Accelerated Distributions Clause Samples
Accelerated Distributions. At any time prior to the Distribution Date with respect to any or all of your vested Units, you may elect an immediate distribution (the “Accelerated Distribution”) of such vested Units by delivering a written election to the Committee in the form attached as Exhibit B hereto; provided, however, that if you make such election, you will forfeit 10% of the Units that would otherwise be distributed to you pursuant to the Accelerated Distribution.
Accelerated Distributions. The Committee may, at its sole discretion, allow for the early payment of a Participant’s deferred Plan Share Award account in the event of an “unforeseeable emergency” or in the event of the death or Disability of the Recipient. An “unforeseeable emergency” means an unanticipated emergency caused by an event beyond the control of the Recipient that would result in severe financial hardship if the distribution were not permitted. Such distributions shall be limited to the amount necessary to sufficiently address the financial hardship. Any distributions under this provision shall be consistent with the Code and the regulations promulgated thereunder.
Accelerated Distributions. The Committee may, at its sole discretion, ------------------------- allow for the early payment of a Participant's deferred stock option account and/or deferred stock award account in the event of an "unforeseeable emergency" or in the event of the death or Disability of the Participant. An "unforeseeable emergency" means an unanticipated emergency caused by an event beyond the control of the Participant that would result in severe financial hardship if the distribution were not permitted. Such distributions shall be limited to the amount necessary to sufficiently address the financial hardship. Any distributions under this provision, shall be consistent with the Code and the regulations promulgated thereunder. Additionally, the Committee may use its discretion to cause stock option deferral accounts and/or deferred stock award accounts to be distributed when continuing the program is no longer in the best interest of the Holding Company or any Affiliate.
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Accelerated Distributions. (a) If, prior to the Final Payment Date, the Partnership sells any Capacity Reservations and receives cash consideration therefor, the Partnership shall distribute to Cheniere LNG as a prepayment of the Fixed Distributions 25% of the cash received for such Capacity Reservation (each, a "Capacity Distribution"); provided, however, that if, and when, Investments and its transferees and assigns makes the Second Payment or Third Payment, no subsequent Capacity Distributions shall be made by the Partnership until such time as the aggregate amount of such Capacity Distribution obligations that would otherwise be payable to Cheniere LNG exceeds the Second Payment, and/or Third Payment, as the case may be. Any Capacity Distributions made by the Partnership prior to the applicable Payment Date shall reduce the obligation of Investments to make the ensuing Second Payment, Third Payment or Final Payment, as the case may be, and the ensuing obligation of the Partnership to make the corresponding Fixed Distribution. The Partnership's Capacity Distribution obligation to Cheniere LNG shall terminate upon the Final Payment Date after Cheniere LNG has received aggregate Fixed Distributions and Capacity Distributions equal to $5.0 million. In no event (whether pursuant to Section 3.1 or Section 3.2) shall Cheniere LNG be entitled to receive an aggregate amount pursuant to Section 3.1 or Section 3.2 in excess of $5.0 million.
(b) Any cash received by the Partnership from sales of any Capacity Reservations prior to Project Approval, after payment of all Capacity Distributions to Cheniere LNG under Section 3.2(a), shall be paid, held or distributed in the following order of priority:
(i) first, to Investments with respect to each Fiscal Year (as defined in the Partnership Agreement) of the Partnership an amount equal to 44% of the taxable income allocated to Investments pursuant to Section 4.3(i) of the Partnership Agreement for such Fiscal Year;
(ii) second, an amount shall be set aside equal to all current Project expenses plus future Project expenses reasonably anticipated through approval of the Project by FERC;
(iii) third, an amount shall be distributed to Investments (and Cheniere LNG, if applicable) equal to the sum of all additional capital contributions made by Investments (and Cheniere LNG, if applicable) to the Partnership pursuant to Section 2.3 above;
(iv) fourth, an amount shall be distributed to Investments equal to the sum of any Second Payment, Third Payment ...
Accelerated Distributions. The Committee may, at its sole discretion, allow for the early payment of an Recipient's deferred stock award account in the event of an "unforeseeable emergency" or in the event of the death or Disability of the Recipient. An "unforeseeable emergency" means an unanticipated emergency caused by an event beyond the control of the Recipient that would result in severe financial hardship if the distribution were not permitted. Such distributions shall be limited to the amount necessary to sufficiently address the financial hardship. Any distributions under this provision shall be consistent with the Code and the regulations promulgated thereunder. Additionally, the Committee may use its discretion to cause stock award accounts to be distributed when continuing the program is no longer in the best interest of the Corporation or one of its Subsidiary Companies.
Accelerated Distributions