Common use of Closing of Repurchase Clause in Contracts

Closing of Repurchase. The closing of the purchase of the Holder’s Class C Units pursuant to Sections 6(c) above will take place on the date designated by the Company in the Repurchase Notice but, with respect to Vested Units, such date will be no more than 90 days following the date of the Termination Event; provided that (i) such 90-day period shall be tolled for so long as any agreement governing indebtedness and/or preferred equity of the Company and/or its Subsidiaries prohibits the Company from making purchasing such units and/or prohibits a Subsidiary of the Company from making distributions to the Company that are sufficient to provide funds for such purchase, and (ii) if such 90-day period is so tolled, then interest will accrue at the rate of 7.5% per annum on the purchase price for the Units to be purchased, from the 90th day following the Termination Event through the date upon which such purchase price and accrued interest have been paid. The Company (or its nominee) will pay for the Holder’s Class C Units to be purchased by delivery of a check or wire transfer of immediately available funds. The purchasers of the Holder’s Class C Units under this Section 6 will be entitled to receive customary representations and warranties from the sellers regarding such sale of the Holder’s Class C Units (including representations and warranties regarding good title to such units, free and clear of any liens or encumbrances) but such representations and warranties shall not include any representations or warranties with respect to the business and operations of the Company.