PARTNERSHIP REDEMPTIONS Sample Clauses
The Partnership Redemptions clause outlines the process by which a partner in a partnership can withdraw their interest in the partnership, typically by selling it back to the partnership or to other partners. This clause details the conditions under which redemptions are permitted, such as notice requirements, valuation methods for the departing partner’s share, and any restrictions on timing or frequency. Its core function is to provide a clear and orderly mechanism for partners to exit the partnership, thereby preventing disputes and ensuring the ongoing stability of the business.
PARTNERSHIP REDEMPTIONS. For a period of one year following the Effective Time, Parent and the Company hereby agree that the Value of a Reit Share (as such term is defined in the First Amended and Restated Agreement of Limited Partnership of Westfield America Limited Partnership, as amended (the "OP PARTNERSHIP AGREEMENT")) shall be no less than the Offer Price for purposes of determining the cash amount payable to holders of Partnership Common Units or Investor Unit Rights (as such terms are defined in the OP Partnership Agreement) upon redemption of such securities. In addition, Parent and the Company hereby agree that no such redemption shall be satisfied using Reit Shares if such Reit Shares are not publicly-traded at the time of such redemption.
PARTNERSHIP REDEMPTIONS. During the Interim Period, the Company shall (i) provide Parent written notice within three (3) days of receipt by the Company or the Partnership of a Notice of Redemption (as defined in the Partnership Agreement) with respect to the repurchase, redemption or other acquisition by the Company or the Partnership of any partnership interests in the Partnership, (ii) allow Parent or its designee, on one occasion, effective as of at least one day prior to the Specified Redemption Date (as defined in the Partnership Agreement), to purchase $10,000 in Limited Partner Common Units and (iii) cause Parent or such designee to be admitted as a partner in the Partnership, effective as of at least one day prior to the Specified Redemption Date, pursuant to the Partnership Agreement; provided, however, in the event of termination of this Agreement and abandonment of the Mergers and the other Contemplated Transactions pursuant to and in accordance with Section 9.01, Parent or such designee shall immediately tender such Limited Partner Common Units for redemption pursuant to the Partnership Agreement.