Common use of Redemption Rights of Qualifying Parties Clause in Contracts

Redemption Rights of Qualifying Parties. A. Commencing on the expiration of the Twelve-Month Period applicable to any Partnership Common Units, a Qualifying Party shall have the right (subject to the terms and conditions set forth herein), by delivering a Notice of Redemption to the Managing General Partner, to require the Partnership to redeem all or a portion of such Partnership Common Units held by such Tendering Party (Partnership Common Units that have in fact been tendered for redemption being hereafter referred to as “Tendered Units”) in exchange (a “Redemption”) for the Cash Amount payable on the Specified Redemption Date. The Partnership may, in the Managing General Partner’s sole and absolute discretion, redeem Tendered Units at the request of the Holder prior to the end of the applicable Twelve-Month Period (subject to the terms and conditions set forth herein) (a “Special Redemption”); provided, however, that the Managing General Partner first receives a legal opinion to the same effect as the legal opinion described in Section 15.1.G(4) of this Agreement. Any Redemption shall be exercised pursuant to a Notice of Redemption delivered to the Managing General Partner and the Special Limited Partner by the Qualifying Party when exercising the Redemption right (the “Tendering Party”). The Partnership’s obligation to effect a Redemption, however, shall not arise or be binding against the Partnership until the earlier of (i) the date the Special Limited Partner notifies the Tendering Party that the Special Limited Partner declines to acquire some or all of the Tendered Units under Section 15.1.B hereof following receipt of a Notice of Redemption and (ii) the Business Day following the Cut-Off Date. In the event of a Redemption, the Cash Amount shall be delivered as a certified or bank check payable to the Tendering Party or, in the Managing General Partner’s sole and absolute discretion, in immediately available funds, in each case, on or before the Specified Redemption Date.

Appears in 6 contracts

Samples: Contribution Agreement (Welsh Property Trust, Inc.), Contribution Agreement (Welsh Property Trust, Inc.), Contribution Agreement (Welsh Property Trust, Inc.)

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Redemption Rights of Qualifying Parties. A. Commencing on After the expiration of the Twelve-Month Period applicable to any Partnership Common UnitsRedemption Hold Period, a Qualifying Party shall have the right (subject to the terms and conditions set forth herein), by delivering a Notice of Redemption to the Managing General Partner, ) to require the Partnership to redeem all or a portion of such the Partnership Common Units held by such Tendering Party (Partnership Common Units that have in fact been tendered for redemption being hereafter referred to as “Tendered Units”) in exchange (a “Redemption”) for the Cash Amount payable on the Specified Redemption Date. The Partnership may, in the Managing General Partner’s sole and absolute discretion, redeem Tendered Units at the request of the Holder thereof prior to the end of the applicable Twelve-Month Redemption Hold Period (subject to the terms and conditions set forth herein) (a “Special Redemption”); provided, however, that the Managing General Partner first receives a legal an opinion of counsel reasonably satisfactory to it to the same effect as that the legal opinion described in proposed Special Redemption will not cause the Partnership or the General Partner to violate any federal or state securities laws or regulations applicable to the Special Redemption, the issuance and sale of the Tendered Units to the Tendering Party or the issuance and sale of REIT Shares to the Tendering Party pursuant to Section 15.1.G(4) 15.1.B of this Agreement. Any Redemption shall be exercised pursuant to a Notice of Redemption delivered to the Managing General Partner and the Special Limited Partner by the Qualifying Party when exercising the Redemption right (the “Tendering Party”). The Partnership’s obligation to effect a Redemption, however, shall not arise or be binding against the Partnership until the earlier of (i) the date the Special Limited General Partner notifies the Tendering Party that the Special Limited General Partner declines to acquire some or all of the Tendered Units under Section 15.1.B hereof following receipt of a Notice of Redemption and (ii) the Business Day following the Cut-Off Date. In the event of a Redemption, the Cash Amount shall be delivered as a certified or bank check payable to the Tendering Party or, in the Managing General Partner’s sole and absolute discretion, in immediately available funds, in each case, on or before the Specified Redemption Date; provided, however, that the General Partner may elect to cause the Specified Redemption Date to be delayed for up to an additional 60 Business Days to the extent required for the General Partner to cause additional REIT Shares to be issued to provide financing to be used to make such payment of the Cash Amount.

Appears in 6 contracts

Samples: Contribution Agreement (City Office REIT, Inc.), Contribution Agreement (City Office REIT, Inc.), City Office REIT, Inc.

Redemption Rights of Qualifying Parties. A. Commencing on After the expiration of the Twelve-Month Period applicable to any Partnership Common UnitsInitial Holding Period, a Qualifying Party shall have the right (subject to the terms and conditions set forth herein), by delivering a Notice of Redemption to the Managing General Partner, ) to require the Partnership to redeem all or a portion of such the applicable Partnership Common Units held by such Tendering Party (Partnership Common Units that have in fact been tendered for redemption being hereafter referred to as “Tendered Units”) in exchange (a “Redemption”) for the Cash Amount payable on the Specified Redemption Date. The Partnership may, in the Managing General Partner’s sole and absolute discretion, redeem Tendered Units at the request of the Holder thereof prior to the end of the applicable Twelve-Month Initial Holding Period (subject to the terms and conditions set forth herein) (a “Special Redemption”); provided, however, that the Managing General Partner first receives a legal an opinion of counsel reasonably satisfactory to it to the same effect as that the legal opinion described in proposed Special Redemption will not cause the Partnership or the General Partner to violate any Federal or state securities laws or regulations applicable to the Special Redemption, the issuance and sale of the Tendered Units to the Tendering Party or the issuance and sale of REIT Shares to the Tendering Party pursuant to Section 15.1.G(4) 15.1.B of this Agreement. Any Redemption shall be exercised pursuant to a Notice of Redemption delivered to the Managing General Partner and the Special Limited Partner by the Qualifying Party when exercising the Redemption right (the “Tendering Party”). The Partnership’s obligation to effect a Redemption, however, shall not arise or be binding against the Partnership until the earlier of (i) the date the Special Limited General Partner notifies the Tendering Party that the Special Limited General Partner declines to acquire some or all of the Tendered Units under Section 15.1.B hereof following receipt of a Notice of Redemption and (ii) the Business Day following the Cut-Off Date. In the event of a Redemption, the Cash Amount shall be delivered as a certified or bank check payable to the Tendering Party or, in the Managing General Partner’s sole and absolute discretion, in immediately available funds, in each case, on or before the Specified Redemption Date; provided, however, that the General Partner may elect to cause the Specified Redemption Date to be delayed for up to an additional 60 Business Days to the extent required for the General Partner to cause additional REIT Shares to be issued to provide financing to be used to make such payment of the Cash Amount.

Appears in 5 contracts

Samples: Agreement (Rexford Industrial Realty, Inc.), Rexford Industrial Realty, Inc., Rexford Industrial Realty, Inc.

Redemption Rights of Qualifying Parties. A. Commencing on After the expiration of the Twelve-Month Period applicable to any Partnership Common UnitsInitial Holding Period, a Qualifying Common Party shall have the right (subject to the terms and conditions set forth herein), by delivering a Notice of ) (the “Common Redemption to the Managing General Partner, Right”) to require the Partnership to redeem all or a portion of such Partnership the Common Units held by such a Common Tendering Party (Partnership Common Units that have in fact been tendered for redemption being hereafter referred to as “Tendered Common Units”) in exchange (a “Common Redemption”) for the Common Unit Cash Amount payable on the Specified Redemption Date. The Partnership may, in the Managing General Partner’s sole and absolute discretion, redeem Tendered Common Units at the request of the Holder Qualifying Common Party prior to the end of the applicable Twelve-Month Initial Holding Period (subject to the terms and conditions set forth herein) (a “Special Redemption”); provided, however, that the Managing General Partner first receives a legal opinion to the same effect as the legal opinion described in Section 15.1.G(4) of this Agreement. Any Common Redemption shall be exercised pursuant to a Common Unit Notice of Redemption delivered to the Managing General Partner and the Special Limited Partner by the Qualifying Common Party when exercising the Redemption right (the “Common Tendering Party”). The Partnership’s obligation to effect a Common Redemption, however, shall not arise or be binding against the Partnership until the earlier of (i) the date the Special Limited General Partner notifies the Common Tendering Party that the Special Limited Partner it declines to acquire some or all of the Tendered Common Units under Section 15.1.B hereof following receipt of a Common Unit Notice of Redemption and (ii) the Business Day following the Cut-Off Date. In the event of a Common Redemption, the Common Unit Cash Amount shall be delivered as a certified or bank check payable to the Common Tendering Party or, in the Managing General Partner’s sole and absolute discretion, in immediately available funds, in each case, on or before the Specified tenth (10th) Business Day following the date on which the General Partner receives a Common Unit Notice of Redemption Datefrom the Common Tendering Party.

Appears in 4 contracts

Samples: Agreement (Hudson Pacific Properties, L.P.), Agreement (Hudson Pacific Properties, L.P.), Asset Purchase Agreement (Hudson Pacific Properties, Inc.)

Redemption Rights of Qualifying Parties. A. Commencing on the expiration of After the Twelve-Month Period applicable to any such Partnership Common Units, a Qualifying Party shall have the right (subject to the terms and conditions set forth herein), by delivering a Notice of Redemption to the Managing General Partner, ) to require the Partnership to redeem all or a portion of such the Partnership Common Units held by such Tendering Party (Partnership Common Units that have in fact been tendered for redemption being hereafter referred to as “Tendered Units”) in exchange (a “Redemption”) for the Cash Amount payable on the Specified Redemption Date. The Partnership may, in the Managing General Partner’s sole and absolute discretion, redeem Tendered Units at the request of the Holder thereof prior to the end of the applicable Twelve-Month Period (subject to the terms and conditions set forth herein) (a “Special Redemption”); providedprovided that, howeverunless waived by the Special Limited Partner, that the Managing General Partner first receives a legal opinion to the same effect as the legal opinion described in Section 15.1.G(415.1G(4) of this Agreement. Any Redemption shall be exercised pursuant to a Notice of Redemption delivered to the Managing General Partner and the Special Limited Partner by the Qualifying Party when exercising the Redemption right (the “Tendering Party”). The Partnership’s obligation to effect a Redemption, however, shall not arise or be binding against the Partnership until the earlier of (i) the date the Special Limited Partner notifies the Tendering Party that until and unless the Special Limited Partner declines or fails to acquire some or all of the Tendered Units under exercise its purchase rights pursuant to Section 15.1.B hereof following receipt of a Notice of Redemption (a “Declination”) and (ii) until the Business Day following the Cut-Off Date. In the event of a Redemption, the Cash Amount shall be delivered as a certified or bank check payable to the Tendering Party or, in the Managing General Partner’s sole and absolute discretion, in immediately available funds, in each case, funds on or before the Specified Redemption Date.

Appears in 4 contracts

Samples: CyrusOne Inc., Avenue N Holdings LLC, CareTrust REIT, Inc.

Redemption Rights of Qualifying Parties. A. Commencing on After the expiration of the Twelveapplicable Fourteen-Month Period applicable to any Partnership Common UnitsPeriod, a Qualifying Common Party shall have the right (subject to the terms and conditions set forth herein), by delivering a Notice of ) (the “Common Redemption to the Managing General Partner, Right”) to require the Partnership to redeem all or a portion of such Partnership the Common Units held by such a Common Tendering Party (Partnership Common Units that have in fact been tendered for redemption being hereafter referred to as “Tendered Common Units”) in exchange (a “Common Redemption”) for the Common Unit Cash Amount payable on the Specified Redemption Date. The Partnership may, in the Managing General Partner’s sole and absolute discretion, redeem Tendered Common Units at the request of the Holder Qualifying Common Party prior to the end of the applicable TwelveFourteen-Month Period (subject to the terms and conditions set forth herein) (a “Special Redemption”); provided, however, that the Managing General Partner first receives a legal opinion to the same effect as the legal opinion described in Section 15.1.G(4) of this Agreement. Any Common Redemption shall be exercised pursuant to a Common Unit Notice of Redemption delivered to the Managing General Partner and the Special Limited Partner by the Qualifying Common Party when exercising the Redemption right (the “Common Tendering Party”). The Partnership’s obligation to effect a Common Redemption, however, shall not arise or be binding against the Partnership until the earlier of (i) the date the Special Limited General Partner notifies the Common Tendering Party that the Special Limited Partner it declines to acquire some or all of the Tendered Common Units under Section 15.1.B hereof following receipt of a Common Unit Notice of Redemption and (ii) the Business Day following the Cut-Off Date. In the event of a Common Redemption, the Common Unit Cash Amount shall be delivered as a certified or bank check payable to the Common Tendering Party or, in the Managing General Partner’s sole and absolute discretion, in immediately available funds, in each case, on or before the Specified tenth (10th) Business Day following the date on which the General Partner receives a Common Unit Notice of Redemption Datefrom the Common Tendering Party.

Appears in 4 contracts

Samples: Hudson Pacific Properties, Inc., Hudson Pacific Properties, Inc., Hudson Pacific Properties, Inc.

Redemption Rights of Qualifying Parties. A. Commencing on (a) After the expiration of the Twelve-Month Period applicable to any Partnership Common UnitsInitial Holding Period, a Qualifying Party shall have the right (subject to the terms and conditions set forth herein), by delivering a Notice of Redemption to the Managing General Partner, ) to require the Partnership Company to redeem all or a portion of such Partnership Common Units held by such Tendering Party (Partnership Common Units that have in fact been tendered for redemption being hereafter referred to as “Tendered Units”) in exchange (a “Redemption”) for the Cash Amount payable on the Specified Redemption Date. The Partnership Company may, in the Managing General PartnerMember’s sole and absolute discretion, redeem Tendered Units at the request of the Holder thereof prior to the end of the applicable Twelve-Month Initial Holding Period (subject to the terms and conditions set forth herein) (a “Special Redemption”); provided, however, that the Managing General Partner Member first receives a legal an opinion of counsel reasonably satisfactory to it to the same effect as that the legal opinion described in proposed Special Redemption will not cause the Company or the Managing Member to violate any federal or state securities laws or regulations applicable to the Special Redemption, the issuance and sale of the Tendered Units to the Tendering Party or the issuance and sale of REIT Shares to the Tendering Party pursuant to Section 15.1.G(415.1(b) of this Agreement. Any Redemption shall be exercised pursuant to a Notice of Redemption delivered to the Managing General Partner and the Special Limited Partner Member by the Qualifying Party when exercising the Redemption right (the “Tendering Party”). The PartnershipCompany’s obligation to effect a Redemption, however, shall not arise or be binding against the Partnership Company until the earlier of (i) the date the Special Limited Partner Managing Member notifies the Tendering Party that the Special Limited Partner Managing Member declines to acquire some or all of the Tendered Units under Section 15.1.B 15.1(b) hereof following receipt of a Notice of Redemption and (ii) the Business Day following the Cut-Off Date. In the event of a Redemption, the Cash Amount shall be delivered as a certified or bank check payable to the Tendering Party or, in the Managing General PartnerMember’s sole and absolute discretion, in immediately available funds, in each case, on or before the Specified Redemption Date; provided, however, that the Managing Member may elect to cause the Specified Redemption Date to be delayed for up to an additional 60 Business Days to the extent required for the Managing Member to cause additional REIT Shares to be issued to provide financing to be used to make such payment of the Cash Amount.

Appears in 4 contracts

Samples: Operating Agreement (Healthpeak Properties, Inc.), Limited Liability Company Agreement (Kimco Realty OP, LLC), Limited Liability Company Agreement (Kimco Realty Corp)

Redemption Rights of Qualifying Parties. A. Commencing on (a) After the expiration or earlier termination of the Twelveany applicable Lock-Month Period applicable to any Partnership Common UnitsUp Period, a Qualifying Party shall have the right (subject to the terms and conditions set forth herein), by delivering a Notice of Redemption ) to the Managing General Partner, to require the Partnership to redeem exchange all or a portion of such the Partnership Class A Common Units held by such Tendering Qualifying Party (Partnership Common Units that have in fact been tendered for redemption being hereafter referred to as “Tendered Units”) in exchange (a “Redemption”) for the Class A Shares Amount or, at the sole and absolute election of the General Partner, for the Cash Amount payable on the Specified Redemption DateDate (in each case, a “Redemption”), in each case pursuant to, and in accordance with, the Charter and the provisions of this Article XIV. The Notwithstanding the foregoing, the Partnership may, in the Managing General Partner’s sole and absolute discretion, redeem Tendered Units at the request of the Holder thereof prior to the end of the any applicable TwelveLock-Month Up Period (subject to the terms and conditions set forth herein) (a “Special Redemption”); provided, however, provided that the Managing General Partner first receives a legal opinion to the same effect as the legal opinion described in Section 15.1.G(4) of this Agreement14.1(e). Any Redemption shall be exercised pursuant to a Notice of Redemption delivered to the Managing General Partner and the Special Limited Partner by the Qualifying Party when exercising the Redemption right (the “Tendering Party”). The Partnership’s obligation to effect a Redemption, however, shall not arise or be binding against In the Partnership until the earlier of (i) the date the Special Limited Partner notifies the Tendering Party event that the Special Limited General Partner declines elects to acquire some redeem all or all a portion of the Tendered Units under Section 15.1.B hereof following receipt of a Notice of Redemption and (ii) in exchange for the Business Day following the Cut-Off Date. In the event of a Redemptionapplicable Cash Amount, the such applicable Cash Amount shall be delivered as a certified or bank check payable to the Tendering Party or, in the Managing General Partner’s sole and absolute discretion, in immediately available funds, in each case, by wire transfer of funds on or before the Specified Redemption Date.

Appears in 4 contracts

Samples: Moelis & Co, Moelis & Co, Moelis & Co

Redemption Rights of Qualifying Parties. A. Commencing on the expiration of the Twelve-Month Period applicable Subject to any Partnership Common Unitsapplicable Restricted Period, a Qualifying Party shall have the right (subject to the terms and conditions set forth herein), by delivering a Notice of Redemption to the Managing General Partner, ) to require the Partnership to redeem all or a portion of such the Partnership Common Units held by such Tendering Party (Partnership Common Units that have in fact been tendered for redemption being hereafter referred to as “Tendered Units”) in exchange (a “Redemption”) for the Cash Amount payable on the Specified Redemption Date. The Partnership may, in the Managing General Partner’s sole and absolute discretion, redeem Tendered Units at the request of the Holder thereof prior to the end of the applicable Twelve-Month Restricted Period (subject to the terms and conditions set forth herein) (a “Special Redemption”); provided, however, that the Managing General Partner first receives a legal opinion to the same effect as the legal opinion described in Section 15.1.G(4) of this Agreement. Any Redemption shall be exercised pursuant to a Notice of Redemption delivered to the Managing General Partner and the Special Limited Partner by the Qualifying Party when exercising the Redemption right (the “Tendering Party”). The Partnership’s obligation to effect a Redemption, however, shall not arise or be binding against the Partnership until the earlier of (i) the date the Special Limited Partner General Partner, on behalf of the Partnership, notifies the Tendering Party that the Partnership has declined to elect to require the Special Limited Partner declines to acquire some or all of the Tendered Units under Section 15.1.B hereof following receipt of a Notice of Redemption and (ii) the Business Day following the Cut-Off Date. In the event of a Redemption, the Cash Amount shall be delivered as a certified or bank check payable to the Tendering Party or, in the Managing General Partner’s sole and absolute discretion, in immediately available funds, in each case, on or before the Specified tenth (10th) Business Day following the date on which the General Partner receives a Notice of Redemption Datefrom the Tendering Party.

Appears in 3 contracts

Samples: Agreement (Brixmor Property Group Inc.), Agreement (Brixmor Property Group Inc.), Invitation Homes Inc.

Redemption Rights of Qualifying Parties. A. Commencing on After the expiration of the applicable Twelve-Month Period applicable to any Partnership Common UnitsPeriod, a Qualifying Party shall have the right (subject to the terms and conditions set forth herein), by delivering a Notice of Redemption to the Managing General Partner, ) to require the Partnership to redeem all or a portion (but not less than all) of such the Partnership Common Units held by such Tendering Party (Partnership Common Units that have in fact been tendered for redemption being hereafter referred to as “Tendered Units”) in exchange (a “Redemption”) for the Cash Amount payable on as provided below; provided that a Qualifying Party may only deliver a Notice of Redemption, as provided below, at least ten (10) Business Days before the Specified last Business Day of a calendar month (with any late Notice of Redemption Datebeing null). The Partnership may, in the Managing General Partner’s sole and absolute discretion, redeem Tendered Units at the request of the Holder thereof prior to the end of the applicable Twelve-Month Period (subject to the terms and conditions set forth herein) (a “Special Redemption”); provided, however, that the Managing General Partner first receives a legal opinion to the same effect as the legal opinion described in Section 15.1.G(4) of this Agreement. Any Redemption shall be exercised pursuant to a Notice of Redemption delivered to the Managing General Partner and the Special Limited Partner by the Qualifying Party when exercising the Redemption right (the “Tendering Party”). The Partnership’s obligation to effect a Redemption, however, shall not arise or be binding against the Partnership until the earlier of (i) the date the Special Limited Partner General Partner, on behalf of the Partnership, notifies the Tendering Party that the Partnership declines to cause the Special Limited Partner declines to acquire some or all of the Tendered Units under Section 15.1.B hereof following receipt of a Notice of Redemption and (ii) the Business Day following the Cut-Off Date. In the event of a Redemption, the Cash Amount shall be delivered as paid by a certified or bank check payable mailed to the Tendering Party or, in the Managing General Partner’s sole and absolute discretion, in immediately available fundsby wire transfer, in each case, on or before the Specified last Business Day of the month in which the General Partner receives a Notice of Redemption Datefrom the Tendering Party.

Appears in 3 contracts

Samples: Limited Partnership Agreement (Silver Bay Realty Trust Corp.), Limited Partnership Agreement (Silver Bay Realty Trust Corp.), Limited Partnership Agreement (Silver Bay Realty Trust Corp.)

Redemption Rights of Qualifying Parties. A. Commencing on (a) After the expiration of the Twelve-Month Period applicable to any Partnership Common UnitsInitial Holding Period, a Qualifying Party shall have the right (subject to the terms and conditions set forth herein), by delivering a Notice of ) (the “Redemption to the Managing General Partner, Right”) to require the Partnership to redeem all or a portion of such Partnership Common the applicable OP Units held by such Tendering Party (Partnership Common OP Units that have in fact been tendered for redemption being hereafter referred to as “Tendered Units”) in exchange (a “Redemption”) for the Cash Amount payable on the Specified Redemption Date. The Partnership may, in the Managing General Partner’s sole and absolute discretion, redeem Tendered Units at the request of the Holder holder thereof prior to the end of the applicable Twelve-Month Initial Holding Period (subject to the terms and conditions set forth herein) (a “Special Redemption”); provided, however, that the Managing General Partner first receives a legal opinion to the same effect as the legal opinion described in Section 15.1.G(4) of this Agreement. Any Redemption shall be exercised pursuant to a Notice of Redemption delivered to the Managing General Partner and the Special Limited Partner by the Qualifying Party when exercising the Redemption right Right (the “Tendering Party”). The Partnership’s obligation to effect a Redemption, however, shall not arise or be binding against the Partnership until the earlier of (i) the date the Special Limited General Partner notifies the Tendering Party that the Special General Partner declines to require the Initial Limited Partner declines to acquire some or all of the Tendered Units under Section 15.1.B 15.1(b) hereof following receipt of a Notice of Redemption and (ii) the Business Day following the Cut-Off Date. In the event of a Redemption, the Cash Amount shall be delivered as a certified or bank check payable to the Tendering Party or, in the Managing General Partner’s sole and absolute discretion, in immediately available funds, in each case, on or before the Specified Redemption Date.. 77

Appears in 3 contracts

Samples: Contribution Agreement (Phillips Edison Grocery Center Reit I, Inc.), Contribution Agreement (Phillips Edison Grocery Center Reit I, Inc.), Phillips Edison Grocery Center Reit I, Inc.

Redemption Rights of Qualifying Parties. A. Commencing on After the expiration of the Twelve-Month Period applicable to any Partnership Common UnitsInitial Holding Period, a Qualifying Party shall have the right (subject to the terms and conditions set forth herein), by delivering a Notice of ) (the “Redemption to the Managing General Partner, Right”) to require the Partnership to redeem all or a portion of such Partnership the Common Units held by such a Tendering Party (Partnership Common Units that have in fact been tendered for redemption being hereafter referred to as “Tendered Common Units”) in exchange (a “Redemption”) for the Cash Amount payable on the Specified Redemption Date. The Partnership may, in the Managing General Partner’s sole and absolute discretion, redeem Tendered Common Units at the request of the Holder Qualifying Party prior to the end of the applicable Twelve-Month Initial Holding Period (subject to the terms and conditions set forth hereinherein (including the expiration of the applicable Specified Redemption Date)) (a “Special Redemption”); provided, however, that the Managing General Partner first receives a legal opinion to the same effect as the legal opinion described in Section 15.1.G(4) of this Agreement. Any Redemption shall be exercised pursuant to a Common Unit Notice of Redemption delivered to the Managing General Partner and the Special Limited Partner by the Qualifying Party when exercising the Redemption right (the “Tendering Party”). The Partnership’s obligation to effect a Redemption, however, shall not arise or be binding against the Partnership until the earlier of (i) the date the Special Limited General Partner notifies the Tendering Party that the Special Limited Partner it declines to acquire some or all of the Tendered Common Units under Section 15.1.B hereof following receipt of a Common Unit Notice of Redemption and (ii) the Business Day following the Cut-Off Date. In the event of a Redemption, the Cash Amount shall be delivered as a certified or bank check payable to the Tendering Party or, in the Managing General Partner’s sole and absolute discretion, in immediately available funds, in each case, on or before the Specified Redemption Date.

Appears in 3 contracts

Samples: Agreement (Parking REIT, Inc.), Agreement (Mobile Infrastructure Corp), Parking REIT, Inc.

Redemption Rights of Qualifying Parties. A. Commencing on After the expiration of the Twelveapplicable Fourteen-Month Period applicable to any Partnership Common UnitsPeriod, a Qualifying Party shall have the right (subject to the terms and conditions set forth herein), by delivering a Notice of Redemption to the Managing General Partner, ) to require the Partnership to redeem all or a portion of such the Partnership Common Units held by such Tendering Party (Partnership Common Units that have in fact been tendered for redemption being hereafter referred to as “Tendered Units”) in exchange (a “Redemption”) for the Cash Amount payable on the Specified Redemption Date. The Partnership may, in the Managing General Partner’s sole and absolute discretion, redeem Tendered Units at the request of the Holder thereof prior to the end of the applicable TwelveFourteen-Month Period (subject to the terms and conditions set forth herein) (a “Special Redemption”); provided, however, that the Managing General Partner first receives a legal an opinion of counsel reasonably satisfactory to it to the same effect as that the legal opinion described in proposed Special Redemption will not cause the Partnership or the General Partner to violate any Federal or state securities laws or regulations applicable to the Special Redemption, the issuance and sale of the Tendered Units to the Tendering Party or the issuance and sale of REIT Shares to the Tendering Party pursuant to Section 15.1.G(4) 15.1.B of this Agreement. Any Redemption shall be exercised pursuant to a Notice of Redemption delivered to the Managing General Partner and the Special Limited Partner by the Qualifying Party when exercising the Redemption right (the “Tendering Party”). The Partnership’s obligation to effect a Redemption, however, shall not arise or be binding against the Partnership until the earlier of (i) the date the Special Limited General Partner notifies the Tendering Party that the Special Limited General Partner declines to acquire some or all of the Tendered Units under Section 15.1.B hereof following receipt of a Notice of Redemption and (ii) the Business Day following the Cut-Off Date. In the event of a Redemption, the Cash Amount shall be delivered as a certified or bank check payable to the Tendering Party or, in the Managing General Partner’s sole and absolute discretion, in immediately available funds, in each case, on or before the Specified Redemption Date; provided, however, that the General Partner may elect to cause the Specified Redemption Date to be delayed for up to an additional 60 Business Days to the extent required for the General Partner to cause additional REIT Shares to be issued to provide financing to be used to make such payment of the Cash Amount.

Appears in 3 contracts

Samples: Rexford Industrial Realty, Inc., Rexford Industrial Realty, Inc., Rexford Industrial Realty, Inc.

Redemption Rights of Qualifying Parties. A. Commencing on After the expiration of the Twelve-Month Period applicable to any Partnership Common UnitsInitial Holding Period, a Qualifying Party shall have the right (subject to the terms and conditions set forth herein), by delivering a Notice of ) (the “Redemption to the Managing General Partner, Right”) to require the Partnership Company to redeem all or a portion of such Partnership the Common Units held by such a Tendering Party (Partnership Common Units that have in fact been tendered for redemption being hereafter referred to as “Tendered Common Units”) in exchange (a “Redemption”) for the Cash Amount payable on the Specified Redemption Date. The Partnership Company may, in the Managing General PartnerMIC’s sole and absolute discretion, redeem Tendered Common Units at the request of the Holder Qualifying Party prior to the end of the applicable Twelve-Month Initial Holding Period (subject to the terms and conditions set forth hereinherein (including the expiration of the applicable Specified Redemption Date)) (a “Special Redemption”); provided, however, that the Managing General Partner MIC first receives a legal opinion to the same effect as the legal opinion described in Section 15.1.G(4) of this Agreement. Any Redemption shall be exercised pursuant to a Common Unit Notice of Redemption delivered to the Managing General Partner and the Special Limited Partner MIC by the Qualifying Party when exercising the Redemption right (the “Tendering Party”). The PartnershipCompany’s obligation to effect a Redemption, however, shall not arise or be binding against the Partnership Company until the earlier of (i) the date the Special Limited Partner MIC notifies the Tendering Party that the Special Limited Partner it declines to acquire some or all of the Tendered Common Units under Section 15.1.B hereof following receipt of a Common Unit Notice of Redemption and (ii) the Business Day following the Cut-Off Date. In the event of a Redemption, the Cash Amount shall be delivered as a certified or bank check payable to the Tendering Party or, in the Managing General PartnerMIC’s sole and absolute discretion, in immediately available funds, in each case, on or before the Specified Redemption Date.

Appears in 2 contracts

Samples: Limited Liability Company Agreement (Mobile Infrastructure Corp), Limited Liability Company Agreement (Mobile Infrastructure Corp)

Redemption Rights of Qualifying Parties. A. Commencing on the expiration of the Twelve-Month Period applicable to any Partnership Common Units, a (a) A Qualifying Party shall have the right (subject to the terms and conditions set forth herein), by delivering a Notice of Redemption ) to the Managing General Partner, to require the Partnership to redeem exchange all or a portion of such Partnership the Company Class B Common Units held by such Tendering Qualifying Party (Partnership Company Common Units that have in fact been tendered for redemption being hereafter referred to as “Tendered Units”) in exchange (a “Redemption”) for the Class A Common Stock Amount or, at the sole and absolute election of the Managing Member, on behalf of the Company, for the Cash Amount payable on the Specified Redemption Date. The Partnership mayDate (in each case, in the Managing General Partner’s sole and absolute discretion, redeem Tendered Units at the request of the Holder prior to the end of the applicable Twelve-Month Period (subject to the terms and conditions set forth herein) (a “Special Redemption”); provided, howeverin each case pursuant to, that and in accordance with, the Managing General Partner first receives a legal opinion to Certificate of Incorporation and the same effect as the legal opinion described in Section 15.1.G(4) provisions of this AgreementArticle XIV. Any Redemption shall be exercised pursuant to a Notice of Redemption delivered to the Managing General Partner and the Special Limited Partner Member by the Qualifying Party when exercising the Redemption right (the “Tendering Party”). The Partnership’s obligation to effect a Redemption, however, shall not arise or be binding against In the Partnership until the earlier of (i) the date the Special Limited Partner notifies the Tendering Party event that the Special Limited Partner declines Managing Member elects to acquire some cause the Company to redeem all or all a portion of the Tendered Units under Section 15.1.B hereof following receipt of a Notice of Redemption and (ii) in exchange for the Business Day following the Cut-Off Date. In the event of a Redemptionapplicable Cash Amount, the such applicable Cash Amount shall be delivered as a certified or bank check payable to the Tendering Party or, in the Managing General PartnerMember’s sole and absolute discretion, in immediately available funds, in each case, by wire transfer of funds on or before the Specified Redemption Date. To the extent determined by the Managing Member, the Company will treat a redemption of Tendered Units pursuant to this Article XIV (including any redemption for a Cash Amount) as a disguised sale of membership interests under Code section 707(a)(2)(B).

Appears in 2 contracts

Samples: Limited Liability Company Agreement (Wayne Farms, Inc.), Limited Liability Company Agreement (Wayne Farms, Inc.)

Redemption Rights of Qualifying Parties. A. Commencing on After the expiration of the Twelveapplicable Fourteen-Month Period applicable to any Partnership Common UnitsPeriod, a Qualifying Party shall have the right (subject to the terms and conditions set forth herein), by delivering a Notice of Redemption to the Managing General Partner, ) to require the Partnership to redeem all or a portion of such the Partnership Common Units held by such Tendering Party (Partnership Common Units that have in fact been tendered for redemption being hereafter referred to as “Tendered Units”) in exchange (a “Redemption”) for the Cash Amount payable on the Specified Redemption Date. The Partnership may, in the Managing General Partner’s sole and absolute discretion, redeem Tendered Units at the request of the Holder thereof prior to the end of the applicable TwelveFourteen-Month Period (subject to the terms and conditions set forth herein) (a “Special Redemption”); provided, however, that the Managing General Partner first receives a legal opinion to the same effect as the legal opinion described in Section 15.1.G(4) of this Agreement. Any Redemption shall be exercised pursuant to a Notice of Redemption delivered to the Managing General Partner and the Special Limited Partner by the Qualifying Party when exercising the Redemption right (the “Tendering Party”). The Partnership’s obligation to effect a Redemption, however, shall not arise or be binding against the Partnership until the earlier of (i) the date the Special Limited General Partner notifies the Tendering Party that the Special Limited General Partner declines to acquire some or all of the Tendered Units under Section 15.1.B hereof following receipt of a Notice of Redemption and (ii) the Business Day following the Cut-Off Date. In the event of a Redemption, the Cash Amount shall be delivered as a certified or bank check payable to the Tendering Party or, in the Managing General Partner’s sole and absolute discretion, in immediately available funds, in each case, on or before the Specified tenth (10th) Business Day following the date on which the General Partner receives a Notice of Redemption Datefrom the Tendering Party.

Appears in 2 contracts

Samples: Younan Properties Inc, Younan Properties Inc

Redemption Rights of Qualifying Parties. A. Commencing on After the expiration of the first Twelve-Month Period applicable to any Partnership Common UnitsPeriod, a Qualifying Party Party, but no other Limited Partner or Assignee, shall have the right (subject to the terms and conditions set forth herein), by delivering a Notice of Redemption to the Managing General Partner, ) to require the Partnership to redeem all or a portion of such Partnership Common the Redeemable Units held by such Tendering Party (Partnership Common such Redeemable Units that have in fact been tendered for redemption being hereafter referred to as “Tendered Units”) in exchange (a “Redemption”) for REIT Shares issuable or the Cash Amount payable (as determined by the Partnership in its sole discretion) on the Specified Redemption Date. The Partnership may, in the Managing General Partner’s sole and absolute discretion, redeem Tendered Units at the request of the Holder prior to the end of the applicable Twelve-Month Period (subject to the terms and conditions set forth herein) (a “Special Redemption”); provided, however, that the Managing General Partner first receives a legal opinion to the same effect as the legal opinion described in Section 15.1.G(4) of this Agreement. Any Redemption shall be exercised pursuant to a Notice of Redemption delivered to the Managing General Partner and the Special Limited Partner by the Qualifying Party when exercising the Redemption right (the “Tendering Party”). The Partnership’s obligation to effect a RedemptionTo be effective, however, shall not arise or such Notice of Redemption must be binding against received by the Partnership until at least forty-five (45) days prior to the earlier Specified Redemption Date. On or before the close of (i) business on the date Cut-Off Date, the Special Limited Partnership may, in its sole and absolute discretion, elect to cause the Previous General Partner notifies the Tendering Party that the Special Limited Partner declines to acquire some or all of the Tendered Units under from the Tendering Party in exchange for REIT Shares pursuant to the terms set forth in Section 15.1.B hereof following receipt 8.6B. A Tendering Party shall have no right to receive distributions with respect to any Tendered Units (other than the Cash Amount) paid after delivery of a the Notice of Redemption and (ii) Redemption, whether or not the Business Day following Partnership Record Date for such distribution precedes or coincides with such delivery of the Cut-Off DateNotice of Redemption. In If the event of a RedemptionPartnership elects to redeem Tendered Units for cash, the Cash Amount shall be delivered as a certified or bank check payable to the Tendering Party or, in the Managing General Partner’s sole and absolute discretion, in immediately available funds, in each case, on or before the Specified Redemption Date.

Appears in 2 contracts

Samples: Agreement (Aimco OP L.P.), Aimco OP L.P.

Redemption Rights of Qualifying Parties. A. Commencing on After the expiration of the applicable Twelve-Month Period applicable to any Partnership Common UnitsPeriod, a Qualifying Party Party, but no other Limited Partner or Assignee, shall have the right (subject to the terms and conditions set forth herein), by delivering a Notice of Redemption to the Managing General Partner, ) to require the Partnership to redeem (a “Redemption”) all or a portion of such the Partnership Common Units held by such Tendering Qualifying Party (such Partnership Common Units that have in fact been tendered for redemption being hereafter referred to as “Tendered Units”) in exchange (a “Redemption”) for the Cash Amount payable on the Specified Redemption Date. The Partnership may, in the Managing General Partner’s sole and absolute discretion, redeem Tendered Units at the request of the Holder prior to the end of the applicable Twelve-Month Period (subject to the terms and conditions set forth herein) (a “Special Redemption”); provided, however, that the Managing General Partner first receives a legal opinion to the same effect as the legal opinion described in Section 15.1.G(4) of this Agreement. Any Redemption shall be exercised pursuant to a Notice of Redemption delivered to the Managing General Partner and the Special Limited Partner by the such Qualifying Party when exercising the Redemption right (the “Tendering Party”)) when exercising the Redemption right. The Partnership’s obligation to effect a Redemption, however, shall not arise or be binding against the Partnership until the earlier of (i) the date the Special Limited Partner notifies the Tendering Party that the Special Limited Partner declines to acquire some or all of the Tendered Units under Section 15.1.B hereof following receipt of until and unless there has been a Notice of Redemption Declination and (ii) before the Business Day following the Cut-Off Date. Regardless of the binding or non-binding nature of a pending Redemption, a Tendering Party shall have no right to receive distributions with respect to any Tendered Units (other than the Cash Amount) paid after delivery of the Notice of Redemption, whether or not the Partnership Record Date for such distribution precedes or coincides with such delivery of the Notice of Redemption; provided, however, that in the event that the General Partner on behalf of the Partnership elects to fund the Cash Amount with the proceeds of an Offering Funding pursuant to Section 8.6.D hereof, the Tendering Party’s right to receive distributions shall not be suspended as hereinbefore provided and such Tendering Party shall have the right to receive distributions actually made hereunder prior to the date of the closing of the Offering Funding the proceeds of which are used to pay the Cash Amount. In the event of a Redemption, the Cash Amount shall be delivered as a certified or bank check payable to the Tendering Party or, in the Managing General Partner’s sole and absolute discretion, in immediately available funds, in each case, on or before the Specified Redemption Date.

Appears in 2 contracts

Samples: Affordable Residential Communities Inc, Hilltop Holdings Inc.

Redemption Rights of Qualifying Parties. A. Commencing on After the expiration of the applicable Twelve-Month Period applicable to any Partnership Common UnitsPeriod, a Qualifying Party shall have the right (subject to the terms and conditions set forth herein), by delivering a Notice of Redemption to the Managing General Partner, ) to require the Partnership to redeem all or a portion of such Partnership the Common Units held by such Tendering Party (Partnership Common Units that have in fact been tendered for redemption being hereafter referred to as “Tendered Units”) in exchange (a “Redemption”) for the Cash Amount payable on the Specified Redemption Date. The Partnership may, in the Managing General Partner’s sole and absolute discretion, redeem Tendered Units at the request of the Holder thereof prior to the end of the applicable Twelve-Month Period (subject to the terms and conditions set forth herein) (a “Special Redemption”); provided, however, that at the Managing General Partner’s option, the General Partner first receives a legal an opinion of counsel satisfactory to it in its sole and absolute discretion to the same effect as that the legal opinion described in proposed Special Redemption will not cause the Partnership or the General Partner to violate any Federal or state securities laws or regulations applicable to the Special Redemption, the issuance and sale of the Tendered Units to the Tendering Party or the issuance and sale of the REIT Shares to the Tendering Party pursuant to Section 15.1.G(4) 15.1.B of this Agreement. Any Redemption shall be exercised pursuant to a Notice of Redemption delivered to the Managing General Partner and the Special Limited Partner by the Qualifying Party when exercising the Redemption right (the “Tendering Party”). The Partnership’s obligation to effect a Redemption, however, shall not arise or be binding against the Partnership until the earlier of (i) the date the Special Limited General Partner notifies the Tendering Party that the Special Limited General Partner declines to acquire some or all of the Tendered Units under Section 15.1.B hereof following receipt of a Notice of Redemption and (ii) the Business Day following the Cut-Off Date. In the event of a Redemption, the Cash Amount shall be delivered as a certified or bank check payable to the Tendering Party or, in the Managing General Partner’s sole and absolute discretion, in immediately available funds, in each case, on or before the Specified tenth (10th) Business Day following the date on which the General Partner receives a Notice of Redemption Datefrom the Tendering Party.

Appears in 2 contracts

Samples: Agreement (Vici Properties Inc.), Vici Properties Inc.

Redemption Rights of Qualifying Parties. A. Commencing on After the expiration of the Twelveapplicable Fourteen-Month Period applicable to any Partnership Common UnitsPeriod, a Qualifying Party shall have the right (subject to the terms and conditions set forth herein), by delivering a Notice of Redemption to the Managing General Partner, ) to require the Partnership to redeem all or a portion of such the Partnership Common Units held by such Tendering Party (Partnership Common Units that have in fact been tendered for redemption being hereafter referred to as “Tendered Units”) in exchange (a “Redemption”) for the Cash Amount payable on the Specified Redemption Date. The Partnership may, in the Managing General Partner’s sole and absolute discretion, redeem Tendered Units at the request of the Holder thereof prior to the end of the applicable TwelveFourteen-Month Period (subject to the terms and conditions set forth herein) (a “Special Redemption”); provided, however, that the Managing General Partner first receives a legal opinion to the same effect as the legal opinion described in Section 15.1.G(4) of this Agreement. Any Redemption shall be exercised pursuant to a Notice of Redemption delivered to the Managing General Partner and the Special Limited Partner by the Qualifying Party when exercising the Redemption right (the “Tendering Party”). The Partnership’s obligation to effect a Redemption, however, shall not arise or be binding against the Partnership until the earlier of (i) the date the Special Limited Partner General Partner, on behalf of the Partnership, notifies the Tendering Party that the Partnership has declined to elect to require the Special Limited Partner declines to acquire some or all of the Tendered Units under Section 15.1.B hereof following receipt of a Notice of Redemption and (ii) the Business Day following the Cut-Off Date. In the event of a Redemption, the Cash Amount shall be delivered as a certified or bank check payable to the Tendering Party or, in the Managing General Partner’s sole and absolute discretion, in immediately available funds, in each case, on or before the Specified tenth (10th) Business Day following the date on which the General Partner receives a Notice of Redemption Datefrom the Tendering Party.

Appears in 2 contracts

Samples: Agreement (Spirit Realty Capital, Inc.), Agreement (Spirit Realty Capital, Inc.)

Redemption Rights of Qualifying Parties. A. Commencing on the expiration of the Twelve-Month Period applicable to any Partnership Common Units, a (a) A Qualifying Party shall have the right (subject to the terms and conditions set forth herein), by delivering a Notice of Redemption ) to the Managing General Partner, to require the Partnership to redeem exchange all or a portion of such Partnership the Company Class A Common Units held by such Tendering Qualifying Party (Partnership Company Common Units that have in fact been tendered for redemption being hereafter referred to as “Tendered Units”) for the Class A Shares Amount or, at the sole and absolute election of the independent members of the Board of Directors (such independent members to be determined by the Board of Directors in exchange (a “Redemption”accordance with the New York Stock Exchange rules, or, identified as such in Genesis’ annual proxy statement) on behalf of the Managing Member, for the Cash Amount payable on the Specified Redemption Date. The Partnership mayDate (in each case, in the Managing General Partner’s sole and absolute discretion, redeem Tendered Units at the request of the Holder prior to the end of the applicable Twelve-Month Period (subject to the terms and conditions set forth herein) (a “Special Redemption”); provided, howeverin each case pursuant to, that and in accordance with, the Managing General Partner first receives a legal opinion to Charter and the same effect as the legal opinion described in Section 15.1.G(4) provisions of this AgreementArticle XIV. Any Redemption shall be exercised pursuant to a Notice of Redemption delivered to the Managing General Partner and the Special Limited Partner Member by the Qualifying Party when exercising the Redemption right (the “Tendering Party”). The Partnership’s obligation to effect a Redemption, however, shall not arise or be binding against In the Partnership until the earlier of (i) the date the Special Limited Partner notifies the Tendering Party event that the Special Limited Partner declines Managing Member elects to acquire some redeem all or all a portion of the Tendered Units under Section 15.1.B hereof in exchange for the applicable Cash Amount, then the Tendering Party shall have the right, at any time during the five (5) Business Days following receipt of a such election by the Managing Member, to rescind the Notice of Redemption pursuant to a written notice (the “Rescission Notice”) and (ii) retain its Company Class A Common Units or Company Class B Common Units, as applicable. If the Business Day following the Cut-Off Date. In the event of Tendering Party does not provide a RedemptionRescission Notice, the applicable Cash Amount shall be delivered by the Managing Member as a certified or bank check payable to the Tendering Party or, in the Managing General PartnerMember’s sole and absolute discretion, in immediately available funds, in each case, by wire transfer of funds on or before the Specified Redemption Date.

Appears in 2 contracts

Samples: Limited Liability Company Operating Agreement (Genesis Healthcare, Inc.), Purchase and Contribution Agreement (Skilled Healthcare Group, Inc.)

Redemption Rights of Qualifying Parties. A. Commencing on (a) After the expiration of the applicable Twelve-Month Period applicable to any Partnership Common UnitsPeriod, a Qualifying Party Party, but no other Limited Partner or Assignee, shall have the right (subject to the terms and conditions set forth herein), by delivering a Notice of Redemption to the Managing General Partner, ) to require the Partnership to redeem all or a portion of such the Partnership Common Units held by such Tendering Party (such Partnership Common Units that have in fact been tendered for redemption being hereafter referred to as “"Tendered Units") in exchange (a "Redemption") for the Cash Amount payable on the Specified Redemption Date. The Partnership may, in the Managing General Partner’s sole and absolute discretion, redeem Tendered Units at the request of the Holder prior to the end of the applicable Twelve-Month Period (subject to the terms and conditions set forth herein) (a “Special Redemption”); provided, however, that the Managing General Partner first receives a legal opinion to the same effect as the legal opinion described in Section 15.1.G(4) of this Agreement. Any Redemption shall be exercised pursuant to a Notice of Redemption delivered to the Managing General Partner and the Special Limited Partner by the Qualifying Party when exercising the Redemption right (the "Tendering Party"). The Partnership’s 's obligation to effect a Redemption, however, shall not arise or be binding against the Partnership until the earlier of (i) the date the Special Limited Partner notifies the Tendering Party that the Special Limited Partner declines to acquire some or all of the Tendered Units under Section 15.1.B hereof following receipt of until and unless there has been a Notice of Redemption Declination and (ii) before the Business Day following the Cut-Off Date. Regardless of the binding or non-binding nature of a pending Redemption, a Tendering Party shall have no right to receive distributions with respect to any Tendered Units (other than the Cash Amount) paid after delivery of the Notice of Redemption, whether or not the Partnership Record Date for such distribution precedes or coincides with such delivery of the Notice of Redemption; provided, however, that in the event that the General Partner on behalf of the Partnership elects to fund the Cash Amount with the proceeds of an Offering Funding pursuant to Section 8.6(d) hereof, the Tendering Party's right to receive distributions shall not be suspended as hereinbefore provided and such Tendering Party shall have the right to receive distributions actually made hereunder prior to the date of the closing of the Offering Funding whose proceeds are used to pay the Cash Amount. In the event of a Redemption, the Cash Amount shall be delivered as a certified or bank check payable to the Tendering Party or, in the Managing General Partner’s 's sole and absolute discretion, in immediately available funds, in each case, on or before the Specified Redemption Date.

Appears in 2 contracts

Samples: Northstar Realty, Northstar Realty

Redemption Rights of Qualifying Parties. A. Commencing on After the expiration of the Twelve-Month Period applicable to any Partnership Common UnitsInitial Holding Period, a Qualifying Party shall have the right (subject to the terms and conditions set forth herein), by delivering a Notice of Redemption to the Managing General Partner, ) to require the Partnership to redeem all or a portion of such the applicable Partnership Common Units held by such Tendering Party (Partnership Common Units that have in fact been tendered for redemption being hereafter referred to as “Tendered Units”) in exchange (a “Redemption”) for the Cash Amount payable on the Specified Redemption Date. The Partnership may, in the Managing General Partner’s sole and absolute discretion, redeem Tendered Units at the request of the Holder thereof prior to the end of the applicable Twelve-Month Initial Holding Period (subject to the terms and conditions set forth herein) (a “Special Redemption”); provided, however, that the Managing General Partner first receives a legal an opinion of counsel reasonably satisfactory to it to the same effect as that the legal opinion described in proposed Special Redemption will not cause the Partnership or the General Partner to violate any Federal or state securities laws or regulations applicable to the Special Redemption, the issuance and sale of the Tendered Units to the Tendering Party or the issuance and sale of REIT Shares to the Tendering Party pursuant to Section 15.1.G(4) 15.1.B of this Agreement. Any Redemption shall be exercised pursuant to a Notice of Redemption delivered to the Managing General Partner and the Special Limited Partner by the Qualifying Party when exercising the Redemption right (the “Tendering Party”). The Partnership’s obligation to effect a Redemption, however, shall not arise or be binding against the Partnership until the earlier of (i) the date the Special Limited General Partner notifies the Tendering Party that the Special Limited General Partner declines to acquire some or all of the Tendered Units under Section 15.1.B hereof following receipt of a Notice of Redemption and (ii) the Business Day following the Cut-Off Date. In the event of a Redemption, the Cash Amount shall be delivered as a certified or bank check payable to the Tendering Party or, in the Managing General Partner’s sole and absolute discretion, in immediately available funds, in each case, on or before the Specified Redemption Date.

Appears in 2 contracts

Samples: Agreement (Rexford Industrial Realty, Inc.), Rexford Industrial Realty, Inc.

Redemption Rights of Qualifying Parties. A. Commencing on (a) After the expiration or earlier termination of the Twelveany applicable Lock-Month Period applicable to any Partnership Common UnitsUp Period, a Qualifying Party shall have the right (subject to the terms and conditions set forth herein), by delivering a Notice of Redemption to the Managing General Partner, to require the Partnership ) to redeem all or a portion of such Partnership the Common Units held by such Tendering Qualifying Party (Partnership Common Units that have in fact been tendered for redemption being hereafter referred to as “Tendered Units”) in exchange (a “Redemption”) for the Cash Amount payable on the Specified Redemption DateDate (in each case, a “Redemption”). The Partnership Notwithstanding the foregoing, the Company may, in the Managing General PartnerManager’s sole and absolute discretion, redeem Tendered Units at the request of the Holder Tendering Party prior to the end of the any applicable TwelveLock-Month Up Period (subject to the terms and conditions set forth herein) (a “Special Redemption”); provided, however, that the Managing General Partner Manager first receives a legal opinion to the same effect as the legal opinion described in Section 15.1.G(4) of this Agreement11.1(e). Any Redemption shall be exercised pursuant to a Notice of Redemption delivered to the Managing General Partner and the Special Limited Partner Manager by the Qualifying Party when exercising the Redemption right (the “Tendering Party”). To be effective, such Notice of Redemption must be received by the Company not less than three (3) and not more than ten (10) Business Days prior to the Specified Redemption Date. The PartnershipCompany’s obligation to effect a Redemption, however, shall not arise or be binding against the Partnership until the earlier of Company (i) the date the Special Limited Partner notifies the Tendering Party that the Special Limited Partner unless and until SDC Inc. declines to acquire some or all of the Tendered Units under exercise its purchase rights pursuant to Section 15.1.B 11.1(b) hereof following receipt of a Notice of Redemption (a “Declination”) and (ii) until the Business Day following the Cut-Off Date. In the event of a Redemption, the applicable Cash Amount shall be delivered as a certified or bank check payable to the Tendering Party or, in the Managing General PartnerManager’s sole and absolute discretion, in immediately available funds, in each case, by wire transfer of funds on or before the Specified Redemption Date.

Appears in 2 contracts

Samples: Limited Liability Company Agreement (SmileDirectClub, Inc.), Limited Liability Company Agreement (SmileDirectClub, Inc.)

Redemption Rights of Qualifying Parties. A. Commencing on the expiration of After the Twelve-Month Period applicable to any such Partnership Common Units, a Qualifying Party shall have the right (subject to the terms and conditions set forth herein), by delivering a Notice of Redemption to the Managing General Partner, ) to require the Partnership to redeem all or a portion of such the Partnership Common Units held by such Tendering Party (Partnership Common Units that have in fact been tendered for redemption being hereafter referred to as “Tendered Units”) in exchange (a “Redemption”) for the Cash Amount payable on the Specified Redemption Date. The Partnership may, in the Managing General Partner’s sole and absolute discretion, redeem Tendered Units at the request of the Holder thereof prior to the end of the applicable Twelve-Month Period (subject to the terms and conditions set forth herein) (a “Special Redemption”); provided, however, provided that the Managing General Partner first receives a legal opinion to the same effect as the legal opinion described in Section 15.1.G(415.1G(4) of this Agreement. Any Redemption shall be exercised pursuant to a Notice of Redemption delivered to the Managing General Partner and the Special Limited Partner by the Qualifying Party when exercising the Redemption right (the “Tendering Party”). The Partnership’s obligation to effect a Redemption, however, shall not arise or be binding against the Partnership until the earlier of (i) the date the Special Limited Partner notifies the Tendering Party that until and unless the Special Limited Partner declines or fails to acquire some or all of the Tendered Units under exercise its purchase rights pursuant to Section 15.1.B hereof following receipt of a Notice of Redemption (a “Declination”) and (ii) until the Business Day following the Cut-Off Date. In the event of a Redemption, the Cash Amount shall be delivered as a certified or bank check payable to the Tendering Party or, in the Managing General Partner’s sole and absolute discretion, in immediately available funds, in each case, funds on or before the Specified Redemption Date.

Appears in 2 contracts

Samples: CyrusOne Inc., CyrusOne Inc.

Redemption Rights of Qualifying Parties. A. Commencing on After the expiration of the applicable Twelve-Month Period applicable to any Partnership Common UnitsPeriod, a Qualifying Party shall have the right (subject to the terms and conditions set forth herein), by delivering a Notice of Redemption to the Managing General Partner, ) to require the Partnership to redeem all or a portion of such the Partnership Common Units held by such Tendering Party (Partnership Common Units that have in fact been tendered for redemption being hereafter referred to as “Tendered Units”) in exchange (a “Redemption”) for the Cash Amount payable on the Specified Redemption Date. The Partnership may, in the Managing General Partner’s sole and absolute discretion, redeem Tendered Units at the request of the Holder thereof prior to the end of the applicable Twelve-Month Period (subject to the terms and conditions set forth herein) (a “Special Redemption”); provided, however, that the Managing General Partner first receives a legal opinion to the same effect as the legal opinion described in Section 15.1.G(4) 15.1.G of this Agreement. Any Redemption shall be exercised pursuant to a Notice of Redemption delivered to the Managing General Partner and the Special Limited Partner by the Qualifying Party when exercising the Redemption right (the “Tendering Party”). The Partnership’s obligation to effect a Redemption, however, shall not arise or be binding against the Partnership until the earlier of (i) the date the Special Limited General Partner notifies the Tendering Party that the Special Limited General Partner declines to acquire some or all of the Tendered Units under Section 15.1.B hereof following receipt of a Notice of Redemption and (ii) the Business Day following the Cut-Off Date. In the event of a Redemption, the Cash Amount shall be delivered as a certified or bank check payable to the Tendering Party or, in the Managing General Partner’s sole and absolute discretion, in immediately available funds, in each case, on or before the Specified tenth (10th) Business Day following the date on which the General Partner receives a Notice of Redemption Datefrom the Tendering Party.

Appears in 2 contracts

Samples: Wheeler Real Estate Investment Trust, Inc., Wheeler Real Estate Investment Trust, Inc.

Redemption Rights of Qualifying Parties. A. Commencing on (a) After the expiration of the applicable Twelve-Month Period applicable to any Partnership Common UnitsPeriod, a Qualifying Party shall have the right (subject to the terms and conditions set forth herein), by delivering a Notice of Redemption to the Managing General Partner, ) to require the Partnership to redeem all or a portion (but not less than all) of such the Partnership Common Units held by such Tendering Party (Partnership Common Units that have in fact been tendered for redemption being hereafter referred to as “Tendered Units”) in exchange (a “Redemption”) for the Cash Amount payable on as provided below; provided that a Qualifying Party may only deliver a Notice of Redemption, as provided below, at least ten (10) Business Days before the Specified last Business Day of a calendar month (with any late Notice of Redemption Datebeing null). The Partnership may, in the Managing General Partner’s sole and absolute discretion, redeem Tendered Units at the request of the Holder thereof prior to the end of the applicable Twelve-Month Period (subject to the terms and conditions set forth herein) (a “Special Redemption”); provided, however, that the Managing General Partner first receives a legal opinion to the same effect as the legal opinion described in Section 15.1.G(415.1(g)(iv) of this Agreement. Any Redemption shall be exercised pursuant to a Notice of Redemption delivered to the Managing General Partner and the Special Limited Partner by the Qualifying Party when exercising the Redemption right (the “Tendering Party”). The Partnership’s obligation to effect a Redemption, however, shall not arise or be binding against the Partnership until the earlier of (i) the date the Special Limited General Partner notifies the Tendering Party that the Special Limited General Partner declines to acquire some or all of the Tendered Units under Section 15.1.B 15.1(b) hereof following receipt of a Notice of Redemption and (ii) the Business Day following the Cut-Off Date. In the event of a Redemption, the Cash Amount shall be delivered as paid by a certified or bank check payable mailed to the Tendering Party or, in the Managing General Partner’s sole and absolute discretion, in immediately available fundsby wire transfer, in each case, on or before the Specified last Business Day of the month in which the General Partner receives a Notice of Redemption Datefrom the Tendering Party.

Appears in 1 contract

Samples: Limited Partnership Agreement (Guide Holdings Inc)

Redemption Rights of Qualifying Parties. A. Commencing on the expiration of After the Twelve-Month Period applicable to any such Partnership Common UnitsUnits and subject to Section 11.6D, a Qualifying Party Party, but no other Limited Partner or Assignee, shall have the right (subject to the terms and conditions set forth herein), by delivering a Notice of Redemption to the Managing General Partner, ) to require the Partnership to redeem (a “Redemption”) all or a portion of such the Partnership Common Units held by such Tendering Qualifying Party (such Partnership Common Units that have in fact been tendered for redemption being hereafter referred to as “Tendered Units”) in exchange (a “Redemption”) for the Cash Amount payable on the Specified Redemption Date. The Partnership may, in the Managing General Partner’s sole and absolute discretion, redeem Tendered Units at the request of the Holder prior to the end of the applicable Twelve-Month Period (subject to the terms and conditions set forth herein) (a “Special Redemption”); provided, however, that the Managing General Partner first receives a legal opinion to the same effect as the legal opinion described in Section 15.1.G(4) of this Agreement. Any Redemption shall be exercised pursuant to a Notice of Redemption delivered to the Managing General Partner and the Special Limited Partner by the such Qualifying Party when exercising the Redemption right (the “Tendering Party”)) when exercising the Redemption right. The Partnership’s obligation to effect a Redemption, however, shall not arise or be binding against the Partnership until the earlier of (i) the date the Special Limited Partner notifies the Tendering Party that the Special Limited Partner declines to acquire some or all of the Tendered Units under Section 15.1.B hereof following receipt of until and unless there has been a Notice of Redemption Declination and (ii) before the Business Day following the Cut-Off Date. Regardless of the binding or non-binding nature of a pending Redemption, a Tendering Party shall have no right to receive distributions with respect to any Tendered Units (other than the Cash Amount) paid after delivery of the Notice of Redemption, whether or not the Partnership Record Date for such distribution precedes or coincides with such delivery of the Notice of Redemption; provided, however, that in the event that the General Partner on behalf of the Partnership elects to fund the Cash Amount with the proceeds of an Offering Funding pursuant to Section 8.6D hereof, the Tendering Party’s right to receive distributions shall not be suspended as hereinbefore provided and such Tendering Party shall have the right to receive distributions actually made hereunder prior to the date of the closing of the Offering Funding the proceeds of which are used to pay the Cash Amount. In the event of a Redemption, the Cash Amount shall be delivered as a certified or bank check payable to the Tendering Party or, in the Managing General Partner’s sole and absolute discretion, in immediately available funds, in each case, on or before the Specified Redemption Date.

Appears in 1 contract

Samples: Arbor Realty Trust Inc

Redemption Rights of Qualifying Parties. A. Commencing on a. After the expiration of the Twelve-Month Period applicable to any Partnership Common UnitsInitial Holding Period, a Qualifying Party shall have the right (subject to the terms and conditions set forth herein), by delivering a Notice of ) (the “Redemption to the Managing General Partner, Right”) to require the Partnership to redeem all or a portion of such Partnership Common the applicable OP Units held by such Tendering Party (Partnership Common OP Units that have in fact been tendered for redemption being hereafter referred to as “Tendered Units”) in exchange (a “Redemption”) for the Cash Amount payable on the Specified Redemption Date. The Partnership may, in the Managing General Partner’s sole and absolute discretion, redeem Tendered Units at the request of the Holder holder thereof prior to the end of the applicable Twelve-Month Initial Holding Period (subject to the terms and conditions set forth herein) (a “Special Redemption”); provided, however, that the Managing General Partner first receives a legal opinion to the same effect as the legal opinion described in Section 15.1.G(4) of this Agreement. Any Redemption shall be exercised pursuant to a Notice of Redemption delivered to the Managing General Partner and the Special Limited Partner by the Qualifying Party when exercising the Redemption right Right (the “Tendering Party”). The Partnership’s obligation to effect a Redemption, however, shall not arise or be binding against the Partnership until the earlier of (i) the date the Special Limited General Partner notifies the Tendering Party that the Special General Partner declines to require the Initial Limited Partner declines to acquire some or all of the Tendered Units under Section 15.1.B 15.1(b) hereof following receipt of a Notice of Redemption and (ii) the Business Day following the Cut-Off Date. In the event of a Redemption, the Cash Amount shall be delivered as a certified or bank check payable to the Tendering Party or, in the Managing General Partner’s sole and absolute discretion, in immediately available funds, in each case, on or before the Specified Redemption Date.

Appears in 1 contract

Samples: Agreement (Phillips Edison & Company, Inc.)

Redemption Rights of Qualifying Parties. A. Commencing on After the expiration of the Twelveapplicable Fourteen-Month Period applicable to any Partnership Common UnitsPeriod, a Qualifying Party shall have the right (subject to the terms and conditions set forth herein), by delivering a Notice of Redemption to the Managing General Partner, ) to require the Partnership to redeem all or a portion of such the Partnership Common Units held by such Tendering Party (Partnership Common Units that have in fact been tendered for redemption being hereafter referred to as "Tendered Units") in exchange (a "Redemption") for the Cash Amount payable on the Specified Redemption Date. The Partnership may, in the Managing General Partner’s 's sole and absolute discretion, redeem Tendered Units at the request of the Holder prior to the end of the applicable TwelveFourteen-Month Period (subject to the terms and conditions set forth herein) (a "Special Redemption"); provided, however, that the Managing General Partner first receives a legal opinion to the same effect as the legal opinion described in Section 15.1.G(4) of this Agreement. Any Redemption shall be exercised pursuant to a Notice of Redemption delivered to the Managing General Partner and the Special Limited Partner by the Qualifying Party when exercising the Redemption right (the "Tendering Party"). The Partnership’s 's obligation to effect a Redemption, however, shall not arise or be binding against the Partnership until the earlier of (i) the date the Special Limited Partner Managing General Partner, on behalf of the Partnership, notifies the Tendering Party that the Partnership declines to cause the Special Limited to Partner declines to acquire some or all of the Tendered Units under Section 15.1.B hereof following receipt of a Notice of Redemption and (ii) the Business Day following the Cut-Off Date. In the event of a Redemption, the Cash Amount shall be delivered as a certified or bank check payable to the Tendering Party or, in the Managing General Partner’s 's sole and absolute discretion, in immediately available funds, in each case, on or before the Specified tenth (10th) Business Day following the date on which the Managing General Partner receives a Notice of Redemption Datefrom the Tendering Party.

Appears in 1 contract

Samples: Douglas Emmett Inc

Redemption Rights of Qualifying Parties. A. Commencing on After the expiration of the applicable Twelve-Month Period applicable to any Partnership Common UnitsPeriod, a Qualifying Party shall have the right (subject to the terms and conditions set forth herein), by delivering a Notice of Redemption to the Managing General Partner, ) to require the Partnership to redeem all or a portion of such the Partnership Common Units held by such Tendering Party (Partnership Common Units that have in fact been tendered for redemption being hereafter referred to as “Tendered Units”) in exchange (a “Redemption”) for the Cash Amount payable on the Specified Redemption Date; provided, however, that a Qualifying Party may not effect a Redemption pursuant to this Section 15.1 (i) more than twice in any Partnership Year or (ii) during the period commencing the forth (4th) Monday of November of each Partnership Year and ending the fifteenth (15th) Business Day following January 1 of the succeeding Partnership Year, without, in each case, the Consent of the General Partner, which may be given or Table of Contents withheld in its sole and absolute discretion. The Partnership may, in the Managing General Partner’s sole and absolute discretion, redeem Tendered Units at the request of the Holder thereof prior to the end of the applicable Twelve-Month Period (subject to the terms and conditions set forth herein) (a “Special Redemption”); provided, however, that the Managing General Partner first receives a legal opinion to the same effect as the legal opinion described in Section 15.1.G(4) of this Agreement. Any Redemption shall be exercised pursuant to a Notice of Redemption delivered to the Managing General Partner and the Special Limited Partner by the Qualifying Party when exercising the Redemption right (the “Tendering Party”). The Partnership’s obligation to effect a Redemption, however, shall not arise or be binding against the Partnership until the earlier of (i) the date the Special Limited General Partner notifies the Tendering Party that the General Partner has declined to elect to require the Special Limited Partner declines to acquire some or all of the Tendered Units under Section 15.1.B hereof following receipt of a Notice of Redemption and (ii) the Business Day following the Cut-Off Date. In the event of a Redemption, the Cash Amount shall be delivered as a certified or bank check payable to the Tendering Party or, in the Managing General Partner’s sole and absolute discretion, in immediately available funds, in each case, on or before the Specified tenth (10th) Business Day following the date on which the Partnership’s obligation to effect a Redemption Date.arises and becomes binding pursuant to this Section 15.1.A.

Appears in 1 contract

Samples: Spirit Realty, L.P.

Redemption Rights of Qualifying Parties. A. Commencing on After the expiration of the applicable Twelve-Month Period applicable to any Partnership Common UnitsPeriod, a Qualifying Party shall have the right (subject to the terms and conditions set forth herein), by delivering a Notice of Redemption to the Managing General Partner, ) to require the Partnership to redeem all or a portion of such Partnership the Common Units held by such Tendering Party (Partnership Common Units that have in fact been tendered for redemption being hereafter referred to as “Tendered Units”) in exchange (a “Redemption”) for the Cash Amount payable on the Specified Redemption Date. The Partnership may, in the Managing General Partner’s sole and absolute discretion, redeem Tendered Units at the request of the Holder thereof prior to the end of the applicable Twelve-Month Period (subject to the terms and conditions set forth herein) (a “Special Redemption”); provided, however, that the Managing General Partner first receives a legal an opinion of counsel reasonably satisfactory to it to the same effect as that the legal opinion described in proposed Special Redemption will not cause the Partnership or the General Partner to violate any Federal or state securities laws or regulations applicable to the Special Redemption, the issuance and sale of the Tendered Units to the Tendering Party or the issuance and sale of REIT Shares to the Tendering Party pursuant to Section 15.1.G(415.1(b) of this Agreement. Any Redemption shall be exercised pursuant to a Notice of Redemption delivered to the Managing General Partner and the Special Limited Partner by the Qualifying Party when exercising the Redemption right (the “Tendering Party”). The Partnership’s obligation to effect a Redemption, however, shall not arise or be binding against the Partnership until the earlier of (i) the date the Special Limited General Partner notifies the Tendering Party that the Special Limited General Partner declines to acquire some or all of the Tendered Units under Section 15.1.B hereof following receipt of a Notice of Redemption and (ii) the Business Day following close of business on the Cut-Off Date. In the event of a Redemption, the Cash Amount shall be delivered as a certified or bank check payable to the Tendering Party or, in the Managing General Partner’s sole and absolute discretion, in immediately available funds, in each case, on or before the tenth (10th) Business Day following the date on which the General Partner receives a Notice of Redemption from the Tendering Party; provided, however, that the General Partner may elect to cause the Specified Redemption DateDate to be delayed for up to an additional 60 Business Days to the extent required for the General Partner to cause additional REIT Shares to be issued to provide financing to be used to make such payment of the Cash Amount.

Appears in 1 contract

Samples: International Market Centers, Inc.

Redemption Rights of Qualifying Parties. A. Commencing on After the expiration of the applicable Twelve-Month Period applicable to any Partnership Common UnitsPeriod, a Qualifying Party Party, but no other Limited Partner or Assignee, shall have the right (subject to the terms and conditions set forth herein), by delivering a Notice of Redemption to the Managing General Partner, ) to require the Partnership to redeem all or a portion of such the Partnership Common Units held by such Tendering Party (such Partnership Common Units that have in fact been tendered for redemption being hereafter referred to as “"Tendered Units") in exchange (a "Redemption") for the Cash Amount payable on the Specified Redemption Date. The Partnership may, in the Managing General Partner’s sole and absolute discretion, redeem Tendered Units at the request of the Holder prior to the end of the applicable Twelve-Month Period (subject to the terms and conditions set forth herein) (a “Special Redemption”); provided, however, that the Managing General Partner first receives a legal opinion to the same effect as the legal opinion described in Section 15.1.G(4) of this Agreement. Any Redemption shall be exercised pursuant to a Notice of Redemption delivered to the Managing General Partner and the Special Limited Partner by the Qualifying Party when exercising the Redemption right (the "Tendering Party"). The Partnership’s 's obligation to effect a Redemption, however, shall not arise or be binding against the Partnership until the earlier of (i) the date the Special Limited Partner notifies the Tendering Party that the Special Limited Partner declines to acquire some or all of the Tendered Units under Section 15.1.B hereof following receipt of until and unless there has been a Notice of Redemption Declination and (ii) before the Business Day following the Cut-Off Date. Regardless of the binding or non- binding nature of a pending Redemption, a Tendering Party shall have no right to receive distributions with respect to any Tendered Units (other than the Cash Amount) paid after delivery of the Notice of Redemption, whether or not the Partnership Record Date for such distribution precedes or coincides with such delivery of the Notice of Redemption; provided, however, that in the event that the General Partner on behalf of the Partnership elects to fund the Cash Amount with the proceeds of an Offering Funding pursuant to Section 8.6.D hereof, the Tendering Party's right to receive distributions shall not be suspended as hereinbefore provided and such Tendering Party shall have the right to receive distributions actually made hereunder prior to the date of the closing of the Offering Funding whose proceeds are used to pay the Cash Amount. In the event of a Redemption, the Cash Amount shall be delivered as a certified or bank check payable to the Tendering Party or, in the Managing General Partner’s 's sole and absolute discretion, in immediately available funds, in each case, on or before the Specified Redemption Date.

Appears in 1 contract

Samples: Newcastle Investment Corp

Redemption Rights of Qualifying Parties. A. Commencing on the expiration of the Twelve-Month Period applicable to any Partnership Common Units, a A Qualifying Party shall have the right (subject to the terms and conditions set forth herein), by delivering a Notice of Redemption to the Managing General Partner, ) to require the Partnership to redeem all or a portion of such Partnership the Common Units held by such Tendering Party (Partnership Common Units that have in fact been tendered for redemption being hereafter referred to as “Tendered Units”) in exchange (a “Redemption”) for the sum of the Cash Amount and the excess of such Holder’s Preferred Return Per Class A Unit with respect to the Class A Units being tendered over the aggregate amount previously distributed with respect to such Tendered Common Units pursuant to Section 5.1(ii) hereof payable on the Specified Redemption Date. The Partnership may, in the Managing General Partner’s sole and absolute discretion, redeem Tendered Units at the request of the Holder prior to the end of the applicable Twelve-Month Period (subject to the terms and conditions set forth herein) (a “Special Redemption”); provided, however, that the Managing General Partner first receives a legal opinion to the same effect as the legal opinion described in Section 15.1.G(4) of this Agreement. Any Redemption shall be exercised pursuant to a Notice of Redemption delivered to the Managing General Partner and the Special Limited Partner by the Qualifying Party when exercising the Redemption right (the “Tendering Party”). The Partnership’s obligation to effect a Redemption, however, shall not arise or be binding against the Partnership until the earlier of (i) the date the Special Limited General Partner notifies the Tendering Party that the Special Limited General Partner declines to acquire some or all of the Tendered Units under Section 15.1.B 15.1B hereof following receipt of a Notice of Redemption and (ii) the Business Day following the Cut-Off Date. In the event of a Redemption, the Cash Amount shall be delivered as a certified or bank check payable to the Tendering Party or, in the Managing General Partner’s sole and absolute discretion, in immediately available funds, in each case, on or before the Specified Redemption Date; provided, however, that the General Partner may elect to cause the Specified Redemption Date to be delayed for up to an additional 60 Business Days to the extent required for the General Partner to cause additional REIT Shares to be issued to provide financing to be used to make such payment of the Cash Amount.

Appears in 1 contract

Samples: MacKenzie Realty Capital, Inc.

Redemption Rights of Qualifying Parties. A. Commencing on (a) After the expiration of the applicable first Twelve-Month Period applicable to any Partnership Common UnitsPeriod, a Qualifying Party Party, but no other Limited Partner or Assignee, shall have the right (subject to the terms and conditions set forth herein), by delivering a Notice of Redemption to the Managing General Partner, ) to require the Partnership to redeem all or a portion of such the Partnership Common Units held by such Tendering Party (such Partnership Common Units that have in fact been tendered for redemption being hereafter referred to as “Tendered Units”) in exchange (a “Redemption”) for the Cash Amount payable on the Specified Redemption Date. The Partnership may, in the Managing General Partner’s sole and absolute discretion, redeem Tendered Units at the request of the Holder prior to the end of the applicable Twelve-Month Period (subject to the terms and conditions set forth herein) (a “Special Redemption”); provided, however, that the Managing General Partner first receives a legal opinion to the same effect as the legal opinion described in Section 15.1.G(4) of this Agreement. Any Redemption shall be exercised pursuant to a Notice of Redemption delivered to the Managing General Partner and the Special Limited Partner by the Qualifying Party when exercising the Redemption right (the “Tendering Party”). The Partnership’s obligation to effect a Redemption, however, shall not arise or be binding against the Partnership until the earlier of (i) the date the Special Limited Partner notifies the Tendering Party that the Special Limited Partner declines to acquire some or all of the Tendered Units under Section 15.1.B hereof following receipt of until and unless there has been a Notice of Redemption Declination and (ii) before the Business Day following the Cut-Off Date. Regardless of the binding or non-binding nature of a pending Redemption, a Tendering Party shall have no right to receive distributions with respect to any Tendered Units (other than the Cash Amount) paid after delivery of the Notice of Redemption, whether or not the Partnership Record Date for such distribution precedes or coincides with such delivery of the Notice of Redemption; provided, however, that in the event that the General Partner on behalf of the Partnership elects to fund the Cash Amount with the proceeds of an Offering Funding pursuant to Section 8.6(d) hereof, the Tendering Party’s right to receive distributions shall not be suspended as hereinbefore provided and such Tendering Party shall have the right to receive distributions actually made hereunder prior to the date of the closing of the Offering Funding whose proceeds are used to pay the Cash Amount. In the event of a Redemption, the Cash Amount shall be delivered as a certified or bank check payable to the Tendering Party or, in the Managing General Partner’s sole and absolute discretion, in immediately available funds, in each case, on or before the Specified later of (i) the tenth (10th) Business Day following the date on which the General Partner receives a Notice of Redemption Datefrom the Tendering Party or (ii) the tenth (10th) Business Day following the closing of an Offering Funding.

Appears in 1 contract

Samples: Agreement (Meruelo Maddux Properties, Inc.)

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Redemption Rights of Qualifying Parties. A. Commencing on After the expiration of the applicable Twelve-Month Period applicable to any Partnership Common UnitsPeriod, a Qualifying Party shall have the right (subject to the terms and conditions set forth herein), by delivering a Notice of Redemption to the Managing General Partner, ) to require the Partnership to redeem all or a portion of such the Partnership Common Units held by such Tendering Party (Partnership Common Units that have in fact been tendered for redemption being hereafter referred to as “Tendered Units”) in exchange (a “Redemption”) for the Cash Amount payable on the Specified Redemption Date; provided, however, that a Qualifying Party may not effect a Redemption pursuant to this Section 15.1 (i) more than twice in any Partnership Year or (ii) during the period commencing the forth (4th) Monday of November of each Partnership Year and ending the fifteenth (15th) Business Day following January 1 of the succeeding Partnership Year, without, in each case, the Consent of the General Partner, which may be given or withheld in its sole and absolute discretion. The Partnership may, in the Managing General Partner’s sole and absolute discretion, redeem Tendered Units at the request of the Holder thereof prior to the end of the applicable Twelve-Month Period (subject to the terms and conditions set forth herein) (a “Special Redemption”); provided, however, that the Managing General Partner first receives a legal opinion to the same effect as the legal opinion described in Section 15.1.G(4) of this Agreement. Any Redemption shall be exercised pursuant to a Notice of Redemption delivered to the Managing General Partner and the Special Limited Partner by the Qualifying Party when exercising the Redemption right (the “Tendering Party”). The Partnership’s obligation to effect a Redemption, however, shall not arise or be binding against the Partnership until the earlier of (i) the date the Special Limited General Partner notifies the Tendering Party that the General Partner has declined to elect to require the Special Limited Partner declines to acquire some or all of the Tendered Units under Section 15.1.B hereof following receipt of a Notice of Redemption and (ii) the Business Day following the Cut-Off Date. In the event of a Redemption, the Cash Amount shall be delivered as a certified or bank check payable to the Tendering Party or, in the Managing General Partner’s sole and absolute discretion, in immediately available funds, in each case, on or before the Specified tenth (10th) Business Day following NY\6167084.9 the date on which the Partnership’s obligation to effect a Redemption Date.arises and becomes binding pursuant to this Section 15.1.A.

Appears in 1 contract

Samples: Spirit Realty Capital, Inc.

Redemption Rights of Qualifying Parties. A. Commencing on After the expiration of the Twelve-Month Period applicable to any Partnership Common UnitsInitial Holding Period, a Qualifying Party shall have the right (subject to the terms and conditions set forth herein), by delivering a Notice of ) (the “Redemption to the Managing General Partner, Right”) to require the Partnership to redeem all or a portion of such Partnership the Common Units held by such a Tendering Party (Partnership Common Units that have in fact been tendered for redemption being hereafter referred to as “Tendered Common Units”) in exchange (a “Redemption”) for the Cash Amount payable on the Specified Redemption Date. The Partnership may, in the Managing General Partner’s sole and absolute discretion, redeem Tendered Common Units at the request of the Holder Qualifying Party prior to the end of the applicable Twelve-Month Initial Holding Period (subject to the terms and conditions set forth hereinherein (including the expiration of the applicable Specified Redemption Date)) (a “Special Redemption”); provided, however, that the Managing General Partner first receives a legal opinion to the same effect as the legal opinion described in Section 15.1.G(4) of this Agreement. Any Redemption shall be exercised pursuant to a Common Unit Notice of Redemption delivered to the Managing General Partner and the Special Limited Partner by the Qualifying Party when exercising the Redemption right (the “Tendering Party”). The Partnership’s obligation to effect a Redemption, however, shall not arise or be binding against the Partnership until the earlier of (i) the date the Special Limited General Partner notifies the Tendering Party that the Special Limited Partner it declines to acquire some or all of the Tendered Common Units under Section 15.1.B hereof following receipt of a Common Unit Notice of Redemption and (ii) the Business Day following the Cut-Off Date. In the event of a Redemption, the Cash Amount shall be delivered as a certified or bank check payable to the Tendering Party or, in the Managing General Partner’s sole and absolute discretion, in immediately available funds, in each case, on or before the Specified Redemption Date.. 97 of 125

Appears in 1 contract

Samples: Support Agreement (Mobile Infrastructure Corp)

Redemption Rights of Qualifying Parties. A. Commencing on the expiration of After the Twelve-Month Period applicable to any such Partnership Common UnitsUnits and subject to Section 11.6D, a Qualifying Party Party, but no other Limited Partner or Assignee, shall have the right (subject to the terms and conditions set forth herein), by delivering a Notice of Redemption to the Managing General Partner, ) to require the Partnership to redeem (a "Redemption") all or a portion of such the Partnership Common Units held by such Tendering Qualifying Party (such Partnership Common Units that have in fact been tendered for redemption being hereafter referred to as “"Tendered Units") in exchange (a “Redemption”) for the Cash Amount payable on the Specified Redemption Date. The Partnership may, in the Managing General Partner’s sole and absolute discretion, redeem Tendered Units at the request of the Holder prior to the end of the applicable Twelve-Month Period (subject to the terms and conditions set forth herein) (a “Special Redemption”); provided, however, that the Managing General Partner first receives a legal opinion to the same effect as the legal opinion described in Section 15.1.G(4) of this Agreement. Any Redemption shall be exercised pursuant to a Notice of Redemption delivered to the Managing General Partner and the Special Limited Partner by the such Qualifying Party (the "Tendering Party") when exercising the Redemption right (the “Tendering Party”)right. The Partnership’s 's obligation to effect a Redemption, however, shall not arise or be binding against the Partnership until the earlier of (i) the date the Special Limited Partner notifies the Tendering Party that the Special Limited Partner declines to acquire some or all of the Tendered Units under Section 15.1.B hereof following receipt of until and unless there has been a Notice of Redemption Declination and (ii) before the Business Day following the Cut-Off Date. Regardless of the binding or non-binding nature of a pending Redemption, a Tendering Party shall have no right to receive distributions with respect to any Tendered Units (other than the Cash Amount) paid after delivery of the Notice of Redemption, whether or not the Partnership Record Date for such distribution precedes or coincides with such delivery of the Notice of Redemption; provided, however, that in the event that the General Partner on behalf of the Partnership elects to fund the Cash Amount with the proceeds of an Offering Funding pursuant to Section 8.6D hereof, the Tendering Party's right to receive distributions shall not be suspended as hereinbefore provided and such Tendering Party shall have the right to receive distributions actually made hereunder prior to the date of the closing of the Offering Funding the proceeds of which are used to pay the Cash Amount. In the event of a Redemption, the Cash Amount shall be delivered as a certified or bank check payable to the Tendering Party or, in the Managing General Partner’s 's sole and absolute discretion, in immediately available funds, in each case, on or before the Specified Redemption Date.

Appears in 1 contract

Samples: Arbor Realty Trust Inc

Redemption Rights of Qualifying Parties. A. Commencing on After the expiration of the Twelveapplicable Fourteen-Month Period applicable to any Partnership Common UnitsPeriod, a Qualifying Party shall have the right (subject to the terms and conditions set forth herein), by delivering a Notice of Redemption to the Managing General Partner, ) to require the Partnership to redeem all or a portion of such the Partnership Common Units held by such Tendering Party (Partnership Common Units that have in fact been tendered for redemption being hereafter referred to as “Tendered Units”) in exchange (a “Redemption”) for the Cash Amount payable on the Specified Redemption Date. The Partnership may, in the Managing General Partner’s sole and absolute discretion, redeem Tendered Units at the request of the Holder thereof prior to the end of the applicable TwelveFourteen-Month Period (subject to the terms and conditions set forth herein) (a “Special Redemption”); provided, however, that the Managing General Partner first receives a legal opinion to the same effect as the legal opinion described in Section 15.1.G(4) 15.1.G of this Agreement. Any Redemption shall be exercised pursuant to a Notice of Redemption delivered to the Managing General Partner and the Special Limited Partner by the Qualifying Party when exercising the Redemption right (the “Tendering Party”). The Partnership’s obligation to effect a Redemption, however, shall not arise or be binding against the Partnership until the earlier of (i) the date the Special Limited General Partner notifies the Tendering Party that the Special Limited General Partner declines to acquire some or all of the Tendered Units under Section 15.1.B hereof following receipt of a Notice of Redemption and (ii) the Business Day following the Cut-Off Date. In the event of a Redemption, the Cash Amount shall be delivered as a certified or bank check payable to the Tendering Party or, in the Managing General Partner’s sole and absolute discretion, in immediately available funds, in each case, on or before the Specified tenth (10th) Business Day following the date on which the General Partner receives a Notice of Redemption Datefrom the Tendering Party.

Appears in 1 contract

Samples: Agreement and Plan of Merger (American Assets Trust, Inc.)

Redemption Rights of Qualifying Parties. A. Commencing on After the expiration of the Twelveapplicable Fourteen-Month Period applicable to any Partnership Common UnitsPeriod, a Qualifying Party shall have the right (subject to the terms and conditions set forth herein), by delivering a Notice of Redemption to the Managing General Partner, ) to require the Partnership to redeem all or a portion of such the Partnership Common Units held by such Tendering Party (Partnership Common Units that have in fact been tendered for redemption being hereafter referred to as "Tendered Units") in exchange (a "Redemption") for the Cash Amount payable on the Specified Redemption 72 Date. The Partnership may, in the Managing General Partner’s 's sole and absolute discretion, redeem Tendered Units at the request of the Holder prior to the end of the applicable TwelveFourteen-Month Period (subject to the terms and conditions set forth herein) (a "Special Redemption"); provided, however, that the Managing General Partner first receives a legal opinion to the same effect as the legal opinion described in Section 15.1.G(4) of this Agreement. Any Redemption shall be exercised pursuant to a Notice of Redemption delivered to the Managing General Partner and the Special Limited Partner by the Qualifying Party when exercising the Redemption right (the "Tendering Party"). The Partnership’s 's obligation to effect a Redemption, however, shall not arise or be binding against the Partnership until the earlier of (i) the date the Special Limited Partner Managing General Partner, on behalf of the Partnership, notifies the Tendering Party that the Partnership declines to cause the Special Limited to Partner declines to acquire some or all of the Tendered Units under Section 15.1.B hereof following receipt of a Notice of Redemption and (ii) the Business Day following the Cut-Off Date. In the event of a Redemption, the Cash Amount shall be delivered as a certified or bank check payable to the Tendering Party or, in the Managing General Partner’s 's sole and absolute discretion, in immediately available funds, in each case, on or before the Specified tenth (10th) Business Day following the date on which the Managing General Partner receives a Notice of Redemption Datefrom the Tendering Party.

Appears in 1 contract

Samples: Hartman Short Term Income Properties XX, Inc.

Redemption Rights of Qualifying Parties. A. Commencing on the expiration of the Twelve-Month Period applicable [Subject to any Partnership Common Units, a applicable Restricted Period,][A] [a] Qualifying Party shall have the right (subject to the terms and conditions set forth herein), by delivering a Notice of Redemption to the Managing General Partner, ) to require the Partnership to redeem all or a portion of such the Partnership Common Units held by such Tendering Party (Partnership Common Units that have in fact been tendered for redemption being hereafter referred to as “Tendered Units”) in exchange (a “Redemption”) for the Cash Amount payable on the Specified Redemption Date. [The Partnership may, in the Managing General Partner’s sole and absolute discretion, redeem Tendered Units at the request of the Holder thereof prior to the end of the applicable Twelve-Month Restricted Period (subject to the terms and conditions set forth herein) (a “Special Redemption”); provided, however, that the Managing General Partner first receives a legal opinion to the same effect as the legal opinion described in Section 15.1.G(4) of this Agreement. .] Any Redemption shall be exercised pursuant to a Notice of Redemption delivered to the Managing General Partner and the Special Limited Partner by the Qualifying Party when exercising the Redemption right (the “Tendering Party”). The Partnership’s obligation to effect a Redemption, however, shall not arise or be binding against the Partnership until the earlier of (i) the date the Special Limited Partner General Partner, on behalf of the Partnership, notifies the Tendering Party that the Partnership has declined to elect to require the Special Limited Partner declines to acquire some or all of the Tendered Units under Section 15.1.B hereof following receipt of a Notice of Redemption and (ii) the Business Day following the Cut-Off Date. In the event of a Redemption, the Cash Amount shall be delivered as a certified or bank check payable to the Tendering Party or, in the Managing General Partner’s sole and absolute discretion, in immediately available funds, in each case, on or before the Specified tenth (10th) Business Day following the date on which the General Partner receives a Notice of Redemption Datefrom the Tendering Party.

Appears in 1 contract

Samples: Invitation Homes Inc.

Redemption Rights of Qualifying Parties. A. Commencing on the expiration of the Twelve-Month Period applicable Subject to any Partnership Common Unitsapplicable Restricted Period, a Qualifying Party shall have the right (subject to the terms and conditions set forth herein), by delivering a Notice of Redemption to the Managing General Partner, ) to require the Partnership to redeem all or a portion of such the Partnership Common Units held by such Tendering Party (Partnership Common Units that have in fact been tendered for redemption being hereafter referred to as “Tendered Units”) in exchange (a “Redemption”) for the Cash Amount payable on the Specified Redemption Date. The Partnership may, in the Managing General Partner’s sole and absolute discretion, redeem Tendered Units at the request of the Holder thereof prior to the end of the applicable Twelve-Month Restricted Period (subject to the terms and conditions set forth herein) (a “Special Redemption”); provided, however, that the Managing General Partner first receives a legal opinion to the same effect as the legal opinion described in Section 15.1.G(4) of this Agreement. Any Redemption shall be exercised pursuant to a Notice of Redemption delivered to the Managing General Partner and the Special Limited Partner Parent by the Qualifying Party when exercising the Redemption right (the “Tendering Party”). The Partnership’s obligation to effect a Redemption, however, shall not arise or be binding against the Partnership until the earlier of (i) the date the Special Limited Partner General Partner, on behalf of the Partnership, notifies the Tendering Party that the Special Limited Partner declines Partnership has declined to require the Parent to acquire some or all of the Tendered Units under Section 15.1.B hereof following receipt of a Notice of Redemption and (ii) the Business Day following the Cut-Off Date. In the event of a Redemption, the Cash Amount shall be delivered as a certified or bank check payable to the Tendering Party or, in the Managing General Partner’s sole and absolute discretion, in immediately available funds, in each case, on or before the Specified tenth (10th) Business Day following the date on which the General Partner receives a Notice of Redemption Datefrom the Tendering Party.

Appears in 1 contract

Samples: Agreement (Brixmor Operating Partnership LP)

Redemption Rights of Qualifying Parties. A. Commencing on After the expiration of the applicable Twelve-Month Period applicable to any Partnership Common UnitsPeriod, a Qualifying Party shall have the right (subject to the terms and conditions set forth herein), by delivering a Notice of Redemption to the Managing General Partner, ) to require the Partnership to redeem all or a portion of such the Partnership Common Units or Investor Unit Rights (as the case may be) held by such Tendering Party (Partnership Common Units or Investor Unit Rights (as the case may be) that have in fact been tendered for redemption being hereafter referred to as "Tendered -------- Units") in exchange (a "Redemption") for the Cash Amount payable on the ----- ---------- Specified Redemption Date. The Partnership may, in the Managing General Partner’s 's sole and absolute discretion, redeem Tendered Units at the request of the Holder prior to the end of the applicable Twelve-Month Period (subject to the terms and conditions set forth herein) (a "Special Redemption"); provided, however, provided -------- that the Managing General Partner first receives a legal opinion to the same effect as the legal opinion described in Section 15.1.G(416.1.G(4) of this Agreement. Any Redemption shall be exercised pursuant to a Notice of Redemption delivered to the Managing General Partner and the Special Limited Partner by the Qualifying Party when exercising the Redemption right (the "Tendering Party"). The Partnership’s 's obligation to --------------- effect a Redemption, however, shall not arise or be binding against the Partnership until the earlier of (i) until and unless the date the Special Limited Partner notifies the Tendering Party that the Special Limited Managing General Partner declines or fails to acquire some or all of the Tendered Units under exercise its purchase rights pursuant to Section 15.1.B 16.1.B hereof following receipt of a Notice of Redemption (a "Declination") and (ii) before the Business Day following the Cut-Off Date. In the event of a Redemption, the Cash Amount shall be delivered as a certified or bank check payable to the Tendering 101 Party or, in the Managing General Partner’s 's sole and absolute discretion, in immediately available funds, in each case, funds on or before the Specified 90/th/ day following the date on which the Managing General Partner receives a Notice of Redemption Datefrom the Tendering Party.

Appears in 1 contract

Samples: Westfield America Inc

Redemption Rights of Qualifying Parties. A. Commencing on After the expiration of the applicable Twelve-Month Period applicable to any Partnership Common UnitsPeriod, a Qualifying Party Party, but no other Limited Partner or Assignee, shall have the right (subject to the terms and conditions set forth herein), by delivering a Notice of Redemption to the Managing General Partner, ) to require the Partnership to redeem all or a portion of such the Partnership Common Units held by such Tendering Party (such Partnership Common Units that have in fact been tendered for redemption being hereafter referred to as “"Tendered Units") in exchange (a "Redemption") for the Cash Amount payable on the Specified Redemption Date. The Partnership may, in the Managing General Partner’s sole and absolute discretion, redeem Tendered Units at the request of the Holder prior to the end of the applicable Twelve-Month Period (subject to the terms and conditions set forth herein) (a “Special Redemption”); provided, however, that the Managing General Partner first receives a legal opinion to the same effect as the legal opinion described in Section 15.1.G(4) of this Agreement. Any Redemption shall be exercised pursuant to a Notice of Redemption delivered to the Managing General Partner and the Special Limited Partner by the Qualifying Party when exercising the Redemption right (the "Tendering Party"). The Partnership’s 's obligation to effect a Redemption, however, shall not arise or be binding against the Partnership until the earlier of (i) the date the Special Limited Partner notifies the Tendering Party that the Special Limited Partner declines to acquire some or all of the Tendered Units under Section 15.1.B hereof following receipt of until and unless there has been a Notice of Redemption Declination and (ii) before the Business Day following the Cut-Off Date. Regardless of the binding or non-binding nature of a pending Redemption, a Tendering Party shall have no right to receive distributions with respect to any Tendered Units (other than the Cash Amount) paid after delivery of the Notice of Redemption, whether or not the Partnership Record Date for such distribution precedes or coincides with such delivery of the Notice of Redemption; provided, however, that in the event that the General Partner on behalf of the Partnership elects to fund the Cash Amount with the proceeds of an Offering Funding pursuant to Section 8.6.D hereof, the Tendering Party's right to receive distributions shall not be suspended as hereinbefore provided and such Tendering Party shall have the right to receive distributions actually made hereunder prior to the date of the closing of the Offering Funding whose proceeds are used to pay the Cash Amount. In the event of a Redemption, the Cash Amount shall be delivered as a certified or bank check payable to the Tendering Party or, in the Managing General Partner’s 's sole and absolute discretion, in immediately available funds. Notwithstanding any of the foregoing to the contrary, each of the DCI Limited Partners shall have no right to require the Partnership to effect a Redemption (i) prior to the expiration of the Ten Year Period, (ii) prior to the expiration of such shorter period ending not prior to the seventh anniversary of the Effective Date as, in each casethe opinion of reputable independent counsel to the DCI Limited Partner in question, on would not cause the DCI Limited Partner Partnership Common Units held by such DCI Limited Partner to be considered to be readily convertible into, or before exchangeable for, "stock or securities" within the Specified meaning of Section 351(e)(1) of the Code, (iii) prior to the expiration of such shorter period as shall, under regulations or published administrative guidance that may be issued by the Treasury Department or Internal Revenue Service, be deemed consistent with the DCI Limited Partner Partnership Common Units not being readily convertible into, or exchangeable for, "stock or securities" within the meaning of Section 351(e)(1) of the Code, or (iv) except in connection with the occurrence of a Triggering Event; provided that such Redemption Dateis otherwise in compliance with the provisions of this Article 8. Notwithstanding any of the foregoing or the General Partner's election right contained in the first sentence of Section 8.6.B to the contrary, but subject in any event to the provisions of Section 8.6.C, in the event the Tendering Party is the Special Limited Partner, the General Partner shall be required to acquire all of the Special Limited Partner's Tendered Units in exchange for the applicable REIT Shares Amount.

Appears in 1 contract

Samples: Northstar Capital Investment Corp /Md/

Redemption Rights of Qualifying Parties. A. Commencing on the expiration of the Twelve-Month Period applicable Subject to any Partnership Common UnitsSection 11.6.D, a Qualifying Party Party, but no other Limited Partner or Assignee, shall have the right (subject to the terms and conditions set forth herein), by delivering a Notice of Redemption to the Managing General Partner, ) to require the Partnership to redeem (a "Redemption") all or a portion of such the Partnership Common Units held by such Tendering Qualifying Party (such Partnership Common Units that have in fact been tendered for redemption being hereafter referred to as “"Tendered Units") in exchange (a “Redemption”) for the Cash Amount payable on the Specified Redemption Date. The Partnership may, in the Managing General Partner’s sole and absolute discretion, redeem Tendered Units at the request of the Holder prior to the end of the applicable Twelve-Month Period (subject to the terms and conditions set forth herein) (a “Special Redemption”); provided, however, that the Managing General Partner first receives a legal opinion to the same effect as the legal opinion described in Section 15.1.G(4) of this Agreement. Any Redemption shall be exercised pursuant to a Notice of Redemption delivered to the Managing General Partner and the Special Limited Partner by the such Qualifying Party (the "Tendering Party") when exercising the Redemption right (the “Tendering Party”)right. The Partnership’s 's obligation to effect a Redemption, however, shall not arise or be binding against the Partnership until the earlier of (i) the date the Special Limited Partner notifies the Tendering Party that the Special Limited Partner declines to acquire some or all of the Tendered Units under Section 15.1.B hereof following receipt of until and unless there has been a Notice of Redemption Declination and (ii) before the Business Day following the Cut-Off Date. Regardless of the binding or non-binding nature of a pending Redemption, a Tendering Party shall have no right to receive distributions with respect to any Tendered Units (other than the Cash Amount) paid after delivery of the Notice of Redemption, whether or not the Partnership Record Date for such distribution precedes or coincides with such delivery of the Notice of Redemption; provided, however, that in the event that the General Partner on behalf of the Partnership elects to fund the Cash Amount with the proceeds of an Offering Funding pursuant to Section 8.6.D hereof, the Tendering Party's right to receive distributions shall not be suspended as hereinbefore provided and such Tendering Party shall have the right to receive distributions actually made hereunder prior to the date of the closing of the Offering Funding the proceeds of which are used to pay the Cash Amount. In the event of a Redemption, the Cash Amount shall be delivered as a certified or bank check payable to the Tendering Party or, in the Managing General Partner’s 's sole and absolute discretion, in immediately available funds. Notwithstanding anything to the contrary contained in this Section 8.6A, no right to require a Redemption shall be exercisable by a Qualifying Party prior to the earlier of (x) two years following the issuance of shares of common stock by the Parent REIT in each casean offering pursuant to Rule 144A under the Securities Act, on or before (y) 180 days following the Specified Redemption Date.effectiveness of a registration statement covering the sale of common stock of the Parent REIT sold in such offering pursuant to Rule 144A.

Appears in 1 contract

Samples: Arbor Realty Trust Inc

Redemption Rights of Qualifying Parties. A. Commencing on After the expiration of the applicable Twelve-Month Period applicable to any Partnership Common UnitsPeriod, a Qualifying Party Party, but no other Limited Partner or Assignee, shall have the right (subject to the terms and conditions set forth herein), by delivering a Notice of Redemption to the Managing General Partner, ) to require the Partnership to redeem (a "Redemption") all or a portion of such the Partnership Common Units held by such Tendering Qualifying Party (such Partnership Common Units that have in fact been tendered for redemption being hereafter referred to as “"Tendered Units") in exchange (a “Redemption”) for the Cash Amount payable on the Specified Redemption Date. The Partnership may, in the Managing General Partner’s sole and absolute discretion, redeem Tendered Units at the request of the Holder prior to the end of the applicable Twelve-Month Period (subject to the terms and conditions set forth herein) (a “Special Redemption”); provided, however, that the Managing General Partner first receives a legal opinion to the same effect as the legal opinion described in Section 15.1.G(4) of this Agreement. Any Redemption shall be exercised pursuant to a Notice of Redemption delivered to the Managing General Partner and the Special Limited Partner by the such Qualifying Party (the "Tendering Party") when exercising the Redemption right (the “Tendering Party”)right. The Partnership’s 's obligation to effect a Redemption, however, shall not arise or be binding against the Partnership until the earlier of (i) the date the Special Limited Partner notifies the Tendering Party that the Special Limited Partner declines to acquire some or all of the Tendered Units under Section 15.1.B hereof following receipt of until and unless there has been a Notice of Redemption Declination and (ii) before the Business Day following the Cut-Off Date. Regardless of the binding or non- binding nature of a pending Redemption, a Tendering Party shall have no right to receive distributions with respect to any Tendered Units (other than the Cash Amount) paid after delivery of the Notice of Redemption, whether or not the Partnership Record Date for such distribution precedes or coincides with such delivery of the Notice of Redemption; provided, however, that in the event that the General Partner on behalf of the Partnership elects to fund the Cash Amount with the proceeds of an Offering Funding pursuant to Section 8.6.D hereof, the Tendering Party's right to receive distributions shall not be suspended as hereinbefore provided and such Tendering Party shall have the right to receive distributions actually made hereunder prior to the date of the closing of the Offering Funding the proceeds of which are used to pay the Cash Amount. In the event of a Redemption, the Cash Amount shall be delivered as a certified or bank check payable to the Tendering Party or, in the Managing General Partner’s 's sole and absolute discretion, in immediately available funds, in each case, on or before the Specified Redemption Date.

Appears in 1 contract

Samples: Affordable Residential Communities Inc

Redemption Rights of Qualifying Parties. A. Commencing on the expiration of the Twelve-Month Period applicable to any Partnership Common Units, a (a) A Qualifying Party shall have the right (subject to the terms and conditions set forth herein), by delivering a Notice of Redemption ) to the Managing General Partner, to require the Partnership to redeem exchange all or a portion of such Partnership the Company Class A Common Units held by such Tendering Qualifying Party (Partnership Company Common Units that have in fact been tendered for redemption being hereafter referred to as “Tendered Units”) in exchange (a “Redemption”) for the Class A Shares Amount or, at the sole and absolute election of the Managing Member, for the Cash Amount payable on the Specified Redemption Date. The Partnership mayDate (in each case, in the Managing General Partner’s sole and absolute discretion, redeem Tendered Units at the request of the Holder prior to the end of the applicable Twelve-Month Period (subject to the terms and conditions set forth herein) (a “Special Redemption”); provided, howeverin each case pursuant to, that and in accordance with, the Managing General Partner first receives a legal opinion to Charter and the same effect as the legal opinion described in Section 15.1.G(4) provisions of this AgreementArticle XIV. Any Redemption shall be exercised pursuant to a Notice of Redemption delivered to the Managing General Partner and the Special Limited Partner Member by the Qualifying Party when exercising the Redemption right (the “Tendering Party”). The Partnership’s obligation to effect a Redemption, however, shall not arise or be binding against In the Partnership until the earlier of (i) the date the Special Limited Partner notifies the Tendering Party event that the Special Limited Partner declines Managing Member elects to acquire some redeem all or all a portion of the Tendered Units under Section 15.1.B hereof in exchange for the applicable Cash Amount, then the Tendering Party shall have the right, at any time during the five (5) Business Days following receipt of a such election by the Managing Member, to rescind the Notice of Redemption pursuant to a written notice (the “Rescission Notice”) and (ii) retain its Company Class A Common Units or Company Class B Common Units, as applicable. If the Business Day following the Cut-Off Date. In the event of Tendering Party does not provide a RedemptionRescission Notice, the applicable Cash Amount shall be delivered by the Managing Member as a certified or bank check payable to the Tendering Party or, in the Managing General PartnerMember’s sole and absolute discretion, in immediately available funds, in each case, by wire transfer of funds on or before the Specified Redemption Date.

Appears in 1 contract

Samples: Purchase and Contribution Agreement (Skilled Healthcare Group, Inc.)

Redemption Rights of Qualifying Parties. A. Commencing on After the expiration of the applicable Twelve-Month Period applicable to any Partnership Common UnitsPeriod, a Qualifying Party shall have the right (subject to the terms and conditions set forth herein), by delivering a Notice of Redemption to the Managing General Partner, ) to require the Partnership to redeem all or a portion of such Partnership the Common Units held by such Tendering Party (Partnership Common Units that have in fact been tendered for redemption being hereafter referred to as “Tendered Units”) in exchange (a “Redemption”) for the Cash Amount payable on the Specified Redemption Date. The Partnership may, in the Managing General Partner’s sole and absolute discretion, redeem Tendered Units at the request of the Holder thereof prior to the end of the applicable Twelve-Month Period (subject to the terms and conditions set forth herein) (a “Special Redemption”); provided, however, that the Managing General Partner first receives a legal opinion to the same effect as the legal opinion described in Section 15.1.G(415.1.F(4) of this Agreement. Any Redemption shall be exercised pursuant to a Notice of Redemption delivered to the Managing General Partner and the Special Limited Partner by the Qualifying Party when exercising the Redemption right (the “Tendering Party”). The Partnership’s obligation to effect a Redemption, however, shall not arise or be binding against the Partnership until the earlier of (i) the date the Special Limited General Partner notifies the Tendering Party that the Special Limited General Partner declines to acquire some or all of the Tendered Units under Section 15.1.B hereof following receipt of a Notice of Redemption and (ii) the Business Day following the Cut-Off Date. In the event of a Redemption, the Cash Amount shall be delivered as a certified or bank check payable to the Tendering Party or, in the Managing General Partner’s sole and absolute discretion, in immediately available funds, in each case, on or before the Specified tenth (10th) Business Day following the date on which the General Partner receives a Notice of Redemption Datefrom the Tendering Party.

Appears in 1 contract

Samples: Agreement (CoreSite Realty Corp)

Redemption Rights of Qualifying Parties. A. Commencing on the expiration of (a) After the Twelve-Month Period applicable to any Partnership Common such Class A Units, a Qualifying Party shall have the right (subject to the terms and conditions set forth herein), by delivering a Notice of Redemption to the Managing General Partner, ) to require the Partnership Company to redeem all or a portion of such Partnership Common the Class A Units held by such Tendering Party (Partnership Common Class A Units that have in fact been tendered for redemption being hereafter referred to as “Tendered Units”) in exchange (a “Redemption”) for the Cash Amount payable on the Specified Redemption Date. The Partnership Company may, in the Operating Managing General PartnerMember’s sole and absolute discretion, redeem Tendered Units at the request of the Holder thereof prior to the end of the applicable Twelve-Month Period (subject to the terms and conditions set forth herein) (a “Special Redemption”); providedprovided that, howeverunless waived by the Parent, that the Operating Managing General Partner Member first receives a legal opinion to the same effect as the legal opinion described in Section 15.1.G(415.1(e) of this Agreement. Any Redemption shall be exercised pursuant to a Notice of Redemption delivered to the Operating Managing General Partner and the Special Limited Partner Member by the Qualifying Party when exercising the Redemption right (the “Tendering Party”). The PartnershipCompany’s obligation to effect a Redemption, however, shall not arise or be binding against the Partnership until the earlier of Company (i) unless and until the date the Special Limited Partner notifies the Tendering Party that the Special Limited Partner Parent declines or fails to acquire some or all of the Tendered Units under exercise its purchase rights pursuant to Section 15.1.B 15.1(b) hereof following receipt of a Notice of Redemption (a “Declination”) and (ii) until the Business Day following the Cut-Off Date. In the event of a Redemption, the Cash Amount shall be delivered as a certified or bank check payable to the Tendering Party or, in the Operating Managing General PartnerMember’s sole and absolute discretion, or if the Cash Amount exceeds $1 million, in immediately available funds, in each case, funds via a federal wire transfer on or before the Specified Redemption Date.

Appears in 1 contract

Samples: Limited Liability Company Agreement (Five Point Holdings, LLC)

Redemption Rights of Qualifying Parties. A. Commencing on the expiration of the Twelve-Month Period applicable Subject to any Partnership Common UnitsSection 11.6.D, a Qualifying Party Party, but no other Limited Partner or Assignee, shall have the right (subject to the terms and conditions set forth herein), by delivering a Notice of Redemption to the Managing General Partner, ) to require the Partnership to redeem (a “Redemption”) all or a portion of such the Partnership Common Units held by such Tendering Qualifying Party (such Partnership Common Units that have in fact been tendered for redemption being hereafter referred to as “Tendered Units”) in exchange (a “Redemption”) for the Cash Amount payable on the Specified Redemption Date. The Partnership may, in the Managing General Partner’s sole and absolute discretion, redeem Tendered Units at the request of the Holder prior to the end of the applicable Twelve-Month Period (subject to the terms and conditions set forth herein) (a “Special Redemption”); provided, however, that the Managing General Partner first receives a legal opinion to the same effect as the legal opinion described in Section 15.1.G(4) of this Agreement. Any Redemption shall be exercised pursuant to a Notice of Redemption delivered to the Managing General Partner and the Special Limited Partner by the such Qualifying Party when exercising the Redemption right (the “Tendering Party”)) when exercising the Redemption right. The Partnership’s obligation to effect a Redemption, however, shall not arise or be binding against the Partnership until the earlier of (i) the date the Special Limited Partner notifies the Tendering Party that the Special Limited Partner declines to acquire some or all of the Tendered Units under Section 15.1.B hereof following receipt of until and unless there has been a Notice of Redemption Declination and (ii) before the Business Day following the Cut-Off Date. Regardless of the binding or non-binding nature of a pending Redemption, a Tendering Party shall have no right to receive distributions with respect to any Tendered Units (other than the Cash Amount) paid after delivery of the Notice of Redemption, whether or not the Partnership Record Date for such distribution precedes or coincides with such delivery of the Notice of Redemption; provided, however, that in the event that the General Partner on behalf of the Partnership elects to fund the Cash Amount with the proceeds of an Offering Funding pursuant to Section 8.6.D hereof, the Tendering Party’s right to receive distributions shall not be suspended as hereinbefore provided and such Tendering Party shall have the right to receive distributions actually made hereunder prior to the date of the closing of the Offering Funding the proceeds of which are used to pay the Cash Amount. In the event of a Redemption, the Cash Amount shall be delivered as a certified or bank check payable to the Tendering Party or, in the Managing General Partner’s sole and absolute discretion, in immediately available funds, in each case, on or before the Specified Redemption Date.

Appears in 1 contract

Samples: Arbor Realty Trust Inc

Redemption Rights of Qualifying Parties. A. Commencing on After the expiration of the Twelve-Month Period applicable to any Partnership Common UnitsInitial Holding Period, a Qualifying Party shall have the right from time to time (subject to the terms and conditions set forth herein), by delivering a Notice of ) (the “Redemption to the Managing General Partner, Right”) to require the Partnership to redeem all or a portion of such the Common Units held by a Qualifying Party (Common Units tendered for Redemption, “Tendered Common Units”) in exchange for cash from the Partnership as described in this Section 15.1 (a “Redemption”), subject to the right of the REIT Limited Partner to acquire some or all of the Tendered Common Units under Section 15.1.C pursuant to an Election Notice. A Qualifying Party may exercise the Redemption Right (a “Tendering Party”) by delivering to the General Partner a Common Unit Notice of Redemption; provided, however, without the written consent of the General Partner, no Common Unit Notice of Redemption may seek the Redemption of less than one thousand (1,000) Common Units (or, if a Tendering Party holds (as a Common Limited Partner or, economically, as an Assignee) less than one thousand (1,000) Common Units, all of the Common Units held by such Tendering Party (Partnership Common Units that have in fact been tendered for redemption being hereafter referred to as “Tendered Units”) in exchange (a “Redemption”) for the Cash Amount payable on the Specified Redemption DateParty). The Partnership may, in the Managing General Partner’s sole and absolute discretion, redeem Tendered Common Units at the request of the Holder Qualifying Party prior to the end of the applicable Twelve-Month Initial Holding Period (subject to the terms 62 and conditions set forth hereinherein (including the expiration of the applicable Specified Redemption Date)) (a “Special Redemption”); provided, however, that the Managing General Partner first receives a legal opinion to the same effect as the legal opinion described in Section 15.1.G(415.1.E(4) of this Agreement. Any Redemption shall be exercised pursuant to Notwithstanding the receipt of a Common Unit Notice of Redemption delivered to Redemption, the Managing General Partner and the Special Limited Partner by the Qualifying Party when exercising the Redemption right (the “Tendering Party”). The Partnership’s obligation to effect a Redemption, however, Redemption shall not arise or be binding against the Partnership until the earlier of (ia) the date the Special REIT Limited Partner notifies the Tendering Party that the Special Limited Partner it declines to acquire some or all of the Tendered Common Units under Section 15.1.B 15.1.C hereof following receipt of a Notice of Redemption and (iib) the Business Day following the Cut-Off Date. In the event of a Redemption, the Cash Amount shall be delivered as a certified or bank check payable to the Tendering Party or, in the Managing General Partner’s sole and absolute discretion, in immediately available funds, in each case, on or before the Specified Redemption Date.

Appears in 1 contract

Samples: Agreement (Creative Media & Community Trust Corp)

Redemption Rights of Qualifying Parties. A. Commencing on After the expiration of the Twelveapplicable Fourteen-Month Period applicable to any Partnership Common UnitsPeriod, a Qualifying Common Party shall have the right (subject to the terms and conditions set forth herein), by delivering a Notice of ) (the “Common Redemption to the Managing General Partner, Right”) to require the Partnership to redeem all or a portion of such Partnership the Common Units held by such a Common Tendering Party (Partnership Common Units that have in fact been tendered for redemption being hereafter referred to as “Tendered Common Units”) in exchange (a “Common Redemption”) for the Common Unit Cash Amount payable on the Specified Redemption Date. The Partnership may, in the Managing General Partner’s 's sole and absolute discretion, redeem Tendered Common Units at the request of the Holder Qualifying Common Party prior to the end of the applicable TwelveFourteen-Month Period (subject to the terms and conditions set forth herein) (a “Special Redemption”); provided, however, that the Managing General Partner first receives a legal opinion to the same effect as the legal opinion described in Section 15.1.G(4) of this Agreement. Any Common Redemption shall be exercised pursuant to a Common Unit Notice of Redemption delivered to the Managing General Partner and the Special Limited Partner by the Qualifying Common Party when exercising the Redemption right (the “Common Tendering Party”). The Partnership’s 's obligation to effect a Common Redemption, however, shall not arise or be binding against the Partnership until the earlier of (i) the date the Special Limited General Partner notifies the Common Tendering Party that the Special Limited Partner it declines to acquire some or all of the Tendered Common Units under Section 15.1.B hereof following receipt of a Common Unit Notice of Redemption and (ii) the Business Day following the Cut-Off Date. In the event of a Common Redemption, the Common Unit Cash Amount shall be delivered as a certified or bank check payable to the Common Tendering Party or, in the Managing General Partner’s 's sole and absolute discretion, in immediately available funds, in each case, on or before the Specified tenth (10th) Business Day following the date on which the General Partner receives a Common Unit Notice of Redemption Datefrom the Common Tendering Party.

Appears in 1 contract

Samples: Hudson Pacific Properties, Inc.

Redemption Rights of Qualifying Parties. A. Commencing on (a) After the expiration of the Twelve-Month Period applicable to any Partnership Common UnitsInitial Holding Period, a Qualifying Party shall have the right (subject to the terms and conditions set forth herein), by delivering a Notice of Redemption to the Managing General Partner, ) to require the Partnership to redeem all or a portion of such the Partnership Common Units held by such Tendering Party (Partnership Common Units that have in fact been tendered for redemption being hereafter referred to as “Tendered Units”) in exchange (a “Redemption”) for the Cash Amount payable on the Specified Redemption Date. The Partnership may, in the Managing General Partner’s sole and absolute discretion, redeem Tendered Units at the request of the Holder thereof prior to the end of the applicable Twelve-Month Initial Holding Period (subject to the terms and conditions set forth herein) (a “Special Redemption”); provided, however, that the Managing General Partner first receives a legal an opinion of counsel reasonably satisfactory to it to the same effect as that the legal opinion described in proposed Special Redemption will not cause the Partnership or the General Partner to violate any Federal or state securities laws or regulations applicable to the Special Redemption, the issuance and sale of the Tendered Units to the Tendering Party or the issuance and sale of REIT Shares to the Tendering Party pursuant to Section 15.1.G(415.1(b) of this Agreement. Any Redemption shall be exercised pursuant to a Notice of Redemption delivered to the Managing General Partner and the Special Limited Partner by the Qualifying Party when exercising the Redemption right (the “Tendering Party”). The Partnership’s obligation to effect a Redemption, however, shall not arise or be binding against the Partnership until the earlier of (i) the date the Special Limited General Partner notifies the Tendering Party that the Special Limited General Partner declines to acquire some or all of the Tendered Units under Section 15.1.B 15.1(b) hereof following receipt of a Notice of Redemption and (ii) the Business Day following the Cut-Off Date. In the event of a Redemption, the Cash Amount shall be delivered as a certified or bank check payable to the Tendering Party or, in the Managing General Partner’s sole and absolute discretion, in immediately available funds, in each case, on or before the Specified Redemption Date; provided, however, that the General Partner may elect to cause the Specified Redemption Date to be delayed for up to an additional 60 Business Days to the extent required for the General Partner to cause additional REIT Shares to be issued to provide financing to be used to make such payment of the Cash Amount.

Appears in 1 contract

Samples: Orion Office REIT Inc.

Redemption Rights of Qualifying Parties. A. Commencing on the expiration of After the Twelve-Month Period applicable to any Partnership such Common Units, a Qualifying Party shall have the right (subject to the terms and conditions set forth herein), by delivering a Notice of Redemption to the Managing General Partner, ) to require the Partnership Company to redeem all or a portion of such Partnership the Common Units held by such Tendering Party (Partnership Common Units that have in fact been tendered for redemption being hereafter referred to as “Tendered Units”) in exchange (a “Redemption”) for the Cash Amount payable on the Specified Redemption Date. The Partnership Company may, in the Managing General PartnerManager’s sole and absolute discretion, redeem Tendered Units at the request of the Holder thereof prior to the end of the applicable Twelve-Month Period (subject to the terms and conditions set forth herein) (a “Special Redemption”); provided, however, that the Managing General Partner Manager first receives a written legal opinion to the same effect as the legal opinion described in Section 15.1.G(415.1G(4) of this Agreement. Any Redemption shall be exercised pursuant to a Notice of Redemption delivered to the Managing General Partner and the Special Limited Partner Manager by the Qualifying Party when exercising the Redemption right (the “Tendering Party”). The PartnershipCompany’s obligation to effect a Redemption, however, shall not arise or be binding against the Partnership until the earlier of Company (i) until and unless the date the Special Limited Partner notifies the Tendering Party that the Special Limited Partner Parent declines or fails to acquire some or all of the Tendered Units under exercise its purchase rights pursuant to Section 15.1.B hereof below following receipt of a Notice of Redemption (a “Declination”) and (ii) until the Business Day following the Cut-Off Date. In the event of a Redemption, the Cash Amount shall be delivered as a certified or bank check payable to the Tendering Party or, in the Managing General PartnerManager’s sole and absolute discretion, in immediately available funds, in each case, funds on or before the Specified Redemption Date.

Appears in 1 contract

Samples: Limited Liability Company Agreement (Alexander & Baldwin, Inc.)

Redemption Rights of Qualifying Parties. A. Commencing on the expiration of (a) After the Twelve-Month Period applicable to any Partnership Common such Class A Units, a Qualifying Party shall have the right (subject to the terms and conditions set forth herein), by delivering a Notice of Redemption to the Managing General Partner, ) to require the Partnership to redeem all or a portion of such Partnership Common the Class A Units held by such Tendering Party (Partnership Common Class A Units that have in fact been tendered for redemption being hereafter referred to as “Tendered Units”) in exchange (a “Redemption”) for the Cash Amount payable on the Specified Redemption Date. The Partnership may, in the Managing General Partner’s sole and absolute discretion, redeem Tendered Units at the request of the Holder thereof prior to the end of the applicable Twelve-Month Period (subject to the terms and conditions set forth herein) (a “Special Redemption”); providedprovided that, howeverunless waived by the Parent, that the Managing General Partner first receives a legal opinion to the same effect as the legal opinion described in Section 15.1.G(415.1(e) of this Agreement. Any Redemption shall be exercised pursuant to a Notice of Redemption delivered to the Managing General Partner and the Special Limited Partner by the Qualifying Party when exercising the Redemption right (the “Tendering Party”). The Partnership’s obligation to effect a Redemption, however, shall not arise or be binding against the Partnership until the earlier of (i) unless and until the date the Special Limited Partner notifies the Tendering Party that the Special Limited Partner Parent declines or fails to acquire some or all of the Tendered Units under exercise its purchase rights pursuant to Section 15.1.B 15.1(b) hereof following receipt of a Notice of Redemption (a “Declination”) and (ii) until the Business Day following the Cut-Off Date. In the event of a Redemption, the Cash Amount shall be delivered as a certified or bank check payable to the Tendering Party or, in the Managing General Partner’s sole and absolute discretion, or if the Cash Amount exceeds $1 million, in immediately available funds, in each case, funds via a federal wire transfer on or before the Specified Redemption Date.

Appears in 1 contract

Samples: Limited Partnership Agreement (Five Point Holdings, LLC)

Redemption Rights of Qualifying Parties. A. Commencing on After the expiration of the applicable Twelve-Month Period applicable to any Partnership Common UnitsPeriod, a Qualifying Party Party, but no other Limited Partner or Assignee, shall have the right (subject to the terms and conditions set forth herein), by delivering a Notice of Redemption to the Managing General Partner, ) to require the Partnership to redeem all or a portion of such the Partnership Common Units held by such Tendering Party (such Partnership Common Units that have in fact been tendered for redemption being hereafter referred to as “"Tendered Units") in exchange (a "Redemption") for the Cash Amount payable on the Specified Redemption Date. The Partnership may, in the Managing General Partner’s sole and absolute discretion, redeem Tendered Units at the request of the Holder prior to the end of the applicable Twelve-Month Period (subject to the terms and conditions set forth herein) (a “Special Redemption”); provided, however, that the Managing General Partner first receives a legal opinion to the same effect as the legal opinion described in Section 15.1.G(4) of this Agreement. Any Redemption shall be exercised pursuant to a Notice of Redemption delivered to the Managing General Partner and the Special Limited Partner by the Qualifying Party when exercising the Redemption right (the "Tendering Party"). The Partnership’s 's obligation to effect a Redemption, however, shall not arise or be binding against the Partnership until the earlier of (i) the date the Special Limited Partner notifies the Tendering Party that the Special Limited Partner declines to acquire some or all of the Tendered Units under Section 15.1.B hereof following receipt of until and unless there has been a Notice of Redemption Declination and (ii) before the Business Day following the Cut-Off Date. Regardless of the binding or non-binding nature of a pending Redemption, a Tendering Party shall have no right to receive distributions with respect to any Tendered Units (other than the Cash Amount) paid after delivery of the Notice of Redemption, whether or not the Partnership Record Date for such distribution precedes or coincides with such delivery of the Notice of Redemption; provided, however, that in the event that the General Partner on behalf of the Partnership elects to fund the Cash Amount with the proceeds of an Offering Funding pursuant to Section 8.6.D hereof, the Tendering Party's right to receive distributions shall not be suspended as hereinbefore provided and such Tendering Party shall have the right to receive distributions actually made hereunder prior to the date of the closing of the Offering Funding whose proceeds are used to pay the Cash Amount. In the event of a Redemption, the Cash Amount shall be delivered as a certified or bank check payable to the Tendering Party or, in the Managing General Partner’s 's sole and absolute discretion, in immediately available funds, in each case, on or before the Specified Redemption Date.

Appears in 1 contract

Samples: Fortress Investment Corp

Redemption Rights of Qualifying Parties. A. Commencing on (a) After the expiration of the Twelve-Month Period applicable to any Partnership Common UnitsInitial Holding Period, a Qualifying Party shall have the right (subject to the terms and conditions set forth herein), by delivering a Notice of ) (the “Redemption to the Managing General Partner, Right”) to require the Partnership to redeem all or a portion of such Partnership Common the applicable OP Units held by such Tendering Party (Partnership Common OP Units that have in fact been tendered for redemption being hereafter referred to as “Tendered Units”) in exchange (a “Redemption”) for the Cash Amount payable on the Specified Redemption Date. The Partnership may, in the Managing General Partner’s sole and absolute discretion, redeem Tendered Units at the request of the Holder holder thereof prior to the end of the applicable Twelve-Month Initial Holding Period (subject to the terms and conditions set forth herein) (a “Special Redemption”); provided, however, that the Managing General Partner first receives a legal opinion to the same effect as the legal opinion described in Section 15.1.G(4) of this Agreement. Any Redemption shall be exercised pursuant to a Notice of Redemption delivered to the Managing General Partner and the Special Limited Partner by the Qualifying Party when exercising the Redemption right Right (the “Tendering Party”). The Partnership’s obligation to effect a Redemption, however, shall not arise or be binding against the Partnership until the earlier of (i) the date the Special Limited General Partner notifies the Tendering Party that the Special General Partner declines to require the Initial Limited Partner declines to acquire some or all of the Tendered Units under Section 15.1.B 15.1(b) hereof following receipt of a Notice of Redemption and (ii) the Business Day following the Cut-Off Date. In the event of a Redemption, the Cash Amount shall be delivered as a certified or bank check payable to the Tendering Party or, in the Managing General Partner’s sole and absolute discretion, in immediately available funds, in each case, on or before the Specified Redemption Date.

Appears in 1 contract

Samples: Agreement

Redemption Rights of Qualifying Parties. A. Commencing on the expiration of the Twelve-Month Period applicable to any Partnership Common Units, a (a) (i) A Qualifying Party shall have the right (subject to the terms and conditions set forth herein), by delivering a Notice of Redemption to the Managing General Partner, ) to require the Partnership to redeem all or a portion of such the Partnership Class A Common Units held by such Tendering Qualifying Party (including, for purposes of a contingent notice delivered pursuant to the last sentence of this Section 14.1(a)(i) (such contingent notice delivered pursuant to the last sentence of this Section 14.1(a)(i) or a contingent notice delivered pursuant to the last sentence of Section 15.1, as applicable, a “Contingent Notice”), any Partnership Class A Common Units issuable upon the Conversion of any Profits Interests that either (x) would become Vested Profits Interests upon the consummation of the contingent transaction specified in the applicable Contingent Notice or (y) are Vested Profits Interests) (Partnership Class A Common Units that have in fact been tendered for redemption pursuant to this Section 14.1 being hereafter referred to as “A Tendered Units”) in exchange (a “Redemption”) for the A Cash Amount or A-to- A Shares Amount (subject to Section 14.1(c), at the election of the Partnership) payable on the Specified Redemption Date. The Partnership mayDate (in each case, in the Managing General Partner’s sole and absolute discretion, redeem Tendered Units at the request of the Holder prior to the end of the applicable Twelve-Month Period (subject to the terms and conditions set forth herein) (a “Special Redemption”); provided, however, that the Managing General Partner first receives a legal opinion to the same effect as the legal opinion described in Section 15.1.G(4) of this Agreement. Any Redemption shall be exercised pursuant to a Notice of Redemption delivered to the Managing General Partner and the Special Limited Partner on any trading day of an established securities exchange by the Qualifying Party when exercising the Redemption right (the “Tendering Party”). The Partnership’s obligation to effect a Redemption, however, shall not arise or be binding against the Partnership until the earlier of (i) the date the Special Limited Partner notifies the Tendering Party that the Special Limited Partner declines to acquire some or all of the Tendered Units under Section 15.1.B hereof following receipt of a Any Notice of Redemption and may be made contingent on (ii) the Business Day following the Cut-Off Date. In the event of a Redemption, the Cash Amount shall be delivered as a certified or bank check payable to the Tendering Party or, in the Managing General Partner’s sole and absolute discretion, in immediately available funds, in each case, on or before with the Specified Redemption Date.Date occurring subject to, and immediately prior to) the consummation of (x) a Change of Control Transaction, (y) a tender or exchange offer conducted by Super HoldCo or any of its Subsidiaries (or any tender or exchange offer by a third party that Super HoldCo or any of its Subsidiaries (or the Board of Directors) recommends that Super HoldCo’s stockholders accept) or (z) a registered offering for which the applicable Qualifying Party would have “piggyback” registration rights following a Tendered Unit Acquisition, in which case, for purposes of such Tendered Unit Acquisition, notwithstanding anything to the contrary in this Agreement, “

Appears in 1 contract

Samples: WeWork Inc.

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