Common use of Priority as to Distributions Clause in Contracts

Priority as to Distributions. If and so long as the Partnership is in arrears with regard to the payment of any distributions for any past quarterly period upon any outstanding Series 1 CPOP Units or the Partnership has failed to pay when due the Series 1 CPOP Cash Amount, (A) no distributions shall be declared and paid or declared and set apart for payment, nor shall any other distribution be declared or made, upon any Series 1 CPOP Parity Unit or Series 1 CPOP Junior Units unless distributions sufficient to make up such arrearage shall have been or contemporaneously are authorized and paid or authorized and a sum sufficient for the payment thereof is set apart for payment, and (B) no Series 1 CPOP Parity Units or Series 1 CPOP Junior Units shall be redeemed, purchased or otherwise acquired for any consideration (nor any funds be paid to or made available for a sinking fund for the redemption of any such Series 1 CPOP Junior Units) and no other distribution of cash or other property may be made directly or indirectly by the Partnership or the General Partner or any of its Affiliates (except, in each case, for (x) the redemption of Partnership Common Units or Partnership Equivalent Units from the General Partner pursuant to Section 4.7.B, (y) any acquisition by the General Partner of Tendered Common Units in exchange for REIT Shares in accordance with Section 15.1 or (z) conversion into or exchange for Series 1 CPOP Junior Units or REIT Shares with no cash distributed in connection therewith), unless full cumulative distributions on the Series 1 CPOP Units for all past quarterly periods shall have been or contemporaneously are (i) declared and paid or (ii) declared and a sum sufficient for the payment thereof is set apart for such payment.

Priority as to Distributions. If and so long as the Partnership is in arrears with regard to the payment of any distributions for any past quarterly period upon any outstanding Series 1 2 CPOP Units or the Partnership has failed to pay when due the Series 1 2 CPOP Cash Amount, (A) no distributions shall be declared and paid or declared and set apart for payment, nor shall any other distribution be declared or made, upon any Series 1 2 CPOP Parity Unit Units or Series 1 2 CPOP Junior Units unless distributions sufficient to make up such arrearage shall have been or contemporaneously are authorized and paid or authorized and a sum sufficient for the payment thereof is set apart for payment, and (B) no Series 1 2 CPOP Parity Units or Series 1 2 CPOP Junior Units shall be redeemed, purchased or otherwise acquired for any consideration (nor any funds be paid to or made available for a sinking fund for the redemption of any such Series 1 2 CPOP Junior Units) and no other distribution of cash or other property may be made directly or indirectly by the Partnership or the General Partner or any of its Affiliates (except, in each case, for (x) the redemption of Partnership Common Units or Partnership Equivalent Units from the General Partner pursuant to Section 4.7.B, (y) any acquisition by the General Partner of Tendered Common Units in exchange for REIT Shares in accordance with Section 15.1 or (z) conversion into or exchange for Series 1 2 CPOP Junior Units or REIT Shares with no cash distributed in connection therewith), unless full cumulative distributions on the Series 1 2 CPOP Units for all past quarterly periods shall have been or contemporaneously are (i) declared and paid or (ii) declared and a sum sufficient for the payment thereof is set apart for such payment.

Priority as to Distributions. If and so long as the Partnership is in arrears with regard to the payment of any distributions for any past quarterly period upon any outstanding Series 1 3 CPOP Units or the Partnership has failed to pay when due the Series 1 3 CPOP Cash Amount, (A) no distributions shall be declared and paid or declared and set apart for payment, nor shall any other distribution be declared or made, upon any Series 1 3 CPOP Parity Unit or Series 1 3 CPOP Junior Units unless distributions sufficient to make up such arrearage shall have been or contemporaneously are authorized and paid or authorized and a sum sufficient for the payment thereof is set apart for payment, and (B) no Series 1 3 CPOP Parity Units or Series 1 3 CPOP Junior Units shall be redeemed, purchased or otherwise acquired for any consideration (nor any funds be paid to or made available for a sinking fund for the redemption of any such Series 1 3 CPOP Junior Units) and no other distribution of cash or other property may be made directly or indirectly by the Partnership or the General Partner or any of its Affiliates (except, in each case, for (x) the redemption of Partnership Common Units or Partnership Equivalent Units from the General Partner pursuant to Section 4.7.B, (y) any acquisition by the General Partner of Tendered Common Units in exchange for REIT Shares in accordance with Section 15.1 or (z) conversion into or exchange for Series 1 3 CPOP Junior Units or REIT Shares with no cash distributed in connection therewith), unless full cumulative distributions on the Series 1 3 CPOP Units for all past quarterly periods shall have been or contemporaneously are (i) declared and paid or (ii) declared and a sum sufficient for the payment thereof is set apart for such payment.