Common use of Alternate Structure Clause in Contracts

Alternate Structure. At the request of the acquiring Member, the selling Member agrees to reasonably cooperate with the acquiring Member to structure the buy-sell transaction contemplated under this Section 15.1 as an acquisition or redemption of membership interests in the applicable Owner rather than a fee simple conveyance (“Alternate Structure”). In such instance, (i) the consideration payable to the selling member shall be the amount the selling Member would have been entitled to receive if the Company had sold the Buy-Sell Property for the Valuation Amount on the Closing Date and the Company had immediately paid all liabilities of the Company and the Owner related to the Buy-Sell Property and Imputed Closing Costs and distributed the Capital Proceeds of the sale to the Members pursuant to Section 6.1(c) of this Agreement in satisfaction of their interests in the Buy-Sell Property (“Membership Price”), and (ii) the ▇▇▇▇▇▇▇ Money payable pursuant to Section 15.1(d) shall equal two percent (2%) of the Membership Price rather than the Valuation Amount. In addition to the other adjustments called for herein with respect to the closing of the purchase and sale of such Buy-Sell Property under this Section 15.1, unless expressly anticipated by the terms of the Offeror Election Notice prior to the closing of the purchase and sale of the Buy-Sell Property hereunder, the purchase price payable to the selling Member shall be adjusted by increasing such purchase price by: (a) the amount of any Capital Contribution or Default Loan (together with any accrued but unpaid interest thereon) made by the selling Member with respect to the Buy-Sell Property between the date of the Offeror Election Notice and the Closing Date, (b) the selling Member’s interest in any amounts received by the Company or Owner with respect to the Buy-Sell Property between the date of the Offeror Election Notice and the Closing Date that remain undistributed, (c) the additional amount the selling Member would receive under Section 6.1(c) if the purchase price were recalculated under Section 15.1(b) by reason of any principal repayments on any Loan relating to the Buy-Sell Property between the date of the Offeror Election Notice and the Closing Date. In no event shall the Members undertake the Alternate Structure if it would constitute a violation of any terms under the Loan, or expose any Member to any additional liability, expense, cost or recourse under the Loan, any agreement to which the Company or any Owner is bound, or other applicable law, code, statute, regulation or order.

Alternate Structure. At the request of the acquiring Member, the selling Member agrees to reasonably cooperate with the acquiring Member to structure the buy-sell transaction contemplated under this Section 15.1 as an acquisition or redemption of membership interests in the applicable Owner rather than a fee simple conveyance (“Alternate Structure”). In such instance, (i) the consideration payable to the selling member shall be the amount the selling Member would have been entitled to receive if the Company had sold the Buy-Sell Property for the Valuation Amount on the Closing Date and the Company had immediately paid all liabilities of the Company and the Owner related to the Buy-Sell Property and Imputed Closing Costs and distributed the Capital Proceeds of the sale to the Members pursuant to Section 6.1(c) of this Agreement in satisfaction of their interests in the Buy-Sell Property (“Membership Price”), and (ii) the ▇E▇▇▇▇▇▇ Money payable pursuant to Section 15.1(d) shall equal two percent (2%) of the Membership Price rather than the Valuation Amount. In addition to the other adjustments called for herein with respect to the closing of the purchase and sale of such Buy-Sell Property under this Section 15.1, unless expressly anticipated by the terms of the Offeror Election Notice prior to the closing of the purchase and sale of the Buy-Sell Property hereunder, the purchase price payable to the selling Member shall be adjusted by increasing such purchase price by: (a) the amount of any Capital Contribution or Default Loan (together with any accrued but unpaid interest thereon) made by the selling Member with respect to the Buy-Sell Property between the date of the Offeror Election Notice and the Closing Date, (b) the selling Member’s interest in any amounts received by the Company or Owner with respect to the Buy-Sell Property between the date of the Offeror Election Notice and the Closing Date that remain undistributed, (c) the additional amount the selling Member would receive under Section 6.1(c) if the purchase price were recalculated under Section 15.1(b) by reason of any principal repayments on any Loan relating to the Buy-Sell Property between the date of the Offeror Election Notice and the Closing Date. In no event shall the Members undertake the Alternate Structure if it would constitute a violation of any terms under the Loan, or expose any Member to any additional liability, expense, cost or recourse under the Loan, any agreement to which the Company or any Owner is bound, or other applicable law, code, statute, regulation or order.