Common use of Priority as to Distributions Clause in Contracts

Priority as to Distributions. (A) So long as any Series F Preferred Units are outstanding, no distribution of cash or other property shall be authorized, declared, paid or set apart for payment on or with respect to any class or series of Junior Units with respect to distributions, nor shall any cash or other property be set aside for or applied to the purchase, redemption or other acquisition for consideration of any Series F Preferred Units, any Parity Preferred Units with respect to distributions or any Junior Units, unless, in each case, all distributions accumulated on all Series F Preferred Units and all classes and series of outstanding Parity Preferred Units as to the payment of distributions have been paid in full. Without limiting Section 4.10(f)(ii), the foregoing sentence will not prohibit (a) distributions payable solely in Junior Units, (b) the conversion of Junior Units or Parity Preferred Units into Junior Units, or (c) the redemption of Partnership Interests corresponding to any Series F Preferred Stock, Parity Preferred Stock or Junior Stock to be purchased by the General Partner pursuant to Article 5 of the Articles of Incorporation to preserve the General Partner's status as a real estate investment trust, provided that such redemption shall be upon the same terms as the corresponding purchase pursuant to Article 5 of the Articles of Incorporation.

Priority as to Distributions. (A) So long as any Series F D Preferred Units are outstanding, no distribution of cash or other property shall be authorized, declared, paid or set apart for payment on or with respect to any class or series of Junior Units with respect to distributions, nor shall any cash or other property be set aside for or applied to the purchase, redemption or other acquisition for consideration of any Series F D Preferred Units, any Parity Preferred Units with respect to distributions or any Junior Units, unless, in each case, all distributions accumulated on all Series F D Preferred Units and all classes and series of outstanding Parity Preferred Units as to the payment of distributions have been paid in full. Without limiting Section 4.10(f)(ii4.8(f)(ii), the foregoing sentence will not prohibit (a) distributions payable solely in Junior Units, (b) the conversion of Junior Units or Parity Preferred Units into Junior Units, or (c) the redemption of Partnership Interests corresponding to any Series F D Preferred Stock, Parity Preferred Stock or Junior Stock to be purchased by the General Partner pursuant to Article 5 of the Articles of Incorporation to preserve the General Partner's status as a real estate investment trust, provided that such redemption shall be upon the same terms as the corresponding purchase pursuant to Article 5 of the Articles of Incorporation.

Priority as to Distributions. (Ai) So long as any Series F B Preferred Units are outstanding, no distribution of cash or other property shall be authorized, declared, paid or set apart for payment on or with respect to any class or series of Partnership Interest ranking junior as to the payment of distributions or rights upon a voluntary or involuntary liquidation, dissolution or winding-up of the Partnership to the Series B Preferred Units (collectively, "Junior Units with respect to distributionsUnits"), nor shall any cash or other property be set aside for or applied to the purchase, redemption or other acquisition for consideration of any Series F B Preferred Units, any Parity Preferred Units with respect to distributions or any Junior Units, unless, in each case, all distributions accumulated on all Series F B Preferred Units and all classes and series of outstanding Parity Preferred Units as to the payment of distributions have been paid in full. Without limiting Section 4.10(f)(ii), the The foregoing sentence will not prohibit (aA) distributions payable solely in Junior Units, (bB) the conversion of Junior Units or Parity Preferred Units into Junior Units, or (cC) the redemption of Partnership Interests corresponding to any Series F B Preferred Stock, Parity Preferred Stock or Junior Stock to be purchased by the General Partner Company pursuant to Article 5 Section 4.5 of the Amended and Restated Articles of Incorporation of the Company (the "Charter") to preserve the General PartnerCompany's status as a real estate investment trust, provided that such redemption shall be upon the same terms as the corresponding purchase pursuant to Article 5 IV of the Articles of IncorporationCharter.

Priority as to Distributions. (Ai) So long as any Series F D Preferred Units are outstanding, no distribution of cash or other property shall be authorized, declared, paid or set apart for payment on or with respect to any class or series of Junior Partnership Interests of the Partnership ranking junior to the Series D Preferred Units with respect to distributions, including, without limitation, the Class B Units (collectively, "Junior Units"), nor shall any cash or other property be set aside for or applied to the purchase, redemption or other acquisition for consideration of any Series F D Preferred Units, any Parity Preferred Units with respect to distributions or any Junior UnitsUnits (other than Junior Units for purposes of an employee incentive or benefit plan of the Partnership, the General Partner or any of their respective Subsidiaries), unless, in each case, all distributions accumulated and payable on all Series F D Preferred Units and all classes and series of outstanding Parity Preferred Units as with respect to the payment of distributions have been paid in fullfull or declared and irrevocably deposited in trust for immediate payment. Without limiting Section 4.10(f)(ii)4.2.10.6 hereof, the foregoing sentence will shall not prohibit (aA) distributions payable solely in Junior Units or in options, warrants or rights to subscribe or purchase Junior Units, (bB) the conversion of Junior Units or Parity Preferred Units into Junior Units, or (cC) the redemption of Partnership Interests corresponding to any Series F Preferred Stock, Parity Preferred Stock or Junior Stock to be purchased by the General Partner pursuant to Article 5 of the Articles of Incorporation Partnership Agreement to the extent required to preserve the General Partner's status as a real estate investment trust, provided that such redemption shall be upon the same terms as the corresponding purchase pursuant to Article 5 of the Articles of Incorporation.

Priority as to Distributions. (Ai) So long as any Series F D Preferred Units are outstanding, no distribution of cash or other property shall be authorized, declared, paid or set apart for payment on or with respect to any class or series of Junior Units with respect to distributionsUnits, nor shall any cash or other property (other than capital stock of PPI which corresponds in ranking to the Partnership Interests being acquired) be set aside for or applied to the purchase, redemption or other acquisition for consideration of any Series F D Preferred Units, any Parity Preferred Units with respect to distributions or any Junior Units, unless, in each case, all distributions accumulated on all Series F D Preferred Units and all classes and series of outstanding Parity Preferred Units as to the payment of distributions have been paid in full. Without limiting Section 4.10(f)(ii), the The foregoing sentence will not prohibit (a) distributions payable solely in Junior Units, (b) the exchange or conversion of Junior Units or Parity Preferred Units into Junior UnitsPartnership Interests of the Partnership ranking junior to the Series D Preferred Units as to distributions and rights upon involuntary or voluntary liquidation, dissolution or winding up of the Partnership, or (c) the redemption of Partnership Interests corresponding to any Series F Preferred Stock, Parity Preferred Stock or Junior Stock capital stock to be purchased by the General Partner pursuant to Article 5 of the Articles of Incorporation or PPI to preserve the General PartnerPPI's status as a real estate investment trust, provided that such redemption shall be upon the same terms as the corresponding purchase pursuant to Article 5 of the Articles of Incorporationpurchase.