Common use of Preferred Partnership Units Clause in Contracts

Preferred Partnership Units. At any time that a Partner is treated as having made a contribution to the Partnership pursuant to Section 4.1(e) (unless all Partners are treated as having made such a contribution as provided in the proviso to Section 4.1(e)(ii)), the Partnership shall issue to such Partner, on the date on which such contribution is deemed made, one Preferred Partnership Unit for each $1,000 deemed contributed by such Partner on such date.