Common use of Redemption Rights Clause in Contracts

Redemption Rights. In the event that Crescent Equities exercises its redemption right with respect to the Series A Preferred Shares, the Partnership shall concurrently redeem a corresponding amount of Series A Preferred Partnership Units at the same redemption price paid by Crescent Equities for the Series A Preferred Shares (i.e., a redemption price of $25 per Series A Preferred Share, plus any accrued, unpaid quarterly distribution thereon). In the event that Crescent Equities exercises its redemption right with respect to the Series B Redeemable Preferred Shares, the Partnership shall concurrently redeem a corresponding amount of Series B Redeemable Preferred Partnership Units at the same redemption price paid by Crescent Equities for the Series B Redeemable Preferred Shares (i.e., a redemption price of $25 per Series B Redeemable Preferred Share, plus any accrued, unpaid quarterly distribution thereon).