Distributable Income definition

Distributable Income means, for any period, the net income of Centurion Apartment REIT, including income earned from its proportionate interest under the Rollover Agreement and its applicable consolidated Subsidiaries for such period set out in its consolidated financial statements as determined in accordance with GAAP, subject to certain adjustments, including: (a) adding back the following items: depreciation, amortization (except for amortization of deferred financing costs, future income tax expense, losses on dispositions of assets and amortization of any net discount on long-term debt assumed from vendors of properties at rates of interest less than fair value); and (b) deducting the following items: future income tax credits, interest on convertible debentures to the extent not already deducted in computing net income, gains on dispositions of assets and amortization of any net premium on long- term debt assumed from vendors of properties at rates of interest greater than fair value and any other adjustments determined by the Trustees in their discretion.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

Distributable Income means the amount of cash available to be distributed by the REIT, calculated in the manner set forth under the heading “Computation of Distributable Income for Distribution Purposes”.

Distributable Income means, at any time, the maximum amount of income distributable by a Person at such time under the laws of such Persons jurisdiction, as certified by independent certified public accountants of recognized international standing pursuant to Section 6.02(a).

Examples of Distributable Income in a sentence

• To the extent that there is an amount payable under clause 24.1 which is to be paid in priority to the amounts payable to the Beneficiary, the Beneficiary directs the Trustee to meet the amount payable under clause 24.1 as an application of the Beneficiary's entitlement to the Distributable Income of the Trust.

• During the term of this Trust prior to a Change in Control, all Distributable Income received by this Trust, net of expenses and taxes, shall be distributed to the Company no less frequently than semi-annually, unless otherwise directed by the Company, and from and after a Change in Control shall be accumulated and reinvested.

• The Trust may distribute to Unitholders monthly on each Distribution Date such percentage of the Distributable Income for the preceding calendar month and, in the case of distributions made on December 31, for the calendar month then ended, as the Trustees may so determine in their discretion.

• To the extent that there is an amount payable under clause 30.1 which is to be paid in priority to the amounts payable to the Beneficiary, the Beneficiary directs the Trustee to meet the amount payable under clause 30.1 as an application of the Beneficiary's entitlement to the Distributable Income of the Trust.

• Where a Trustee Claim is paid out of the Trust Fund the Trustee must first make the payment out of corpus and then out of any Distributable Income of the Trust not distributed pursuant to clause 5.5(b).

More Definitions of Distributable Income

Distributable Income means, for any period, the net income of the Trust and its applicable consolidated subsidiaries for such period set out in its consolidated financial statements as determined in accordance with GAAP, subject to certain adjustments, including: (a) adding or adding back the following items, as the case may be: unrealized losses, depreciation, amortization (except for amortization of deferred financing costs incurred after December 7, 2006), deferred income tax expense, losses on dispositions of assets and amortization of any net discount on long-term debt assumed from vendors of Properties at rates of interest less than fair value incurred after December 7, 2006; (b) deducting the following items: unrealized gains, deferred income tax credits, maintenance capital expenditures, interest on convertible debentures to the extent not already deducted in computing net income, gains on dispositions of assets and amortization of any net premium on long-term debt assumed from vendors of Properties at rates of interest greater than fair value incurred after December 7, 2006; and (c) any other adjustments as determined by the Trustees in their discretion, all as more particularly defined in Section 5.1 of the Amended and Restated Declaration of Trust;

Distributable Income has the meaning given in clause 24.6.

Distributable Income means for any period, the net income of BTB, on a consolidated basis, as determined in accordance with IFRS, adjusted to take into account the following:

Distributable Income means the amount of cash available to be distributed by the REIT, calculated as set out under "Distribution Policy".

Distributable Income means all income earned by the contribution less reasonable charges and costs on investment transactions;

Distributable Income has the meaning ascribed thereto in Section 6.01(c).

Distributable Income means, in respect of a particular Distribution Record Date, the sum of the following amounts calculated as of such Distribution Record Date: