Common use of INVOLUNTARY REDEMPTION Clause in Contracts

INVOLUNTARY REDEMPTION. The Partnership may redeem some or all of the Units owned by a Limited Partner or an assignee in the sole discretion of the General Partner at any time after giving such Limited Partner seven (7) days notice of redemption in conformity with Section 15.10. The Partnership shall pay the completely redeemed Limited Partner an amount equal to his, her, or its positive Capital Account balance at the time of redemption in full cancellation of all Units owned by such redeemed Limited Partner. The Partnership shall pay the partially redeemed Limited Partner an amount equal to such Partner’s positive Capital Account balance multiplied by a fraction with the number of such Partner’s Units redeemed as the numerator, and the total number of Units owned by such Partner immediately before the redemption as the denominator.

INVOLUNTARY REDEMPTION. The Partnership may redeem some or all of the Units owned by a Limited Partner or an assignee in the sole discretion of the General Partner at any time after giving such Limited Partner seven (7) days notice of redemption in conformity with Section 15.10. The Partnership shall pay the completely redeemed Limited Partner an amount equal to his, her, or its positive Capital Account balance at the time of redemption in full cancellation of all Units owned by such redeemed Limited Partner. The Partnership shall pay the partially redeemed Limited Partner an amount equal to such Partner’s 's positive Capital Account balance multiplied by a fraction with the number of such Partner’s 's Units redeemed as the numerator, and the total number of Units owned by such Partner immediately before the redemption as the denominator.