicable law, notwithstanding any other provision of this Agreement. For the avoidance of doubt, the Series A Preferred Units and the General Partner Interest shall not apply be entitled to Preference Unitsdistributions made pursuant to this Section 6.3(a). (b) Notwithstanding Section 6.3(a) (but subject to the first last sentence of Section 6.2(a6.3(a)), in the event of the dissolution and liquidation of the Partnership, all receipts cash received during or after the Quarter in which the Liquidation Date occurs, other than from borrowings described in (a)(ii) of the definition of Available Cash, occurs shall be applied and distributed solely in accordance with, and subject to the terms and conditions of, Section 12.4. (c) Each distribution in respect of a Partnership Interest shall be paid by the Partnership, directly or through the Transfer Agent or through any other Person or agent, only to the Record Holder of such Partnership Interest as of the Record Date set for such distribution. Such payment shall constitute full payment and satisfaction of the Partnership’s liability in respect of such payment, regardless of any claim of any Person who may have an interest in such payment by reason of an assignment or otherwise.