Redemption of OP Units. Immediately after the issuance or redemption by the Partnership of any OP Units, the Percentage Interest attributable to the Participation Interest shall be adjusted so that it equals (a) the Percentage Interest attributable to the Participation Interest immediately prior to the issuance or redemption of such OP Units, multiplied by (b) a fraction whose numerator is (1) the number of OP Units outstanding immediately prior to the issuance or redemption of such OP Units and whose denominator equals
Redemption of OP Units. 18 SECTION 15 ASSIGNMENT................................................................................18
Redemption of OP Units. In the event this Agreement expires without the consent of the Advisor, or is terminated for any reason other than by the Advisor pursuant to Section 14.02, the Company shall, at the election of the Advisor or any of its Affiliates and at any time (and from time to time) after the effective date of such expiration or termination, purchase all or a portion of the Units or Participation Interest (as applicable and as such terms are defined in the Agreement of Limited Partnership of the Company) held by the Advisor and its Affiliates pursuant to this Section 14.06. The Company shall purchase such Units or Participation Interest for cash, which shall be payable within 120 days after the Advisor or its Affiliates (as applicable) gives the Company written notice of its desire to sell all or a portion of the Units or Participation Interest held by such Person to the Company. The purchase price shall be paid in cash or, at the election of the selling Person, Shares. The General Partner agrees to keep a sufficient number of authorized but unissued Shares available for issuance pursuant to this Section 14.06 and shall issue Shares as may be required hereunder. The purchase price of each interest in the Company pursuant to this Section 14.06 shall be (i) in the event the seller elects to receive cash, the cash amount the seller would receive under a redemption of such interests under Section 3.2 of the Agreement of Limited Partnership of the Company assuming the Company paid cash for such redemption, or (ii) in the event the seller elects to receive Shares, the number of Shares the seller would receive under a redemption of such interests under Section 3.2 of the Agreement of Limited Partnership of the Company assuming the Company paid Shares for such redemption.
Redemption of OP Units. OP Unit Holder hereby agrees that the redemption of the OP Units shall be governed by the terms and conditions of the OP Partnership Agreement and this Agreement.
Redemption of OP Units. Upon the non-renewal or termination of this Agreement, the Company shall, at the election of the Advisor or its Affiliates (as applicable) and at any time after the Termination Date, purchase all or a portion of the OP Units held by the Advisor and its Affiliates. The Company shall purchase such OP Units for cash, which shall be payable within 120 days after the Advisor or its Affiliates (as applicable) gives the Company written notice of its desire to sell all or a portion of the OP Units held by such Person to the Company. The purchase price shall be paid in cash or, at the election of the selling Person, Shares. The purchase price of each Unit shall be (i) in the event the seller elects to receive cash, the then-existing "Market Value" of such OP Unit, as such term is defined in the Limited Partnership Agreement of Berkeley Income Trust OP, or (ii) in the event the seller elects to receive Shares, the then-existing "REIT Shares Amount" of such OP Unit, as such term is defined in the Limited Partnership Agreement of Berkeley Income Trust OP.
Redemption of OP Units. In the event Buyer, in accordance with the Partnership Agreement, tenders OP Units for redemption by the Seller or the Company for cash or, at the Company’s election, for Common Shares during any period in which the Company is not taxed as a REIT under the Code and all applicable regulations under the Code, the Company shall not elect to issue, and shall not issue, Common Shares to Buyer upon redemption of any such OP Units in an amount that would cause Buyer to own in excess of 10% of the outstanding Common Shares.
Redemption of OP Units. In the event Contributor, in accordance with the Partnership Agreement, tenders OP Units for redemption by Company or the REIT for cash or, at the REIT’s election, for common shares of beneficial interest in the REIT (“REIT Shares”) during any period in which the REIT is not taxed as a real estate investment trust under the Code and all applicable regulations under the Code, the REIT shall not elect to issue, and shall not issue, REIT Shares to Contributor upon redemption of any such OP Units in an amount that would cause Contributor to own in excess of 10% of the outstanding REIT Shares.
Redemption of OP Units. In the event this Agreement expires without the consent of the Advisor, or is terminated for any reason other than by the Advisor pursuant to Section 14.02, the Company shall, at the election of the Advisor or its Affiliates (as applicable) and at any time after the effective date of such expiration or termination, purchase all or a portion of the Units (as such term is defined in the Agreement of Limited Partnership of the Company) held by the Advisor and its Affiliates. The Company shall purchase such Units for cash, which shall be payable within 120 days after the Advisor or its Affiliates (as applicable) gives the Company written notice of its desire to sell all or a portion of the Units held by such Person to the Company. The purchase price shall be paid in cash or, at the election of the selling Person, Shares. The purchase price of each Unit shall be (i) in the event the seller elects to receive cash, the then-existing "Market Value" of such Unit, as such term is defined in the Agreement of Limited Partnership of the Company, or (ii) in the event the seller elects to receive Shares, the then-existing "REIT Shares Amount" of such Unit, as such term is defined in the Agreement of the Limited Partnership of the Company.
Redemption of OP Units. Subject to the provisions of Section 8.6:
A. On or after the date 12 months after the Effective Date, each Limited Partner (other than the Parent Limited Partner) shall have the right (subject to the terms and conditions set forth herein and in any other applicable agreement with such Limited Partner) to require the Partnership to redeem all or a portion of such Limited Partner’s Tendered Units in exchange for the Cash Amount, unless the terms of such OP Units or a separate agreement entered into between the Partnership and the holder of such OP Units provide that such OP Units are not entitled to a right of Redemption. The Tendering Partner shall have no right, with respect to any OP Units so redeemed, to receive any distributions paid on or after the Specified Redemption Date. Any Redemption shall be exercised pursuant to a Notice of Redemption delivered to the General Partner by the Tendering Partner. The Cash Amount shall be payable to the Tendering Partner on the Specified Redemption Date.
B. Notwithstanding Paragraph 3.A above, if a Limited Partner has delivered to the General Partner a Notice of Redemption then the Parent may, in its sole and absolute discretion, (subject to the limitations on ownership and transfer of REIT Shares set forth in the Charter) elect to assume and satisfy the Partnership’s Redemption obligation and acquire some or all of the Tendered Units from the Tendering Partner in exchange for the REIT Shares Amount (as of the Specified Redemption Date) and, if the Parent so elects, the Tendering Partner shall sell the Tendered Units to the Parent in exchange for the REIT Shares Amount. In such event, the Tendering Partner shall have no right to cause the Partnership to redeem such Tendered Units. The Parent shall promptly give such Tendering Partner written notice of its election, and the Tendering Partner may elect to withdraw its redemption request at any time prior to the acceptance of the cash or REIT Shares Amount by such Tendering Partner. Assuming the Parent exercises its option to deliver REIT Shares, the Parent shall contribute the Tendered Units to the General Partner and/or the Parent Limited Partner, as the case may be.
Redemption of OP Units. Subject to the provisions of Section 8.6:
