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. (c)

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. (c) Payment of Distributions in Connection with Redemption. Immediately prior to any redemption of Series B Preferred Units, the Partnership shall pay, in cash, any accumulated and unpaid distributions through the redemption date, unless a redemption date falls after a Distribution Record Date and prior to the corresponding Distribution Payment Date, in which case each holder of Series B Preferred Units at the close of business on such Distribution Record Date shall be entitled to the distribution payable on such units on the corresponding Distribution Payment Date notwithstanding the redemption of such units before such Distribution Payment Date. Except as provided above, the Partnership will make no payment or allowance for unpaid distributions, whether or not in arrears, on Series B Preferred Units which are redeemed. (d)