Common use of Priority Redemption Rights Clause in Contracts

Priority Redemption Rights. In connection with the issuance of Units to a Contributing Partner, the Partnership may agree, subject to the terms of any outstanding Priority Redemption Rights, in the sole discretion of the Managing General Partner, as part of the terms and conditions for such issuance, to grant such Contributing Partner a right to redeem all or a portion of the Units issued to such Limited Partner in such issuance at a redemption price equal to the Current Unit Value at the time of redemption on or before a specified date or dates (any such preferential or modified redemption right, a “Priority Redemption Right”). Pursuant to any such agreement, the Managing General Partner may apply any Capital Cash Flow and any funds received from Capital Contributions of Partners that would otherwise be available for making distributions to the Partners or redeeming Units pursuant to Redemption Rights generally to the making of any redemptions required to be made pursuant to any Priority Redemption Rights. Redemptions made or required to be made pursuant to the exercise of Priority Redemption Rights are referred to herein as “Priority Redemptions”.

Priority Redemption Rights. In connection with the issuance of Units to a Contributing Partner, the Partnership may agree, subject to the terms of any outstanding Priority Redemption Rights, in the sole discretion of the Managing General Partner, as part of the terms and conditions for such issuance, to grant such Contributing Partner a right to redeem all or a portion of the Units issued to such Limited Partner in such issuance at a redemption price equal to the Current Unit Value at the time of redemption on or before a specified date or dates (any such preferential or modified redemption right, a “"Priority Redemption Right”"). Pursuant to any such agreement, the Managing General Partner may apply any Capital Cash Flow and any funds received from Capital Contributions of Partners that would otherwise be available for making distributions to the Partners or redeeming Units pursuant to Redemption Rights generally to the making of any redemptions required to be made pursuant to any Priority Redemption Rights. Redemptions made or required to be made pursuant to the exercise of Priority Redemption Rights are referred to herein as “"Priority Redemptions”".