Distributions of Available Cash

9 Months Ended

Jun. 26, 2021

Distributions Made To Members Or Limited Partners [Abstract]

Distributions of Available Cash

11. Distributions of Available Cash

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.

On July 22, 2021, the Partnership announced a quarterly distribution of $0.325 per Common Unit, or $1.30 per Common Unit on an annualized basis, in respect of the third quarter of fiscal 2021, payable on August 10, 2021 to holders of record on August 3, 2021.  This quarterly distribution equated to an increase of 8.3% from the previous distribution rate of $0.30 per Common Unit that was in effect for each of the first two quarters of fiscal 2021.