Common use of Redemption of Class B Units Clause in Contracts

Redemption of Class B Units. The Class B Units shall be subject to mandatory redemption if the Management Agreement is terminated. The General Partner shall send notice of Class B Unit redemption within ten days after the General Partner sends or receives notice of termination of the Management Agreement. The redemption date shall be the date on which termination of the Management Agreement is effective. The redemption amount, to be paid in cash or by wire transfer on the redemption date, shall be equal to two times the annual distributions on a Class B Unit relating to either the most recently completed calendar year or, if higher, the prior calendar year; provided that if on the redemption date the General Partner is becoming self-managed, the redemption amount will be equal to 50% of the redemption amount described above; and provided, further, that if the Management Agreement is terminated by the General Partner for cause, the aggregate redemption amount shall be $100. Upon any such redemption, the Class B Units will also be entitled to receive any distributions payable with respect to periods through the redemption date. If such distribution amounts cannot be calculated on or by the redemption date, they shall be calculated and paid as promptly as possible thereafter, but in no event later than 30 days after the redemption date.

Redemption of Class B Units. The Class B Units shall be subject to mandatory redemption if the Management Advisory Agreement is terminatedterminated or not renewed. The General Partner shall send notice of Class B Unit redemption within ten days after the General Partner sends or receives notice of termination or non-renewal of the Management Advisory Agreement. The redemption date shall be the date on which termination of the Management Advisory Agreement is effective. The redemption amount, to be paid in cash or by wire transfer on the redemption date, shall be equal to two four times the annual average annualized distributions on a Class B Unit relating to either the most recently completed calendar year or, if higher, 24-month period preceding the prior calendar year; provided that if on the redemption date the General Partner is becoming selfof termination or non-managed, the redemption amount will be equal to 50% of the redemption amount described aboverenewal; and provided, further, that if the Management Advisory Agreement is terminated by LSAC for cause (as defined in the General Partner for causeAdvisory Agreement), the aggregate redemption amount shall be $100. Upon any such redemption, the Class B Units will also be entitled to receive any distributions payable with respect to periods through the redemption date. If such distribution amounts cannot be calculated on or by the redemption date, they shall be calculated and paid as promptly as possible thereafter, but in no event later than 30 days after the redemption date.