Distribution Credit definition
Examples of Distribution Credit in a sentence
It is agreed that where there is a reference to payment being made in respect of the Common Unit Distribution Credit Facility that the payment shall, in order of priority, be applied against or in respect of the Common Unit Distribution Credit Advance that has been outstanding for the longest period of time.
For greater certainty, if the subtraction of E in the above formula results in a difference that is zero (0) or a negative number, no Common Unit Distribution Credit Advance is available on the applicable anniversary of the Common Unit Distribution Credit Advance Calculation Date.
Grantee shall not be, or have any of the rights or privileges of, a unitholder of the Company with respect to any Notional Unit, DER or Distribution Credit.
All advances under the Common Unit Distribution Credit Facility up to and including the Final Closing Date will bear interest at the Floating Rate, plus two (2%) per cent, up to and including the Final Closing Date, but will be converted on the Final Closing Date to the then current Thirty Year Rate, plus two (2%) per cent, to be in effect until the Maturity Date.
Hydro will also provide a Common Unit Distribution Credit Facility to provide each KCN Investment Entity holding Class K Common Units with a cash flow on its Own Cash Invested at the Minimum Distribution Rate, as described in section 5.3 of this JKDA.
All advances under the Common Unit Distribution Credit Facility following the Final Closing Date will bear interest at the Thirty Year Rate, in effect at the date of advance, plus two (2%) per cent, to be in effect until the Maturity Date.
Such Distributions shall be paid to Hydro pursuant to the CNPLP’s irrevocable assignment and direction of all such Distributions to Hydro, as provided for under the Security Documents, until the CNPLP Total Outstandings under the Common Unit Distribution Credit Facility, have been repaid in full.
If the requirements of section 2.2(2) are met, such that FLCNKII is entitled to receive a Common Unit Distribution Credit Advance from Hydro, a Borrowing Notice shall have been deemed to have been received by Hydro for the amount of such Advance.
If the requirements of section 2.2(2) are met, such that the CNPLP is entitled to receive a Common Unit Distribution Credit Advance from Hydro, a Borrowing Notice shall have been deemed to have been received by Hydro for the amount of such Advance.
Provided that after the Final Closing Date, no additional fees shall accrue and be required to be paid on the CNPLP Total Outstandings with respect to the Common Unit Distribution Credit Facility if the CNPLP have delivered a Preferential Distribution Notice and the provisions of section 2.6(1) apply.