The Partnership makes distributions to its partners no later than 45 days after the end of each fiscal quarter in an aggregate amount equal to its Available Cash for such quarter. Available Cash, as defined in the Partnership Agreement, generally means all cash on hand at the end of the respective fiscal quarter less the amount of cash reserves established by the Board of Supervisors in its reasonable discretion for future cash requirements. These reserves are retained for the proper conduct of the Partnership’s business, the payment of debt principal and interest and for distributions during the next four quarters.

The following summarizes the quarterly distributions per Common Unit declared and paid in respect of each of the quarters in the last three fiscal years:

	Fiscal		Fiscal		Fiscal
	2020		2019		2018
First Quarter	$	0.6000	$	0.6000	$	0.6000
Second Quarter		0.6000		0.6000		0.6000
Third Quarter		0.3000		0.6000		0.6000
Fourth Quarter		0.3000		0.6000		0.6000

On July 23, 2020, the Partnership announced a reduction in the quarterly distribution effective for the distribution payable in respect of the third quarter of fiscal 2020. This proactive step will reduce the Partnership’s annual cash requirements by approximately $75,000, and contribute to the Partnership’s efforts to accelerate debt reduction, further strengthen the balance sheet and enhance financial flexibility to support the Partnership’s strategic growth initiatives.