Common use of Redeemed Units Clause in Contracts

Redeemed Units. Foundation Preferred Units shall be considered redeemed for purposes of this Agreement effective immediately prior to any Change of Status Transaction, notwithstanding the fact that the Company may have a continuing obligation under this Section 3.5 to pay the Preferred Redemption Price. Except for any continuing right to be paid the Preferred Redemption Price, all rights of the holder of such Foundation Preferred Units shall cease, and such Preferred Unit shall not be deemed to be outstanding, after the closing of any redemption hereunder.