Common use of Failure to Deliver Units Clause in Contracts

Failure to Deliver Units. If (i) the Partnership (or its designee) shall exercise a Repurchase Right, and (ii) the Management Securityholder fails to deliver to the Partnership (or its designee) an assignment of the Subject Units or any Required Documents when obligated to do so by the terms of this Agreement, the Partnership may elect to deposit the cash representing the Purchase Price with an escrow agent selected by the Partnership (or its designee). In the event the Partnership (or its designee) does so, the Subject Units shall be deemed for all purposes (including the right to vote and receive payment of Distributions) to have been Transferred to the Partnership (or its designee), and the Management Securityholder’s and his Permitted Transferees’ sole rights in respect of the sale of the Subject Units will be the right to receive payment of the Purchase Price, and any interest earned thereon, from the escrow. The escrow agent shall not be liable for any action or inaction taken by it in good faith, and the escrow agent shall have no obligation or responsibility to obtain any interest or make any investment with respect to amounts placed in escrow.

Failure to Deliver Units. If (i) the Partnership (or its designee) shall exercise a Repurchase Right, and (ii) the Management Securityholder fails to deliver to the Partnership (or its designee) an assignment of the Subject Units or any Required Documents when obligated to do so by the terms of this Agreement, the Partnership may elect to deposit the cash representing the Purchase Price with an escrow agent selected by the Partnership (or its designee). In the event the Partnership (or its designee) does so, the Subject Units shall be deemed for all purposes (including the right to vote and receive payment of Distributions) to have been Transferred to the Partnership (or its designee), and the Management Securityholder’s and his her Permitted Transferees’ sole rights in respect of the sale of the Subject Units will be the right to receive payment of the Purchase Price, and any interest earned thereon, from the escrow. The escrow agent shall not be liable for any action or inaction taken by it in good faith, and the escrow agent shall have no obligation or responsibility to obtain any interest or make any investment with respect to amounts placed in escrow.

Failure to Deliver Units. If (i) the Partnership (or its designee) shall exercise a Repurchase Right, and (ii) the Management Securityholder fails to deliver to the Partnership (or its designee) an assignment of the Subject Units or any Required Documents when obligated to do so by the terms of this Agreement, the Partnership may elect to deposit the cash representing the Purchase Price with an escrow agent selected by the Partnership (or its designee)Partnership. In the event the Partnership (or its designee) does so, the Subject Units shall be deemed for all purposes (including the right to vote and receive payment of Distributions) to have been Transferred to the Partnership (or its designee)Partnership, and the Management Securityholder’s and his Permitted Transferees’ sole rights in respect of the sale of the Subject Units will be the right to receive payment of the Purchase Price, and any interest earned thereon, from the escrow. The escrow agent shall not be liable for any action or inaction taken by it in good faith, and the escrow agent shall have no obligation or responsibility to obtain any interest or make any investment with respect to amounts placed in escrow.