Senior Preferred Return definition
Examples of Senior Preferred Return in a sentence
A Defaulting Partner may cause the Partnership to repay the Senior Preferred Equity Contributions, together with any accrued Senior Preferred Return, at any time, by contributing such amounts to the Partnership and directing the General Partner to distribute such amounts to the Contributing Partner(s) in accordance with Section 5.2(a)(i) and Section 5.2(a)(ii).
No interest shall be paid to any Member on any Capital Contributions (without limiting in any respect the accrual of the Junior Preferred Return or the Senior Preferred Return on the Junior Liquidation Preference or the Senior Liquidation Preference, respectively, as further set forth herein).
No interest shall be paid to any Member on any Capital Contributions (without limiting in any respect the accrual of the Junior Preferred Return or the Senior Preferred Return on the Junior Liquidation Preference or the Senior Liquidation Preference, respectively, of the Preferred Interests as further set forth herein).
Following the distribution of the First Senior Preferred and First Senior Preferred Return, the Management Fee will be payable in arrears on a quarterly basis (subject to proration), on the first day of each calendar quarter following the quarter for which payment is due (or earlier, in the case of termination under Section 4 prior to such date).
Subject to any applicable covenants contained in credit agreements to which the Company or any Related Company is a party and to the prior payment of amounts required to be paid under Subsection (a) above, beginning on the first day following the effective date of this Agreement the Company shall make monthly distributions to API in an amount equal to the accrued and unpaid First Senior Preferred Return (as defined in Section 5.2).
The Management Fee shall accrue but shall not be payable until APHLLC distributes the First Senior Preferred and First Senior Preferred Return to API, at which time all accrued amounts shall immediately be due and payable to Riverside.
Following a sale in accordance with Section 8.1, distributions shall be made (i) to the extent required to pay any then remaining amounts of the Senior Preferred and the Senior Preferred Return, and (ii) thereafter as required by a Majority of Preferred Members, in each case in accordance with the provisions of this Agreement.
In the Recapitalization, the stockholders of API shall be issued common stock in the Public NewCo in exchange for API’s Common Units and the holders of Second Senior Preferred Units, Second Senior Preferred Unit Return and all other Units in the Company (other than the First Senior Preferred and the First Senior Preferred Return) shall be issued common stock in the public NewCo in exchange for such equity interests.
This Subsection shall not apply to taxable income arising from (i) a sale or exchange of Units by a Member, (ii) the sale of all or any substantial portion of the assets or Units of the Company (except to the extent any distributions to the Members made in connection with the sale of one or more of the Company’s business units, divisions or product lines are insufficient to allow the Members to pay taxes in connection with such sale) or (iii) the Senior Preferred Return (as defined in Section 5.2).
In addition, subject to the prior payment of the First Senior Preferred and First Senior Preferred Return, the Second Senior Preferred Units and Second Senior Preferred Unit Return will also be paid at any time when directed by a Majority of Preferred Members.