Series J Priority Return definition

Series J Priority Return means an amount equal to 7.95% per annum on an amount equal to $50 per Series J Preferred Unit then outstanding (equivalent to $3.975 per annum). Such amount shall be determined on a daily basis computed on the basis of a 360-day year of twelve 30-day months (or actual days for any month which is shorter than a full monthly period), cumulative from September 21, 2001 to the extent not distributed for any given distribution period pursuant to Sections 5.1 and 18.3 hereof. Notwithstanding the foregoing, distributions on the Series J Preferred Units will accrue whether or not the terms and provisions of any agreement of the Partnership at any time prohibit the current payment of distributions, whether or not the Partnership has earnings, whether or not there are funds legally available for the payment of such distributions and whether or not such distributions are authorized. Accrued but unpaid distributions on the Series J Preferred Units will accumulate as of the Preferred Unit Distribution Payment Date on which they first become payable.

Series J Priority Return means an amount equal to 5.250% per annum on the stated value of $25 per Series J Preferred Unit (equivalent to the fixed annual amount of $1.3125 per Series J Preferred Unit), commencing on the date of original issuance of the Series J Preferred Units. For any partial quarterly period, the amount of the Series J Priority Return shall be prorated and computed on the basis of a 360-day year consisting of twelve 30-day months.

Series J Priority Return shall have the meaning set forth therefor in Section 29.1 hereof.

Examples of Series J Priority Return in a sentence

• Subject to the rights of Holders of Parity Preferred Units as to the payment of distributions, pursuant to Section 5.1, the General Partner, as holder of the Series J Preferred Units, will be entitled to receive, when, as and if declared by the Partnership acting through the General Partner, out of Available Cash, cumulative preferential cash distributions in an amount equal to the Series J Priority Return.

• If a bid is withdrawn under the authority of this provision, the lowest remaining responsive bid shall be deemed to be lowbid.

• Subject to the preferential rights of holders of any class or series of OP Units of the Partnership ranking senior to the Series J Preferred Units, the holders of Series J Preferred Units will be entitled to receive, when, as and if declared by the Partnership acting through the General Partner, out of the Partnership’s available cash, cumulative preferential cash distributions in an amount equal to the Series J Priority Return.

• Subject to the rights of holders of Parity Preferred Units (including the Series A Preferred Units and the Series B Preferred Units) as to the payment of distributions, pursuant to Section 5.1, Section 16.3.A and Section 17.3.A hereof, holders of Series J Preferred Units will be entitled to receive, when, as and if declared by the Partnership acting through the General Partner, out of Available Cash, cumulative preferential cash distributions in an amount equal to the Series J Priority Return.

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More Definitions of Series J Priority Return

Series J Priority Return means an amount equal to 5.250% per annum on the stated value of $25 per Series J Preferred Unit (equivalent to the fixed annual amount of $1.3125 per Series J Preferred Unit), commencing on the date of original issuance of the Series J Preferred Units. For any partial quarterly period, the amount of the Series J Priority Return shall be prorated and computed on the basis of a 360-day year consisting of twelve