Common use of Concurrent Exchanges Clause in Contracts

Concurrent Exchanges. The Exchange Right, once exercised, represents a several, and not a joint and several, obligation of the Partnerships, and no Partnership shall have any obligation or right to acquire one or more Partnership Units issued by another Partnership. Notwithstanding any other provision of this Agreement, a Request or an Exchange Notice shall not be valid unless the Partner giving such Request or Exchange Notice requests an exchange of an equal number of Partnership Units in each Partnership.

Concurrent Exchanges. The Exchange Right, once exercised, represents a several, and not a joint and several, obligation of the Partnerships, and no Partnership shall have any obligation or right to acquire one or more Partnership Units issued by another Partnership. Notwithstanding any other provision of this Agreement, a an Exchange Request or an Exchange Notice shall not be valid unless the Partner giving such Exchange Request or Exchange Notice requests an exchange of an equal number of Partnership Units in each Partnership.