Common use of Time for Exercise of Redemption Rights Clause in Contracts

Time for Exercise of Redemption Rights. The Contributing Party may exercise its Redemption Rights in whole or in part and at any time and from time to time on or after the first anniversary of the date hereof; provided, however, that the Redemption Rights may not be exercised at any one time by the Contributing Party (i) with respect to less than 1,000 Series K Preferred Units (or all the Series K Preferred Units then owned by the Contributing Party if the Contributing Party owns less than 1,000 Series K Preferred Units) and a proportionate number of Common Units as determined in accordance with the last sentence of Section 2(a), or (ii) in the event that such exercise of Redemption Rights (or the assignment of Series K Preferred Units or Common Units or delivery of the Cash Purchase Price, the Share Purchase Price or the Common Unit Purchase Price with respect thereto) violates the Partnership Agreement or applicable law. Once given, a Notice shall be irrevocable subject to the payment of the Purchase Price and Common Unit Purchase Price (respectively) for the Series K Preferred Units and Common Units specified therein in accordance with the terms hereof.

Time for Exercise of Redemption Rights. The Contributing Party may exercise its Redemption Rights in whole or in part and at any time and from time to time on or after the first anniversary of the date hereof; provided, however, that the Redemption Rights may not be exercised at any one time by the Contributing Party (i) with respect to less than 1,000 3,000 Subject Series K Preferred Units (or all the Subject Series K Preferred Units then owned by the Contributing Party if the Contributing Party owns less than 1,000 3,000 Subject Series K Preferred Units) and a proportionate number of Subject Common Units as determined in accordance with the last sentence of Section 2(a), or (ii) in the event that such exercise of Redemption Rights (or the assignment of Subject Series K Preferred Units or Subject Common Units or delivery of the Cash Purchase Price, the Share Purchase Price or the Common Unit Purchase Price with respect thereto) violates the Partnership Agreement or applicable law. Once given, a Notice shall be irrevocable subject to the payment of the Purchase Price and Common Unit Purchase Price (respectively) for the Subject Series K Preferred Units and Subject Common Units specified therein in accordance with the terms hereof.