Common use of Application of Preferred Contribution Clause in Contracts

Application of Preferred Contribution. The gross amount of Preferred Contribution received in respect of the Series C Preferred Interest shall be contributed by the Partnership to the GRT LLC in exchange for a preferred interest therein, and the Partnership shall cause the GRT LLC in turn directly or indirectly to contribute such amount to the Property Level LLC in exchange for a preferred interest therein.

Application of Preferred Contribution. The gross amount of Preferred Contribution received in respect of the Series C any Preferred Interest shall be contributed by the Partnership to the applicable GRT LLC in exchange for a preferred interest therein, and the Partnership shall cause the GRT LLC in turn directly or indirectly to contribute such amount to the applicable Property Level LLC in exchange for a preferred interest therein.