Common use of Limitations on Redemption Clause in Contracts

Limitations on Redemption. (i) The redemption price of the Series B Preferred Units (other than the portion thereof consisting of accrued and unpaid distributions) is payable solely out of the sale proceeds of capital stock of Gables Trust, which will be contributed by Gables Trust to the Partnership as an additional capital contribution, or out of the sale proceeds of equity securities of the Partnership, which may include other series of Preferred Units, and from no other source. For purposes of the preceding sentence, capital stock means any shares of beneficial interest of Gables Trust (including Common Shares and Preferred Shares, as defined in the Declaration of Trust), or any other interest, participation or other ownership interests (however designated) and any rights (other than debt securities convertible into or exchangeable for equity securities) or options to purchase any of the foregoing. (ii) Unless full cumulative distributions on all Series B Preferred Units shall have been or contemporaneously are declared and paid or declared and a sum sufficient for the payment thereof set apart for payment for all past distribution periods and the then current distribution period, no Series B Preferred Units shall be redeemed unless all outstanding Series B Preferred Units are simultaneously redeemed, and the Partnership shall not purchase or otherwise acquire directly or indirectly any Series B Preferred Units (except by exchange for units of the Partnership ranking junior to the Series B Preferred Units as to distributions and upon liquidation); provided, however, that the foregoing shall not prevent the purchase or acquisition of Series B Preferred Units pursuant to a purchase or exchange offer made on the same terms to holders of all outstanding Series B Preferred Units.

Limitations on Redemption. (i) i. The redemption price of the Series B A Preferred Units (other than the portion thereof consisting of accrued and unpaid distributions) is payable solely out of the sale proceeds of capital stock of Gables Trust, which will be contributed by Gables Trust contribution to the Partnership as an additional capital contribution, or out by GLREIT of the sale proceeds of equity securities other shares of the Partnershipbeneficial interest of GLREIT, which may include other series of Preferred UnitsShares, and from no other source. For purposes of the preceding sentence, capital stock means any "shares of beneficial interest of Gables Trust interest" means any equity securities (including Common Shares and Preferred Shares, as defined in the Declaration of Trust), or any other shares, interest, participation or other ownership interests (however designated) and any rights (other than debt securities convertible into or exchangeable for equity securities) or options to purchase any of the foregoing. (ii) . Unless full cumulative distributions on all Series B A Preferred Units shall have been or contemporaneously are declared and paid or declared and a sum sufficient for the payment thereof set apart for payment for all past distribution periods and the then current distribution period, no Series B A Preferred Units shall be redeemed unless all outstanding Series B A Preferred Units are simultaneously redeemed, and the Partnership shall not purchase or otherwise acquire directly or indirectly redeem any Series B A Preferred Units (except by exchange for units Units of the Partnership ranking junior to the Series B A Preferred Units as to distributions and upon liquidation); providedPROVIDED, howeverHOWEVER, that the foregoing shall will not prevent the purchase or acquisition redemption of Series B A Preferred Units pursuant to a purchase or exchange offer made on the same terms to holders of all outstanding Series B A Preferred Units.

Limitations on Redemption. (i) The redemption price of the Series B Preferred Units (other than the portion thereof consisting of accrued and unpaid distributions) is payable solely out of the sale proceeds of capital stock of Gables Trust, which will be contributed by Gables Trust to the Partnership as an additional capital contribution, or out of the sale proceeds of equity securities of the Partnership, which may include other series of Preferred Units, and from no other source. For purposes of the preceding sentence, capital stock means any shares of beneficial interest of Gables Trust (including Common Shares and Preferred Shares, as defined in the Declaration of Trust), or any other interest, participation or other ownership interests (however designated) and any rights (other than debt securities convertible into or exchangeable for equity securities) or options to purchase any of the foregoing. (ii) Unless full cumulative distributions on all Series B Preferred Units shall have been or contemporaneously are declared and paid or declared and a sum sufficient for the payment thereof set apart for payment for all past distribution periods and the then current distribution period, no Series B Preferred Units shall be redeemed unless all outstanding Series B Preferred Units are simultaneously redeemed, and the andthe Partnership shall not purchase or otherwise acquire directly or indirectly any Series B Preferred Units (except by exchange for units of the Partnership ranking junior to the Series B Preferred Units as to distributions and upon liquidation); provided, however, that the foregoing shall not prevent the purchase or acquisition of Series B Preferred Units pursuant to a purchase or exchange offer made on the same terms to holders of all outstanding Series B Preferred Units.

Limitations on Redemption. (i) The redemption price of the Series B Preferred Units D Redemption Price (other than the portion thereof consisting of accrued and unpaid distributionsdividends) is shall be payable solely out of the sale proceeds of other capital stock of Gables Trust, which will be contributed by Gables Trust to the Partnership as an additional capital contribution, or out of the sale proceeds of equity securities of the Partnership, which may include other series of Preferred Units, corporation and from no other source. For purposes of the preceding sentence, capital stock means any shares of beneficial interest of Gables Trust (including Common Shares and Preferred Shares, as defined in the Declaration of Trust), or any other interest, participation or other ownership interests (however designated) and any rights (other than debt securities convertible into or exchangeable for equity securities) or options to purchase any of the foregoing. (ii) Unless full cumulative distributions dividends on all shares of Series B D Preferred Units shall have been or contemporaneously are declared and paid or declared and a sum sufficient for the payment thereof set apart for payment for all past distribution periods Dividend Periods and the then current distribution periodDividend Period, no Series B D Preferred Units shall be redeemed (unless all outstanding shares of Series B D Preferred Units are simultaneously redeemed, and the Partnership shall not purchase ) or purchased or otherwise acquire acquired directly or indirectly any Series B Preferred Units by the corporation (except by exchange for units of the Partnership ranking junior to the Series B Preferred Units as to distributions and upon liquidationJunior Stock); provided, however, that the foregoing shall not prevent the redemption of Series D Preferred pursuant to Article 4 or the purchase or acquisition of Series B D Preferred Units pursuant to a purchase or exchange offer made on the same terms to holders of all outstanding shares of Series B D Preferred. (iii) The corporation shall not redeem in any period of 12 consecutive months a number of shares of Series D Preferred Unitshaving an aggregate Liquidation Preference of more than $100,000,000, provided that this restriction shall lapse and be of no further force or effect if in any such period any holder of record of such number of shares of Series D Preferred or shares of common stock issued on conversion of such number of shares of Series D Preferred shall transfer beneficial ownership of such number of shares of Series D Preferred or such common stock, or a combination of shares of Series D Preferred and such common stock representing such number of shares of Series D Preferred, except (a) in a distribution of such shares of Series D Preferred and/or shares of common stock to the security holders of such holder of record or (b) in a bona fide pledge to a bank or other financial institution to secure obligations for borrowed money, or as margin collateral, or upon foreclosure or private sale under such pledge.