Common use of Liquidation Preference; Ranking Clause in Contracts

Liquidation Preference; Ranking. Series C Preferred Units rank, with respect to rights to the payment of distributions and the distribution of assets in the event of any liquidation, dissolution or winding up of SCOLP, (a) senior to all Common OP Units, Series A-3 Preferred Units, Series B-3 Preferred Units and all other OP Units other than OP Units referenced in subsection (b) below, and (b) junior to all Mirror A Preferred Units, Preferred OP Units, Series A-1 Preferred Units, Series A-4 Preferred Units and all other OP Units hereafter arising the terms of which specifically provide that such OP Units rank senior to the Series C Preferred Units with respect to rights to the payment of distributions and the distribution of assets in the event of any liquidation, dissolution or winding up of SCOLP.