Common use of Exchange and Redemption Clause in Contracts

Exchange and Redemption. (A) At the Option of the Series B Unitholder. The Series B Preferred Units owned by any Series B Unitholder shall be exchangeable, in whole or in part (together with the cancellation of a corresponding number of ENLC Class C Common Units in accordance with the ENLC Operating Agreement), at any time and from time to time upon the request of the Series B Unitholder, for either, at the sole and absolute discretion of the Partnership, (i) a number of ENLC Common Units determined by multiplying the number of Series B Preferred Units that are the subject of the exchange by the Series B Exchange Ratio (the “Series B Unit Exchange Amount”) or (ii) an amount of cash equal to the Series B Redemption Amount.

Exchange and Redemption. (A) At the Option of the Series B Unitholder. The Series B Preferred Units owned by any Series B Unitholder shall be exchangeable, in whole or in part (together with the cancellation of a corresponding number of ENLC Class C Common Units in accordance with the ENLC Operating Agreement)part, at any time and from time to time upon the request of the Series B Unitholder, for either, at the sole and absolute discretion of the Partnership, (i) a number of ENLC Common Units determined by multiplying the number of Series B Preferred Units that are the subject of the exchange by the Series B Exchange Ratio (the “Series B Unit Exchange Amount”) or (ii) an amount of cash equal to the Series B Redemption Amount.