Cumulative Distributions Sample Clauses
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Cumulative Distributions. Subject to the rights of any applicable Senior Units, each Class A Convertible Preferred Unit shall be entitled to distributions at an annual rate of 2.0% of the Class A Convertible Preferred Unit Liquidation Preference Amount from the date of issuance of such Class A Convertible Preferred Unit (adjusted for any stock split, stock dividend or distribution, reclassification, reorganization, consolidation or similar change or event) (collectively, the “Class A Preferred Distributions”). Such distributions shall accumulate (accrue) from day to day, and shall be paid in cash in arrears on the last day of each March, June, September and December, or if any such day is not a Business Day, the immediately preceding Business Day, beginning September 28, 2008. All Class A Preferred Distributions under this Section 4.3.2 shall be cumulative so that if such Distributions in respect of any distribution period shall not have been paid on or declared and set apart for all Class A Convertible Preferred Units at the time outstanding, the deficiency shall be fully paid on or declared and set apart for such Class A Convertible Preferred Units after the payment of any amount necessary to enable the General Partner to pay REIT Expenses, but before the Partnership makes any other distribution (as hereinafter defined) to the holders of any other Partnership Units (other than Senior Units and Pari Passu Units (provided Class A Preferred Distributions shall be paid simultaneously with distributions to Pari Passu Units pro rata in proportion to the ratio that the aggregate accumulated and unpaid Class A Preferred Distributions bears to the aggregate accumulated and unpaid distributions owing to holders of the Pari Passu Units)).
Cumulative Distributions. Upon the payment of any distribution to the holders of any Junior Units or Common Units (but subject to the rights of any applicable Senior Units), each Class A Convertible Preferred Unit shall be entitled to distributions at an annual rate of (a) 2.0% of the Class A Convertible Preferred Unit Liquidation Preference Amount per annum from the date of issuance of such Class A Convertible Preferred Unit (adjusted for any stock split, stock dividend or distribution, reclassification, reorganization, consolidation or similar change or event) up to (but not including) January , 2008, (b) 3.0% of the Class A Convertible Preferred Unit Liquidation Preference Amount per annum from January , 2008 (adjusted for any stock split, stock dividend or distribution, reclassification, reorganization, consolidation or similar change or event) up to (but not including) January 8, 2009, (c) 4.0% of the Class A Convertible Preferred Unit Liquidation Preference Amount per annum from January , 2009 (adjusted for any stock split, stock dividend or distribution, reclassification, reorganization, consolidation or similar change or event) up to (but not including) the third anniversary of such date of issuance, and (d) 5.0% of the Class A Convertible Preferred Unit Liquidation Preference Amount per annum from and after January , 2010 (adjusted for any stock split, stock dividend or distribution, reclassification, reorganization, consolidation or similar change or event) (collectively, the “Class A Preferred Distributions”). Such distributions shall accumulate (accrue) from day to day, and shall be paid in cash on each anniversary of the date of issuance of such Class A Convertible Preferred Unit. All Class A Preferred Distributions under this Section 4.3.2 shall be cumulative so that if such Distributions in respect of any distribution period shall not have been paid on or declared and set apart for all Class A Convertible Preferred Units at the time outstanding, the deficiency shall be fully paid on or declared and set apart for such Class A Convertible Preferred Units before the Partnership makes any distribution (as hereinafter defined) to the holders of any other Partnership Units (other than Senior Units and other than Pari Passu Units (provided Class A Preferred Distributions shall be paid simultaneously with distributions to Pari Passu Units pro rata in accordance with their aggregate accumulated and unpaid distributions)).