Common use of Procedures of Redemption Clause in Contracts

Procedures of Redemption. (i) Provided that on or before the Series B Redemption Date all funds necessary for the redemption by the General Partner of the associated Series B Preferred Shares shall have been irrevocably set aside by the General Partner or the Partnership, separate and apart from its other funds in trust for the pro rata benefit of the General Partner as holder of the Series B Preferred Units to be redeemed, so as to be, and to continue to be available therefor, then, from and after the Series B Redemption Date, Distributions on the Series B Preferred Units to be redeemed shall cease to accumulate, and said Series B Preferred Units shall no longer be deemed to be outstanding and shall not have the status of Series B Preferred Units and all rights of the General Partner as the holder thereof (except the right to receive the Series B Redemption Price) shall cease. Upon surrender of the certificates for any Series B Preferred Units so redeemed (properly endorsed or assigned for transfer, if the Partnership shall so require), such Series B Preferred Units shall be redeemed by the Partnership at the Series B Redemption Price. In case fewer than all the Series B Preferred Units represented by any such certificate are redeemed, a new certificate or certificates shall be issued representing the unredeemed Series B Preferred Units without cost to the General Partner as holder thereof. (ii) Any funds deposited with a bank or trust company for the purpose of redeeming Series B Preferred Units shall be irrevocable except that: (A) the Partnership or the General Partner, as the case may be, as depositor of the funds shall be entitled to receive from such bank or trust company the interest or other earnings, if any, earned on any money so deposited in trust, and the General Partner as holder of any Series B Preferred Units redeemed shall have no claim to such interest or other earnings; and (B) any balance of monies so deposited and unclaimed by the General Partner as holder of the Series B Preferred Units entitled thereto at the expiration of two years from the applicable Series B Redemption Date shall be repaid, together with any interest or other earnings earned thereon, to the Partnership, and after any such repayment, the General Partner as holder of any Series B Preferred Units entitled to the funds so repaid to the Partnership shall look only to the Partnership for payment without interest or other earnings. (iii) Unless full accumulated Distributions on all Series B Preferred Units shall have been or contemporaneously are declared and paid or declared and a sum sufficient for the payment thereof set apart for payment for all past Distribution Periods and the then current Distribution Period, no Series B Preferred Units shall be redeemed or purchased or otherwise acquired directly or indirectly (except by conversion into or exchange for Junior Units); provided, however, that the foregoing shall not prevent the redemption of Series B Preferred Units pursuant to this Section 4.14 or the purchase or acquisition of Series B Preferred Units pursuant to a purchase or exchange offer made to the General Partner as the sole holder of all outstanding Series B Preferred Units. (iv) If the Series B Redemption Date is after a record date for payment of dividends on the Series B Preferred Shares and before the related Quarterly Distribution Date, the Distribution payable on such Quarterly Distribution Date shall be paid to the General Partner notwithstanding the redemption of the Series B Preferred Units between such record date and the related Quarterly Distribution Date or the Partnership's default in the payment of the Distribution due.

Procedures of Redemption. (i) Provided The General Partner shall provide the Partnership with a copy of any notice of redemption given by the General Partner pursuant to Section (e)(2)(i) of Exhibit I to its Second Amended and Restated Articles of Incorporation, as amended. No failure to give such notice or any defect therein or in the mailing thereof shall affect the validity of the proceedings for the redemption of any Series I Preferred Units. (ii) If notice has been mailed by the General Partner in accordance with Section (e)(2)(i) of Exhibit I to its Second Amended and Restated Articles of Incorporation, as amended, and provided that on or before the Series B I Redemption Date specified in such notice all funds necessary for the such redemption by the General Partner of the associated Series B Preferred Shares shall have been irrevocably set aside by the General Partner or the Partnership, separate and apart from its other funds in trust for the pro rata benefit of the General Partner as holder holders of the Series B I Preferred Units to be redeemedso called for redemption, so as to be, and to continue to be available therefor, then, from and after the Series B I Redemption Date, Distributions on the Series B I Preferred Units to be redeemed so called for redemption shall cease to accumulate, and said Series B Preferred Units units shall no longer be deemed to be outstanding and shall not have the status of Series B I Preferred Units and all rights of the General Partner as the holder thereof (except the right to receive the Series B I Redemption Price) shall cease. Upon surrender surrender, in accordance with such notice, of the certificates for any Series B I Preferred Units so redeemed (properly endorsed or assigned for transfer, if the Partnership shall so requirerequire and the notice shall so state), such Series B I Preferred Units shall be redeemed by the Partnership at the Series B I Redemption Price. In case fewer than all the Series B I Preferred Units represented by any such certificate are redeemed, a new certificate or certificates shall be issued representing the unredeemed Series B I Preferred Units without cost to the General Partner as holder thereof. (iiiii) Any funds deposited with a bank or trust company for the purpose of redeeming Series B I Preferred Units shall be irrevocable except that: (A) the Partnership or the General Partner, as the case may be, as depositor of the funds shall be entitled to receive from such bank or trust company the interest or other earnings, if any, earned on any money so deposited in trust, and the General Partner as holder of any Series B Preferred Units redeemed shall have no claim to such interest or other earnings; and (B) any balance of monies so deposited and unclaimed by the General Partner Partner, as holder of the Series B I Preferred Units entitled thereto at the expiration of two years from the applicable Series B I Redemption Date shall be repaid, together with any interest or other earnings earned thereon, to the Partnership, and after any such repayment, the General Partner as holder of any Series B Preferred Units the units entitled to the funds so repaid to the Partnership shall look only to the Partnership for payment without interest or other earnings. (iiiiv) No Series I Preferred Units may be redeemed except from proceeds from the sale or other issuance of other equity interests of the Partnership. (v) Unless full accumulated Distributions distributions on all Series B I Preferred Units shall have been or contemporaneously are declared and paid or declared and a sum sufficient for the payment thereof set apart for payment for all past Distribution Periods and the then current Distribution Period, no Series B I Preferred Units shall be redeemed or purchased or otherwise acquired directly or indirectly by the Partnership or any subsidiary of the Partnership (except by conversion into or exchange for Fully Junior Units)) and no preferred units of the Partnership shall be redeemed unless all outstanding Series I Preferred Units are simultaneously redeemed; provided, however, that the foregoing shall not prevent the redemption of Series B I Preferred Units pursuant to this Section 4.14 preserve the REIT status of the General Partner or the purchase or acquisition of Series B I Preferred Units pursuant to a purchase or exchange offer made on the same terms to the General Partner as the sole holder holders of all outstanding Series B I Preferred Units. Notwithstanding the foregoing, in the case of a Redemption Request (as defined below) which has not been fulfilled at the time the General Partner gives notice of its election to redeem all or any Series I Preferred Shares, the Series I Preferred Units which are the subject of such pending Redemption Request shall be redeemed prior to any other Series I Preferred Units. (iv) If the Series B Redemption Date is after a record date for payment of dividends on the Series B Preferred Shares and before the related Quarterly Distribution Date, the Distribution payable on such Quarterly Distribution Date shall be paid to the General Partner notwithstanding the redemption of the Series B Preferred Units between such record date and the related Quarterly Distribution Date or the Partnership's default in the payment of the Distribution due.

Procedures of Redemption. (i) Provided At any time that on PPI exercises its right to redeem all or before any of the Series B Redemption Date all funds necessary for the redemption by C Preferred Shares, the General Partner of shall exercise its right to cause the associated Series B Preferred Shares shall have been irrevocably set aside by the General Partner or the Partnership, separate and apart from its other funds in trust for the pro rata benefit of the General Partner as holder of the Series B Preferred Units Partnership to be redeemed, so as to be, and to continue to be available therefor, then, from and after the Series B Redemption Date, Distributions on the Series B Preferred Units to be redeemed shall cease to accumulate, and said Series B Preferred Units shall no longer be deemed to be outstanding and shall not have the status redeem an equal number of Series B C Preferred Partnership Units and all rights of in the General Partner as the holder thereof (except the right to receive the Series B Redemption Price) shall cease. Upon surrender of the certificates for any Series B Preferred Units so redeemed (properly endorsed or assigned for transfer, if the Partnership shall so require), such Series B Preferred Units shall be redeemed by the Partnership at the Series B Redemption Price. In case fewer than all the Series B Preferred Units represented by any such certificate are redeemed, a new certificate or certificates shall be issued representing the unredeemed Series B Preferred Units without cost to the General Partner as holder thereofmanner set forth herein. (ii) Any funds deposited with a bank No Series C Preferred Partnership Units may be redeemed except from proceeds from the sale of other capital stock of PPI, including but not limited to common stock, preferred stock, depositary shares, interests, participations or trust company other ownership interests (however designated) and any rights (other than debt securities convertible into the exchangeable for equity securities) or options to purchase any of the purpose foregoing. The proceeds of redeeming Series B Preferred Units such sale of capital stock of PPI shall be irrevocable except that: (A) conveyed by PPI to the Partnership Post Partners, by contribution or the General Partner, as the case may be, as depositor of the funds shall be entitled to receive from such bank or trust company the interest or other earnings, if any, earned on any money so deposited in trustloan, and the General Partner as holder of any Series B Preferred Units redeemed shall have no claim to such interest or other earnings; and (B) any balance of monies so deposited and unclaimed thereupon contributed by the General Partner as holder of the Series B Preferred Units entitled thereto at the expiration of two years from the applicable Series B Redemption Date shall be repaid, together with any interest or other earnings earned thereon, to the Partnership, and after any such repayment, the General Partner as holder of any Series B Preferred Units entitled to the funds so repaid Post Partners to the Partnership shall look only pursuant to the requirements of Section 4.2 of the Partnership for payment without interest or other earningsAgreement. (iii) Unless full accumulated Distributions distributions on all Series B C Preferred Units Shares shall have been or contemporaneously are declared and paid or declared and a sum sufficient for the payment thereof set apart for payment for all past Distribution Periods and the then current Distribution Period, no Series B C Preferred Partnership Units shall be redeemed or purchased or otherwise acquired directly or indirectly (except by conversion into or exchange for Junior Partnership Units); provided, however, that the foregoing shall not prevent the redemption of Series B C Preferred Partnership Units pursuant to this Section 4.14 preserve PPI's REIT status or the purchase or acquisition of Series B C Preferred Partnership Units pursuant to a purchase or exchange offer made on the same terms to the General Partner as the sole holder holders of all outstanding Series B C Preferred Partnership Units. (iv) If the Series B Redemption Date is after a record date for payment of dividends on the Series B Preferred Shares and before the related Quarterly Distribution Date, the Distribution payable on such Quarterly Distribution Date shall be paid to the General Partner notwithstanding the redemption of the Series B Preferred Units between such record date and the related Quarterly Distribution Date or the Partnership's default in the payment of the Distribution due.

Procedures of Redemption. (i1) Provided At any time that on or before the Series B Redemption Date all funds necessary for the redemption by the General Partner exercises its right to redeem all or any shares of the associated its 8.50% Series B I Cumulative Redeemable Preferred Shares shall have been irrevocably set aside by Stock, the General Partner or shall exercise its right to cause the Partnership, separate and apart from its other funds in trust for the pro rata benefit Partnership to redeem an equal number of the General Partner as holder of the Series B I Preferred Units to be redeemed, so as to be, and to continue to be available therefor, then, from and after in the Series B Redemption Date, Distributions on the Series B Preferred Units to be redeemed shall cease to accumulate, and said Series B Preferred Units shall no longer be deemed to be outstanding and shall not have the status of Series B Preferred Units and all rights of the General Partner as the holder thereof (except the right to receive the Series B Redemption Price) shall cease. Upon surrender of the certificates for any Series B Preferred Units so redeemed (properly endorsed or assigned for transfer, if the Partnership shall so require), such Series B Preferred Units shall be redeemed by the Partnership at the Series B Redemption Price. In case fewer than all the Series B Preferred Units represented by any such certificate are redeemed, a new certificate or certificates shall be issued representing the unredeemed Series B Preferred Units without cost to the General Partner as holder thereofmanner set forth herein. (ii2) Any funds deposited with a bank or trust company for the purpose of redeeming No Series B I Preferred Units shall may be irrevocable redeemed except that: (A) from proceeds from the Partnership or sale of capital stock of the General Partner, as the case may beincluding but not limited to common stock, as depositor preferred stock, depositary shares, interests, participations or other ownership interests (however designated) and any rights (other than debt securities convertible into or exchangeable for equity securities) or options to purchase any of the funds shall be entitled to receive from such bank or trust company the interest or other earnings, if any, earned on any money so deposited in trust, and the General Partner as holder of any Series B Preferred Units redeemed shall have no claim to such interest or other earnings; and (B) any balance of monies so deposited and unclaimed by the General Partner as holder of the Series B Preferred Units entitled thereto at the expiration of two years from the applicable Series B Redemption Date shall be repaid, together with any interest or other earnings earned thereon, to the Partnership, and after any such repayment, the General Partner as holder of any Series B Preferred Units entitled to the funds so repaid to the Partnership shall look only to the Partnership for payment without interest or other earningsforegoing. (iii3) Unless full accumulated Distributions distributions on all Series B I Preferred Units shall have been or contemporaneously are declared and paid or declared and a sum sufficient for the payment thereof set apart for payment for all past Distribution Periods and the then current Distribution Period, no Series B I Preferred Units shall be redeemed or purchased or otherwise acquired directly or indirectly (except by conversion into or exchange for Junior Partnership Units); provided, however, that the foregoing shall not prevent the redemption of Series B I Preferred Units pursuant to this Section 4.14 preserve the General Partner’s REIT status or in connection with the purchase or acquisition of Series B I Preferred Units pursuant to a purchase or exchange offer made on the same terms to the General Partner as the sole holder of all outstanding Series B I Preferred Units. (iv) If the Series B Redemption Date is after a record date for payment of dividends on the Series B Preferred Shares and before the related Quarterly Distribution Date, the Distribution payable on such Quarterly Distribution Date shall be paid to the General Partner notwithstanding the redemption of the Series B Preferred Units between such record date and the related Quarterly Distribution Date or the Partnership's default in the payment of the Distribution due.