Common use of Special Redemption Clause in Contracts

Special Redemption. At the sole option of the Partnership and provided that the holder of a Series 1 Preferred Unit has not given a Series 1 Preferred Unit Conversion Notice as set forth in Section 4.13(c)(i), the Partnership may redeem and cancel the Series 1 Preferred Units of such holder, in whole or in part, at a price equal to the Series 1 Preferred Unit Price plus any accrued, accumulated and unpaid distributions (such accrued, accumulated and unpaid distributions shall include a partial distribution for the calendar quarter in which such redemption occurs equal to the product of (y) any distribution that would be payable to the holder of such Series 1 Preferred Units if such Series 1 Preferred Units were Outstanding on the Record Date for determining who would receive any distribution for such calendar quarter (calculated as of the Series 1 Preferred Unit Redemption Date) and (z) (I) the number of days commencing on the first day of such calendar quarter and ending on the Series 1 Preferred Unit Redemption Date divided by (II) 90), including any Cumulative Series 1 Preferred Unit Arrearage and the Payment Deferral Pro Rata, in cash, upon any of the following events: