Series K Priority Return definition

Series K Priority Return means an amount equal to 7.95% per annum on an amount equal to $50 per Series K 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 April 17, 2002 to the extent not distributed for any given distribution period pursuant to Sections 5.1 and 19.3 hereof. Notwithstanding the foregoing, distributions on the Series K 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 K Preferred Units will accumulate as of the Preferred Unit Distribution Payment Date on which they first become payable.

Series K Priority Return means an amount equal to 5.850% per annum on the stated value of $25 per Series K Preferred Unit (equivalent to the fixed annual amount of $1.4625 per Series K Preferred Unit), commencing on the date of original issuance of the Series K Preferred Units. For any partial quarterly period, the amount of the Series K Priority Return shall be prorated and computed on the basis of a 360-day year consisting of twelve 30-day months.

Series K Priority Return shall have the meaning set forth therefor in Section 30.1 below.

Examples of Series K 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 K 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 K Priority Return.

• For the avoidance of doubt, in no event will the Partnership be entitled to any payment from any such holder of Series K Preferred Units in the event that any such distribution or dividend described in clause (ii) of the foregoing sentence exceeds the prorated portion of the Series K Priority Return described in clause (i) of the foregoing sentence.

More Definitions of Series K Priority Return

Series K Priority Return shall have the meaning set forth therefor in Section 30.1 below.