Preferred Return Per Unit means with respect to each Non-Managing Member Unit outstanding on a LLC Record Date an amount initially equal to zero, and increased cumulatively on each LLC Record Date by an amount equal to the product of (i) the cash dividend per REIT Share declared by the Managing Member for holders of REIT Shares on that LLC Record Date, multiplied by (ii) the Adjustment Factor in effect on that LLC Record Date; provided, however, that the increase that shall occur in accordance with the foregoing on the first LLC Record Date subsequent to the Effective Date shall be the foregoing product of (i) and (ii) above multiplied by a fraction, the numerator of which shall be the number of days in the period commencing on the Effective Date and ending on the first LLC Record Date following the Effective Date, and the denominator of which shall be the number of days in the period commencing on February 5, 2007 and ending on the first LLC Record Date following the Effective Date.
Preferred Return Per Unit means with respect to each Partnership Unit outstanding on a specified Partnership Record Date, an amount initially equal to zero, and increased cumulatively on each Partnership Record Date by an amount equal to the product of (i) the cash dividend per REIT Share declared by NHP for holders of REIT Shares on such Partnership Record Date, multiplied by (ii) the Applicable Percentage in effect on such Partnership Record Date, multiplied by (iii) the Adjustment Factor in effect on such Partnership Record Date; provided, however, that, for each Partnership Unit, the increase that shall occur in accordance with the foregoing on the first Partnership Record Date that occurs on or after the date on which such Partnership Unit was first issued shall be the foregoing product of (i), (ii) and (iii) above, multiplied by a fraction, the numerator of which shall be the number of days that such Partnership Unit was outstanding up to and including such first Partnership Record Date, and the denominator of which shall be the total number of days in the period from but excluding the immediately preceding Partnership Record Date (or, if none, the Effective Date) to and including such first Partnership Record Date; provided, further, that the Preferred Return Per Unit may be calculated differently pursuant to Section 8.6(d) if a Fundamental Event occurs. If NHP declares a dividend on its outstanding REIT Shares in which holders of REIT Shares may elect to receive all or a portion of such dividend in cash, additional REIT Shares, or a combination thereof, then, for purposes of this definition, the “cash dividend per REIT Share” shall be deemed to equal the quotient obtained by dividing (x) the aggregate amount of cash paid by NHP to holders of outstanding REIT Shares in such dividend, by
Preferred Return Per Unit means with respect to each Non-Managing Member Unit outstanding on an LLC Record Date an amount initially equal to zero, and increased cumulatively on each LLC Record Date by the Preferred Return Per Unit Increase; provided, however, that (i) the increase in the Preferred Return Per Unit on the first LLC Record Date after the Initial Closing shall be the Preferred Return Per Unit Increase multiplied by a fraction, the numerator of which is 48 days (i.e., the number of days between the Initial Closing Date and the last day of the calendar quarter in which the Initial Closing occurs) and the denominator of which shall be 92 days; (ii) the increase in the Preferred Return Per Unit with respect to the Non-Managing Member Units issued on a Subsequent Closing Date that occurs prior to the LLC Record Date that is established during the same calendar quarter in which such Subsequent Closing Date occurs shall be zero, and the increase in the Preferred Return Per Unit on the next following LLC Record Date with respect to such Non-Managing Member Units shall be the Preferred Return Per Unit Increase multiplied by a fraction, the numerator of which is the number of days between the such Subsequent Closing Date and the last day of the calendar quarter in which such Subsequent Closing occurs and the denominator of which shall be 91 days; (iii) the increase in the Preferred Return Per Unit that occurs on the first LLC Record Date following a Subsequent Closing that occurs after the LLC Record Date established during the same calendar quarter in which such Subsequent Closing occurs (“Post Record Date Subsequent Closing”), with respect to those Non-Managing Member Units issued in connection with such Post Record Date Subsequent Closing, shall be the Preferred Return Per Unit Increase multiplied by a fraction, the numerator of which shall be the number of days in the period commencing on such Post Record Date Subsequent Closing and ending on the last day of the calendar quarter in which such Post Record Date Subsequent Closing occurs, and the denominator of which shall be 91 days.
Examples of Preferred Return Per Unit in a sentence
Gross income shall be allocated to each Holder of Partnership Units for any Fiscal Year (and, if necessary, subsequent Fiscal Years) to the extent that such Holder receives a distribution of the Preferred Return Per Unit pursuant to Section 5.1.1 of this Agreement.
On written request, the Partnership shall notify any Limited Partner of the then current Adjustment Factor or any change made to the Adjustment Factor or the REIT Shares Amount or the Preferred Return Per Unit applicable to such Limited Partner.
Each Person making such a Capital Contribution and executing a Partner Schedule shall be admitted to the Partnership as an Additional Limited Partner, with such number of Partnership Units and such Preferred Return Per Unit and other rights as may be set forth in such Partner Schedule.
Gross income and, if necessary, gain shall be allocated to each Holder of Partnership Units for any Fiscal Year (and, if necessary, subsequent Fiscal Years) to the extent that such Holder receives a distribution of the Preferred Return Per Unit pursuant to Section 5.1.1 of this Agreement.
Each Person making such a Capital Contribution and executing a Partner Schedule shall be admitted to the Partnership as an Additional Limited Partner, with such number of Partnership Units and such Preferred Return Per Unit as may be set forth in such Partner Schedule.
More Definitions of Preferred Return Per Unit
Preferred Return Per Unit with respect to the New Member and each Non-Managing Member Unit issued to New Member on the Effective Date, the increase in the Preferred Return Per Unit with respect to each such Non-Managing Member Unit on the first LLC Record Date following the Effective Date hereof shall be the product of (i) and (ii) of such definition multiplied by a fraction, the numerator of which shall be the number of days in the period commencing on the Effective Date hereof and ending on the first LLC Record Date following the Effective Date hereof, and the denominator of which shall be the number of days in the period commencing on August 9, 2005, and ending the first LLC Record Date following the Effective Date hereof.
Preferred Return Per Unit means with respect to an LLC Unit outstanding on an LLC Record Date (other than those LLC Units held by the Managing Member) an amount initially equal to zero, and increased cumulatively on each LLC Record Date by an amount equal to the product of (i) the cash dividend per REIT Share declared by the Managing Member for holders of REIT Shares on that LLC Record Date, multiplied by (ii) the Adjustment Factor in effect on that LLC Record Date.
Preferred Return Per Unit means with respect to Preferred Partnership Units, a return equal to the annualized cash dividends paid on account of a REIT Share for any applicable period. The Preferred Return Per Unit shall not constitute a "Guaranteed Payment" under Code Section 707(c).
Preferred Return Per Unit means as to a Limited Partner or an Assignee, the amount specified on the Partner Schedule of such Limited Partner (or in the case of an Assignee, the Partner Schedule of the Limited Partner whose Partnership Units were transferred to such Assignee, whether directly or by another Assignee) as the Preferred Return Per Unit for such Limited Partner, which amount is distributable quarterly from Available Cash as provided in Section 5.1. The Preferred Return Per Unit need not be the same amount for each Limited Partner or Assignee or with respect to each Partnership Unit.
Preferred Return Per Unit means with respect to a Partnership Unit outstanding on a Limited Partnership Record Date (other than those Partnership Units held by the General Partner) an amount initially equal to zero, and increased cumulatively on each Limited Partnership Record Date by an amount equal to $.02 per unit (8% annual), less any amount required to be withheld from time to time as required by the Contribution Agreement. With respect to the first such Limited Partnership Record Date the amount will be a pro-rata amount to achieve the agreed upon rate of return for the first short period.
Preferred Return Per Unit. Section 1.82 of the Partnership Agreement is hereby amended to read in its entirety as follows:
Preferred Return Per Unit means with respect to each Partnership Unit outstanding on a specified Partnership Record Date, an amount initially equal to zero, and increased cumulatively on each Partnership Record Date by an amount equal to the product of (i) the cash dividend per REIT Share declared by NHP for holders of REIT Shares on such Partnership Record Date, multiplied by (ii) the Applicable Percentage in effect on such Partnership Record Date, multiplied by (iii) the Adjustment Factor in effect on such Partnership Record Date; provided, however, that, for each Partnership Unit, the increase that shall occur in accordance with the foregoing on the first Partnership Record Date that occurs on or after the date on which such Partnership Unit was first issued shall be the foregoing product of (i), (ii) and (iii) above, multiplied by a fraction, the numerator of which shall be the number of days that such Partnership Unit was outstanding up to and including such first Partnership Record Date, and the denominator of which shall be the total number of days in the period from but excluding the immediately preceding Partnership Record Date (or, if none, the Effective Date) to and including such first Partnership Record Date; provided, further, that the Preferred Return Per Unit may be calculated differently pursuant to Section 8.6(d) if a Fundamental Event occurs.