BOP Preferred Return definition

BOP Preferred Return means the right given to BOP to receive, in respect of each Fiscal Year, a sum equal to ten percent (10%) per annum (determined on the basis of a year of 365 days, for the actual number of days occurring in the period for which the BOP Preferred Return is being determined, cumulative to the extent not distributed pursuant to Section 10.2.1 hereof, but not compounded), of the average daily balance of the BOP Unreturned Preferred Capital from time to time during the period to which BOP Preferred Return relates. The calculation of the BOP Preferred Return shall commence upon the Preferred Capital Date and shall be payable as provided in this Agreement.
View Source

Examples of BOP Preferred Return in a sentence

  • Any amounts advanced by Gender Road under this Section 2.3.5 as an Additional Capital Contribution shall be entitled to a preferred return thereon equal to, and calculated in the same manner as, the BOP Preferred Return; provided that such preferred return shall be calculated as of the date Gender Road makes such Additional Capital Contribution.

  • Anything to the contrary in Article 10 hereof notwithstanding, to the extent Gender Road is entitled to a preferred return hereunder, such preferred return and the return of Additional Capital Contribution by Gender Road shall be paid by the Company pari passu and pro rata with the payment of the BOP Preferred Return and the return of BOP's Capital Contribution and Additional Capital Contributions.

  • Except as otherwise provided in Section 12.3 (relating to liquidating distributions), Available Cash Flow, if any, shall be distributed as mutually determined by the Members, except that any distributions to be made under Section 10.2.1 hereof to BOP in respect of the BOP Preferred Return shall be made at the end of the first quarter in which the Company has Available Cash Flow and thereafter shall be payable quarterly to the extent of Available Cash Flow.