Common use of Procedures for Redemption Clause in Contracts

Procedures for Redemption. (i) Upon the Partnership’s provision of written notice as to the effective date of the redemption, accompanied by a check in the amount of the full Redemption Price through such effective date to which each record holder of Series A Preferred Units to be redeemed is entitled or, if the Series A Preferred Units to be redeemed are represented by certificates, the setting apart of such amount pursuant to Section 5(d)(iii) below, Series A Preferred Units shall be redeemed and shall no longer be deemed outstanding and all rights of the holders of such Series A Preferred Units will terminate. Such notice shall be given by first class mail, postage pre-paid, to each record holder of the Series A Preferred Units to be redeemed at the respective mailing addresses of such holders as the same shall appear on the transfer records of the Partnership. 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 A Preferred Units except as to the holder to whom notice was defective or not given.

Procedures for Redemption. (i) Upon the Partnership’s provision of written notice as to the effective date of the redemption, accompanied by a check in the amount of the full Redemption Price through such effective date to which each record holder of Series A B Preferred Units to be redeemed is entitled or, if the Series A B Preferred Units to be redeemed are represented by certificates, the setting apart of such amount pursuant to Section 5(d)(iii5(e)(iii) below, Series A B Preferred Units shall be redeemed and shall no longer be deemed outstanding and all rights of the holders of such Series A B Preferred Units will terminate. Such notice shall be given by first class mail, postage pre-paid, to each record holder of the Series A B Preferred Units to be redeemed at the respective mailing addresses of such holders as the same shall appear on the transfer records of the Partnership. 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 A B Preferred Units except as to the holder to whom notice was defective or not given.