Discretionary Repurchases Sample Clauses
Discretionary Repurchases. The Board shall cause the Fund to repurchase Units on terms fair to the Fund and to all Members in the following manner (or subject to such other repurchase procedures as the Board may adopt from time to time that would not adversely affect the Members in any material respect):
(a) The Board will provide written notice to Members when it has determined, in its sole and absolute discretion, that the Fund will repurchase Units (each, a “Repurchase Notice”).
(b) Each Repurchase Notice will describe the terms of the repurchase offer (the “Offer”), including:
(i) the commencement date of such Offer;
(ii) the Repurchase Date for such Offer;
(iii) the number of Units that are the subject of such Offer and the percentage that such Units represent of all Units held by Members; and
(iv) any other information that the Board has determined, in its sole discretion, that a Member should consider in deciding whether and how to participate in such Offer.
(c) Members must submit, in writing, responses to a Repurchase Notice (each, an “Offer Acceptance”) to the Fund or its designated agent named in the Repurchase Notice.
(d) Offer Acceptances received by the Fund or its designated agent after the Offer Acceptance Deadline will be void.
(e) The Fund shall send a Repurchase Notice to each Member, no later than 30 calendar days prior to each Offer Acceptance Deadline.
(f) Upon request by a Member, the Board may permit a Member to cancel a Offer Acceptance if such cancellation is determined by the Board to be in the best interest of the Fund.
(g) Notwithstanding Section 3.2(c) herein, a Member may not tender Units for repurchase during a Lock-Up Period applicable to such Units, except that each Member may tender Units subject to such a Lock-Up Period upon payment to the Fund a fee equal to 5.00% of the value of the Units repurchased by the Fund, payable to the Fund (an “Early Repurchase Fee”). The Board may, in certain limited instances where the Board has determined that the remaining Members will not be materially and adversely affected or prejudiced, waive the imposition of the Early Repurchase Fee with respect to some or all Members. Any such waiver does not imply that the Early Repurchase Fee will be waived at any time in the future.
(h) The amount due to any Member tendering all of or a portion of its Units shall be equal to the product of the total number of Units tendered by such Member times the Net Asset Value per Unit determined on the Repurchase Date, which will be ...
Discretionary Repurchases. The Board shall cause the Fund to repurchase Units on terms fair to the Fund and to all Members in the following manner (or subject to such other repurchase procedures as the Board may adopt from time to time that would not adversely affect the Members in any material respect):
(a) The Board will provide written notice to Members when it has determined, in its sole and absolute discretion, that the Fund will repurchase Units (each, a “Repurchase Notice”).
(b) Each Repurchase Notice will describe the terms of the repurchase offer (the “Offer”), including:
(i) the commencement date of such Offer;
(ii) the Repurchase Date for such Offer;
(iii) the number of Units that are the subject of such Offer and the percentage that such Units represent of all Units held by Members; and
(iv) any other information that the Board has determined, in its sole discretion, that a Member should consider in deciding whether and how to participate in such Offer.
(c) Members must submit, in writing, responses to a Repurchase Notice (each, an “Offer Acceptance”) to the Fund or its designated agent named in the Repurchase Notice.
(d) Offer Acceptances received by the Fund or its designated agent after the Offer Acceptance Deadline will be void.