Common use of Put/Call Partnership Termination Clause in Contracts

Put/Call Partnership Termination. If (i) the Partnership redeems the Callable Interest during the Call Exercise Period in accordance with Section 7.5, and (ii) Universal has the entire Putable Interest redeemed by the Closing Date pursuant to Section 7.4, then immediately after the Closing Date, the General Partner shall have a Participating Percentage of 100%, and at the General Partner's option either (x) the Partnership shall terminate and its affairs wound up in accordance with Article XII hereof or (y) the Partnership shall admit a new Partner and continue its operations.

Put/Call Partnership Termination. If (i) the Partnership redeems the Callable Interest during the Call Exercise Period in accordance with Section 7.5, and (ii) Universal has the entire Putable Interest redeemed by the Closing Date pursuant to Section 7.4, then immediately after the Closing Date, the General Partner shall have a Participating Percentage of 100%, and at the General Partner's ’s option either (x) the Partnership shall terminate and its affairs wound up in accordance with Article XII hereof or (y) the Partnership shall admit a new Partner and continue its operations.