Redemption of Partnership Units Sample Clauses

Redemption of Partnership Units. The General Partner will cause the Partnership to redeem Partnership Units, to the extent it shall have legally available funds therefor, at any time the General Partner redeems shares of beneficial interest in itself. The number and class or series of Partnership Units redeemed and the redemption price shall equal the number (multiplied by the Conversion Factor) of shares of beneficial interest the General Partner redeems and the redemption price at which the General Partner redeems such shares, respectively.

Redemption of Partnership Units. Beginning on the first (1st) anniversary of the Closing, the Contributor will have the option to require GIPLP to redeem, all or a portion of its Partnership Units for either (i) the Redemption Amount (within the meaning of the Partnership Agreement), or (ii) until forty nine (49) months from date of Closing, cash in an agreed-upon Value (within the meaning of the Partnership Agreement) of $5.00 per share of common stock of GIPREIT, as set forth on the Notice of Redemption (within the meaning of the Partnership Agreement) delivered to GIPLP by Contributor. Unless expressly stated otherwise herein, the redemption procedures and limitations of this Agreement shall govern any redemption of Contributor’s Partnership Units to the extent inconsistent or in conflict with requirements or restrictions set forth in the Partnership Agreement, which shall otherwise be applicable. The Parties hereto agree that the General Partner may elect to cause the redemption of the Partnership Units to be delayed for up to ninety (90) days to the extent required for the General Partner to cause additional REIT shares to be issued to provide funding to be used to pay any cash amounts to the Contributor consistent with this Section 2.6. No redemption fee shall be charged by the Partnership or the General Partner in connection with the exercise by the Contributor of its redemption option.

Redemption of Partnership Units. Beginning on the first (1st) anniversary of the Closing, the Contributor will have the option to require GIPLP to redeem, subject and pursuant to the redemption procedures of the Partnership Agreement, all or a portion of its Partnership Units for either (i) the Redemption Amount (within the meaning of the Partnership Agreement), or (ii) until forty nine (49) months from date of Closing, cash of $20.00 per Partnership Unit (subject to adjustment by reason of unit splits, unit reverse splits, unit dividends, or the like) (as such amount may be adjusted from time to time as further described herein, the “Cash Redemption Price”), as set forth on the Notice of Redemption (within the meaning of the Partnership Agreement) delivered to GIPLP by Contributor. Unless expressly stated otherwise herein, the redemption procedures and limitations of this Agreement shall govern any redemption of Contributor’s Partnership Units to the extent inconsistent or in conflict with requirements or restrictions set forth in the Partnership Agreement, which shall otherwise be applicable, and, if the Contributor exercises its right in subsection (ii) hereof, the Cash Redemption Price shall be deemed to be the Cash Amount for purposes of the Partnership Agreement. The Cash Redemption Price shall be adjusted as follows: if GIPREIT, at any time after October 12, 2020, (a) pays a stock dividend on the REIT Shares or otherwise makes a distribution on any class of capital stock that is payable in REIT Shares, (b) subdivides (by any stock split, stock dividend, recapitalization or otherwise) one or more classes of its then outstanding REIT Shares into a larger number of shares or (c) combines (by combination, reverse stock split or otherwise) one or more classes of its then outstanding REIT Shares into a smaller number of shares, then in each such case the Cash Redemption Price shall be multiplied by a fraction of which the numerator shall be the number of REIT Shares outstanding immediately before such event and of which the denominator shall be the number of REIT Shares outstanding immediately after such event; provided, however, that no adjustment shall be made to the Cash Redemption Price if the number of outstanding Common Units is otherwise adjusted in the same manner and at the same time as the adjustment to the number of outstanding REIT Shares. Any adjustment made pursuant to clause (a) of this paragraph shall become effective immediately after the record date for the determinatio...

Redemption of Partnership Units. Notwithstanding anything to the contrary in the Agreement of Limited Partnership of the Partnership, dated as of October 8, 2014 (as may be amended, supplemented or modified from time to time, the “Partnership Agreement”), the Partnership hereby redeems all of SteepRock’s Partnership Units in exchange for 218,250 Common Units of SR Mezz. Each of the parties hereto agrees that as a result of the foregoing redemption, SteepRock has ceased to be a partner of the Partnership and has ceased to have any rights in respect of the Partnership Units previously owned by SteepRock.

Redemption of Partnership Units. Beginning on the first (1 st) anniversary of the Closing, the Contributor will have the option to require GIPLP to redeem, subject and pursuant to the redemption procedures of the Partnership Agreement as modified herein, all or a portion of its Partnership Units for the REIT Shares Amount (within the meaning of the Partnership Agreement), it being expressly agreed that the Contributor shall not have the right to receive any Cash Amount (within the meaning of the Partnership Agreement). The term “REIT Shares Amount” shall replace the term “Redemption Amount” wherever used in the Partnership Agreement with respect to the Contributor’s redemption right described herein. Unless expressly stated otherwise herein, the redemption procedures and limitations of this Agreement shall govern any redemption of Contributor’s Partnership Units to the extent inconsistent or in conflict with requirements or restrictions set forth in the Partnership Agreement, which shall otherwise be applicable. All calculations under this Section 2.6 shall be made by rounding to the nearest cent or the nearest 1/100th of a share, as applicable.

Redemption of Partnership Units. Beginning on January 14, 2025, the third (3rd) anniversary of the Closing, the Contributor will have the option to require GIPLP to redeem, subject and pursuant to the redemption procedures of the Partnership Agreement, all or a portion of its Partnership Units for either (i) the Redemption Amount (within the meaning of the Partnership Agreement), or (ii) until February 14, 2026, which is forty nine (49) months from date of Closing, cash in an agreed-upon Value of $7.15 per Partnership Unit (subject to adjustment by reason of any split, reverse split, dividend or similar recapitalization event) (such amount as may be adjusted shall be deemed to be the “Cash Amount” for purposes of the Partnership Agreement). Unless expressly stated otherwise herein, the redemption procedures and limitations of the Partnership Agreement shall govern any redemption of Contributor’s Partnership Units. The terms and conditions of this Section 2.6 shall survive the Closing.

Redemption of Partnership Units. (a) Pursuant to Section 8.6 A of the Partnership Agreement, the General Partner has caused the Partnership to redeem a total of 3,299 Partnership Units in the Partnership. (b) The change in limited partnership interests in the Partnership shall become effective as of the date of this Agreement.

Redemption of Partnership Units. Subject to the rights of the Series A Preferred Units, the General Partner will cause the Partnership to redeem Partnership Units from the General Partner or its Affiliates, to the extent it shall have legally available funds therefor, at any time the General Partner redeems shares of beneficial interest in itself. The number and class or series of Partnership Units redeemed and the redemption price shall equal the number (multiplied by the Conversion Factor) of shares of beneficial interest the General Partner redeems and the redemption price at which the General Partner redeems such shares, respectively.

Redemption of Partnership Units. (a) A Class A Limited Partner shall have the right, at any time after the expiration of 36 months from the Closing Date, to request that the Partnership repurchase all or any number of Units by submitting a written request to the General Partner. A Class A Limited Partner who has a Health Emergency (or his representative) may request a repurchase of Units prior to the expiration of the 36-month period described in the preceding sentence. To the extent permitted by applicable laws and regulations and, if in the sole and absolute discretion of the General Partner, such repurchase shall not (i) cause the Partnership to be taxed as a corporation (or cease to be taxed as a partnership) under Code ss.7704 or under any other provision of the Code, (ii) impair the capital or operations of the Partnership or (iii) result in payment of an excessive price for the Units redeemed, the Partnership shall repurchase Units from one or more Class A Limited Partners (or assignees) who so request, up to a maximum of 2.0% of total outstanding Units per year. The Partnership may redeem Units in excess of this 2.0% amount if, in the General Partner's sole discretion, the standards set forth in the preceding sentence shall remain satisfied. (b) Within 60 days after receipt of a written request for redemption, the General Partner shall accept or deny the request. The General Partner shall, in its sole and absolute discretion, decide whether a repurchase is in the best interest of the Partnership and shall not be required to provide any reason for the denial of a repurchase request. (c) The repurchase price for repurchased Units shall be determined by the General Partner as of the last day of the Quarter prior to the Quarter during which such request was received. The repurchase price per Unit shall equal the Unrecovered Capital Contribution of such Unit as of such day, reduced by all distributions after the date of determination of the Unrecovered Capital Contribution made with respect to the tendered Units. (d) The Class A Limited Partner shall tender the repurchased Units upon the acceptance of the repurchase request by the General Partner, and the Partnership shall pay the repurchase price for the tendered Units in cash within 30 days after the end of the Quarter during which the request was received. (e) Upon the repurchase of any Units by the Partnership, the tendered Units shall be cancelled and shall no longer be deemed to represent an interest in the Partnership.

Redemption of Partnership Units. Except as otherwise provided in the rights attached to a particular class of Unit, Units may be redeemed on the first day of any calendar month, in the month after a Redemption Notice was received by the Partnership, provided that the aggregate value of Units being redeemed equals less than 2.5% of the total value of the Units at the end of the calendar month for which the redemption is to occur (the “Monthly Redemption Day”). If, in any given month, more than 2.5% of the total value of Units are being redeemed, than except as otherwise provided in the rights attached to a particular class of Partnership Unit, such Partnership Unit may be redeemed on the last day of each calendar quarter (each, a “Quarterly Redemption Day”) by the holding Limited Partner by the giving of a Redemption Notice, on the terms and subject to the limitations and conditions set forth in the Partnership Agreement. The redemption price (the “Redemption Price”) per Partnership Unit redeemed will be equal to the sum of: (a) the Net Asset Value per Partnership Unit applicable on the applicable Monthly Redemption Day or Quarterly Redemption Day, as hereinafter determined; plus (b) any distributions payable in respect of such Partnership Unit as of or prior to the applicable Monthly Redemption Day or Quarterly Redemption Day, which amount will be reduced: (c) if the Monthly Redemption Day or Quarterly Redemption Day is prior to the first anniversary of the date of issue of the Partnership Unit, by an amount equal to 6% of the Subscription Price of the Partnership Unit; (d) if the Monthly Redemption Day or Quarterly Redemption Day falls between the first and second anniversary (inclusive) of the date of issue of the Partnership Unit, by an amount equal to 4.75% of the subscription price of the Partnership Unit; (e) if the Monthly Redemption Day or Quarterly Redemption Day falls between the second and third anniversary (inclusive) of the date of issue of the Partnership Unit, by an amount equal to 3.5% of the subscription price of the Partnership Unit; (f) if the Monthly Redemption Day or Quarterly Redemption Day falls between the third and fourth anniversary (inclusive) of the date of issue of the Partnership Unit, by an amount equal to 2.25% of the subscription price of the Partnership Unit; and (g) if the Monthly Redemption Day or Quarterly Redemption Day falls between fourth and fifth anniversary (inclusive) of the date of issue of the Partnership Unit, by an amount equal to 1.0% of th...