Common use of Redemption of Preferred Units Clause in Contracts

Redemption of Preferred Units. Any redemption of Preferred Units by the Company permitted under Article III shall be conducted in accordance with this Section 3.13. (a) The Company shall, not later than 30 days before the date fixed for redemption, give notice of redemption to the Member at its last address designated on the records of the Company or the Transfer Agent, by registered or certified mail, postage prepaid, or overnight courier of national reputation. The notice shall be deemed to have been given when so mailed. The notice shall specify the Redeemable Preferred Units, the date fixed for redemption, the place of payment, that payment of the redemption price will be made upon the redemption of the Redeemable Preferred Units (or, if later in the case of Redeemable Preferred Units evidenced by Certificates, upon surrender of the Certificates evidencing such Redeemable Preferred Units) and that on and after the date fixed for redemption no further allocations or distributions to which the Member would otherwise be entitled in respect of the Redeemable Preferred Units will accrue or be made. (b) Except as may be provided by the Unit Designation applicable to any Redeemable Preferred Units, the aggregate redemption price for Redeemable Preferred Units shall be an amount equal to the Current Market Price (the date of determination of which shall be the date fixed for redemption) of Preferred Units of the class to be so redeemed multiplied by the number of Preferred Units of each such class included among the Redeemable Preferred Units, net of any costs or expenses incurred by the Company in connection with such redemption. Subject to the Delaware Act, the redemption price shall be paid, as determined by the Company in its sole discretion, (i) in cash, (ii) by delivery of a promissory note of the Company in the principal amount of the redemption price, bearing interest at the rate of 8% annually and payable in three equal annual installments of principal together with accrued interest, the first such installment commencing one year after the redemption date (or, if later in the case of Redeemable Preferred Units evidenced by Certificates, upon surrender of the Certificates evidencing such Redeemable Preferred Units) or (iii) a combination of cash and a promissory note having the terms described in clause (ii). (c) The Member or its duly authorized representative shall be entitled to receive the payment for Redeemable Preferred Units at the place of payment specified in the notice of redemption (i) in the case of uncertificated Redeemable Preferred Units, on the redemption date or (ii) in the case of Redeemable Preferred Units evidenced by Certificates, upon surrender, on the redemption date or thereafter, by or on behalf of the Member, of the Certificates evidencing the Redeemable Preferred Units, duly endorsed in blank or accompanied by an assignment duly executed in blank. (d) After the redemption date, Redeemable Preferred Units shall no longer constitute Outstanding Units.

Redemption of Preferred Units. Any redemption of Preferred Units by the Company permitted under Article III shall be conducted in accordance with this Section 3.13. (a) The Company shall, not later than 30 days before the date fixed for redemption, give notice of redemption to the Member at its last address designated on the records of the Company or the Transfer Agent, by registered or certified mail, postage prepaid, or overnight courier of national reputation. The notice shall be deemed to have been given when so mailed. The notice shall specify the Redeemable Preferred Units, the date fixed for redemption, the place of payment, that payment of the redemption price will be made upon the redemption of the Redeemable Preferred Units (or, if later in the case of Redeemable Preferred Units evidenced by Certificates, upon surrender of the Certificates evidencing such Redeemable Preferred Units) and that on From and after the date fixed for redemption no further allocations or distributions to on which the Member would otherwise Exit Term Loan B Facility is repaid, the Company may redeem, in whole or in part, the Series A Preferred Units on a pro rata basis, at such times as determined by the Board in its sole discretion. Not less than ten days prior to the effective date of any such redemption, the Company shall deliver to the Record Holders of Series A Preferred Units a written notice setting forth the aggregate number of Series A Preferred Units to be entitled in redeemed by the Company, the Record Date for such redemption, the aggregate Series A Redemption Price to be paid to the Record Holders thereof with respect thereto and the effective date on which such redemption shall occur. On the effective date of any such redemption, the Company shall pay to each Record Holder of Series A Preferred Units as of the Redeemable applicable Record Date an amount equal to the product of (i) the Series A Redemption Price multiplied by (ii) the number of Series A Preferred Units held by such Record Holder which are being redeemed on such effective date. Upon the redemption of any Series A Preferred Units and the payment in full to the Record Holders thereof, such Series A Preferred Units will accrue or cease to be madeoutstanding. (b) Except From and after the Series A Redemption Date, the Board may, by Board Consent, cause the Company to redeem, in whole or in part, the Series B Preferred Units on a pro rata basis, at such times as may be provided determined by the Unit Designation applicable Board in its sole discretion. Not less than ten days prior to the effective date of any Redeemable such redemption, the Company shall deliver to the Record Holders of Series B Preferred UnitsUnits a written notice setting forth the aggregate number of Series B Preferred Units to be redeemed by the Company, the Record Date for such redemption, the aggregate Series B Redemption Price to be paid to the Record Holders thereof with respect thereto and the effective date on which such redemption price for Redeemable shall occur. On the effective date of any such redemption, the Company shall pay to each Record Holder of Series B Preferred Units shall be as of the applicable Record Date an amount equal to the Current Market product of (i) the Series B Redemption Price (the date of determination of which shall be the date fixed for redemption) of Preferred Units of the class to be so redeemed multiplied by (ii) the number of Series B Preferred Units of each held by such class included among Record Holder which are being redeemed on such effective date. Upon the Redeemable Preferred Units, net redemption of any costs or expenses incurred by Series B Preferred Units and the Company payment in connection with such redemption. Subject full to the Delaware ActRecord Holders thereof, the redemption price shall be paid, as determined by the Company in its sole discretion, (i) in cash, (ii) by delivery of a promissory note of the Company in the principal amount of the redemption price, bearing interest at the rate of 8% annually and payable in three equal annual installments of principal together with accrued interest, the first such installment commencing one year after the redemption date (or, if later in the case of Redeemable Series B Preferred Units evidenced by Certificates, upon surrender of the Certificates evidencing such Redeemable Preferred Units) or (iii) a combination of cash and a promissory note having the terms described in clause (ii)will cease to be outstanding. (c) The Member or its duly authorized representative shall be entitled to receive the payment for Redeemable Preferred Units at the place of payment specified in the notice of redemption (i) in the case of uncertificated Redeemable Preferred Units, on the redemption date or (ii) in the case of Redeemable Preferred Units evidenced by Certificates, upon surrender, on the redemption date or thereafter, by or on behalf of the Member, of the Certificates evidencing the Redeemable Preferred Units, duly endorsed in blank or accompanied by an assignment duly executed in blank. (d) After the redemption date, Redeemable Preferred Units shall no longer constitute Outstanding Units.

Redemption of Preferred Units. Any redemption of Preferred Units by the Company permitted under Article III shall be conducted in accordance with this Section 3.13. (a) The Company shall, not later than 30 days before the date fixed for redemption, give notice of redemption to the Member at its last address designated on the records of the Company or the Transfer Agent, by registered or certified mail, postage prepaid, or overnight courier of national reputation. The notice shall be deemed to have been given when so mailed. The notice shall specify the Redeemable Preferred Units, the date fixed for redemption, the place of payment, that payment of the redemption price will be made upon the redemption of the Redeemable Preferred Units (or, if later in the case of Redeemable Preferred Units evidenced by Certificates, upon surrender of the Certificates evidencing such Redeemable Preferred Units) and that on and after the date fixed for redemption no further allocations or distributions to which the Member would otherwise be entitled in respect of the Redeemable Preferred Units will accrue or be made. (b) Except as may be provided by the Unit Designation applicable to any Redeemable Preferred Units, the aggregate redemption price for Redeemable Preferred Units shall be an amount equal to the Current Market Price (the date of determination of which shall be the date fixed for redemption) of Preferred Units of the class to be so redeemed multiplied by the number of Preferred Units of each such class included among the Redeemable Preferred Units, net of any costs or expenses incurred by the Company in connection with such redemption. Subject to the Delaware Act, the redemption price shall be paid, as determined by the Company in its sole discretion, (i) in cash, (ii) by delivery of a promissory note of the Company in the principal amount of the redemption price, bearing interest at the rate of 8% annually and payable in three equal annual installments of principal together with accrued interest, the first such installment commencing one year after the redemption date (or, if later in the case of Redeemable Preferred Units evidenced by Certificates, upon surrender of the Certificates evidencing such Redeemable Preferred Units) or (iii) a combination of cash and a promissory note having the terms described in clause (ii). (c) The Member or its duly authorized representative shall be entitled to receive the payment for Redeemable Preferred Units at the place of payment specified in the notice of redemption (i) in the case of uncertificated Redeemable Preferred Units, on the redemption date or (ii) in the case of Redeemable Preferred Units evidenced by Certificates, upon surrender, on the redemption date or thereafter, by or on behalf of the Member, of the Certificates evidencing the Redeemable Preferred Units, duly endorsed in blank or accompanied by an assignment duly executed in blank.the (d) After the redemption date, Redeemable Preferred Units shall no longer constitute Outstanding Units.