Redemption of OP Units. Immediately after the issuance or redemption by the Partnership of any OP Units, the Percentage Interest attributable to the Participation Interest shall be adjusted so that it equals (a) the Percentage Interest attributable to the Participation Interest immediately prior to the issuance or redemption of such OP Units, multiplied by (b) a fraction whose numerator is (1) the number of OP Units outstanding immediately prior to the issuance or redemption of such OP Units and whose denominator equals (2) the number of OP Units outstanding immediately after the issuance or redemption of such OP Units.
Redemption of OP Units. 18 SECTION 15 ASSIGNMENT................................................................................18
Redemption of OP Units. Notwithstanding anything in the Partnership Agreement to the contrary, unless the Company’s stockholders vote to approve the issuance of shares in excess of the Share Cap (as defined below) in accordance with Section 312 of the New York Stock Exchange listed company manual (“Stockholder Approval”), the maximum number of shares of Common Stock that the Contributor or any of its affiliates shall be entitled to receive upon redemption of OP Units (including any OP Units issued upon the conversion of the Preferred Units in accordance with the terms of the OP Agreement Amendment) shall be 2,394,913, which, together with the Shares to be issued at Closing, shall in no event be greater than 19.99% of the sum of the total outstanding shares of Common Stock and outstanding OP Units as of the Effective Date (the “Share Cap”). The Contributor and the REIT agree that, in the event the Contributor seeks to redeem a number of OP Units that, together with the Shares issued at Closing, would exceed the Share Cap (such OP Units, the “Excess Units”) prior to the time that the Company has obtained Stockholder Approval, any redemption of the Excess Units by the Operating Partnership or the REIT will only be made for cash; provided, however, that, if the Operating Partnership and the REIT do not have access to cash sufficient to redeem such Excess Units upon Contributor’s request for redemption, the parties agree that the REIT shall have four months from the date the notice of redemption is received by the Operating Partnership to either (i) satisfy the Contributor’s redemption request for cash, or (ii) seek Stockholder Approval.
Redemption of OP Units. In the event this Agreement expires without the consent of the Advisor, or is terminated for any reason other than by the Advisor pursuant to Section 14.02, the Company shall, at the election of the Advisor or its Affiliates (as applicable) and at any time after the effective date of such expiration or termination, purchase all or a portion of the Units (as such term is defined in the Agreement of Limited Partnership of the Company) held by the Advisor and its Affiliates. The Company shall purchase such Units for cash, which shall be payable within 120 days after the Advisor or its Affiliates (as applicable) gives the Company written notice of its desire to sell all or a portion of the Units held by such Person to the Company. The purchase price shall be paid in cash or, at the election of the selling Person, Shares. The purchase price of each Unit shall be (i) in the event the seller elects to receive cash, the then-existing "Market Value" of such Unit, as such term is defined in the Agreement of Limited Partnership of the Company, or (ii) in the event the seller elects to receive Shares, the then-existing "REIT Shares Amount" of such Unit, as such term is defined in the Agreement of the Limited Partnership of the Company.
Redemption of OP Units. In the event Buyer, in accordance with the Partnership Agreement, tenders OP Units for redemption by the Seller or the Company for cash or, at the Company’s election, for Common Shares during any period in which the Company is not taxed as a REIT under the Code and all applicable regulations under the Code, the Company shall not elect to issue, and shall not issue, Common Shares to Buyer upon redemption of any such OP Units in an amount that would cause Buyer to own in excess of 10% of the outstanding Common Shares.
Redemption of OP Units. Upon the non-renewal or termination of this Agreement, the Company shall, at the election of the Advisor or its Affiliates (as applicable) and at any time after the Termination Date, purchase all or a portion of the OP Units held by the Advisor and its Affiliates. The Company shall purchase such OP Units for cash, which shall be payable within 120 days after the Advisor or its Affiliates (as applicable) gives the Company written notice of its desire to sell all or a portion of the OP Units held by such Person to the Company. The purchase price shall be paid in cash or, at the election of the selling Person, Shares. The purchase price of each Unit shall be (i) in the event the seller elects to receive cash, the then-existing "Market Value" of such OP Unit, as such term is defined in the Limited Partnership Agreement of Berkeley Income Trust OP, or (ii) in the event the seller elects to receive Shares, the then-existing "REIT Shares Amount" of such OP Unit, as such term is defined in the Limited Partnership Agreement of Berkeley Income Trust OP.
Redemption of OP Units. In the event Contributor, in accordance with the Partnership Agreement, tenders OP Units for redemption by Company or the REIT for cash or, at the REIT’s election, for common shares of beneficial interest in the REIT (“REIT Shares”) during any period in which the REIT is not taxed as a real estate investment trust under the Code and all applicable regulations under the Code, the REIT shall not elect to issue, and shall not issue, REIT Shares to Contributor upon redemption of any such OP Units in an amount that would cause Contributor to own in excess of 10% of the outstanding REIT Shares.
Redemption of OP Units. Subject to the provisions of Section 8.6:
Redemption of OP Units. In the event this Agreement expires without the consent of the Advisor, or is terminated for any reason other than by the Advisor pursuant to Section 14.2, the Company shall, at the election of the Advisor or its Affiliates (as applicable) and at any time after the effective date of such expiration or termination, purchase all or a portion of the Units (as such term is defined in the OP Agreement) held by the Advisor and its Affiliates. The Company shall purchase such Units for cash, which shall be payable within 120 days after the Advisor or its Affiliates (as applicable) gives the Company written notice of its desire to sell all or a portion of the Units held by such Person to the Company. The purchase price of each Unit shall be the portion of the then-existing "Net Asset Value" (as such term is defined in the OP Agreement) attributable to such Unit.
Redemption of OP Units. Notwithstanding anything in the Partnership Agreement to the contrary, the maximum number of shares of Common Stock that Seller shall be entitled to receive upon redemption of OP Units shall be 1,109,985, which, together with the Shares, shall in no event be greater than 19.99% of the sum of the total outstanding shares of Common Stock and outstanding OP Units as of the Effective Date (the “Share Cap”). Seller and REIT agree that, in the event Seller seeks to redeem a number of OP Units that, together with the Shares to be issued at Closing, would exceed the Share Cap (such OP Units, the “Excess Units”), any redemption of the Excess Units by the Operating Partnership or the REIT will only be made for cash; provided, however, that if the Operating Partnership and the REIT do not have access to cash sufficient to redeem such Excess Units upon Seller’s request for redemption, the parties agree that the Company shall have four months from the date the notice of redemption is received by the Operating Partnership to either (i) satisfy the Seller’s redemption request for cash or (ii) seek the approval of the REIT’s stockholders to issue shares of Common Stock in excess of the Share Cap in satisfaction of the Seller’s redemption request, in accordance with Section 712(b) of the NYSE MKT listed company manual.
