Common use of Redemption or Repurchase of Capital Shares or REIT Shares Clause in Contracts

Redemption or Repurchase of Capital Shares or REIT Shares. Except as otherwise provided in Section 4.7(c) or in Section 7.4(c), if, at any time, any Capital Shares are redeemed or otherwise repurchased (whether by exercise of a put or call, automatically or by means of another arrangement) by the Managing Member, the Company shall, immediately prior to such redemption or repurchase of Capital Shares, redeem an equal number of Membership Equivalent Units held by the Managing Member upon the same terms and for the same price per Membership Equivalent Unit as such Capital Shares are redeemed or repurchased. Except as otherwise provided in Section 4.7(c) or in Section 7.4(c), if, at any time, any REIT Shares are redeemed or otherwise repurchased by the Managing Member, the Company shall, immediately prior to such redemption or repurchase of REIT Shares, redeem or repurchase a number of Common Units held by the Managing Member equal to the quotient of (i) the REIT Shares so redeemed or repurchased, divided by (ii) the Adjustment Factor then in effect, such redemption or repurchase to be upon the same terms and for the same price per Common Unit (after giving effect to application of the Adjustment Factor) as such REIT Shares are redeemed or otherwise repurchased. Notwithstanding the foregoing, the provisions of this Section 4.7(b) shall not apply in the event that such repurchase of REIT Shares is paired with a stock split or stock dividend such that after giving effect to such repurchase and subsequent stock split or stock dividend there shall be outstanding an equal number of REIT Shares as were outstanding prior to such repurchase and subsequent stock split or stock dividend.

Redemption or Repurchase of Capital Shares or REIT Shares. Except as otherwise provided in Section 4.7(c) or in Section 7.4(c), if, at any time, any Capital Shares are redeemed or otherwise repurchased (whether by exercise of a put or call, automatically or by means of another arrangement) by the Managing MemberGeneral Partner, the Company Partnership shall, immediately prior to such redemption or repurchase of Capital Shares, redeem an equal number of Membership Partnership Equivalent Units held by the Managing Member General Partner upon the same terms and for the same price per Membership Partnership Equivalent Unit as such Capital Shares are redeemed or repurchased. Except as otherwise provided in Section 4.7(c) or in Section 7.4(c), ifIf, at any time, any REIT Shares are redeemed or otherwise repurchased by the Managing MemberGeneral Partner, the Company Partnership shall, immediately prior to such redemption or repurchase of REIT Shares, redeem or repurchase a number of Partnership Common Units held by the Managing Member General Partner equal to the quotient of (i) the REIT Shares so redeemed or repurchased, divided by (ii) the Adjustment Factor then in effect, such redemption or repurchase to be upon the same terms and for the same price per Partnership Common Unit (after giving effect to application of the Adjustment Factor) as such REIT Shares are redeemed or otherwise repurchased. Notwithstanding the foregoing, the provisions of this Section 4.7(b) shall not apply in the event that such repurchase of REIT Shares is paired with a stock split or stock dividend such that after giving effect to such repurchase and subsequent stock split or stock dividend there shall be outstanding an equal number of REIT Shares as were outstanding prior to such repurchase and subsequent stock split or stock dividend.

Redemption or Repurchase of Capital Shares or REIT Shares. Except as otherwise provided in Section 4.7(c) or in Section 7.4(c)7.4.C, if, at any time, any Capital Shares are redeemed or otherwise repurchased (whether by exercise of a put or call, automatically or by means of another arrangement) by the Managing MemberGeneral Partner, the Company Partnership shall, immediately prior to such redemption or repurchase of Capital Shares, redeem an equal number of Membership Partnership Equivalent Units held by the Managing Member General Partner upon the same terms and for the same price per Membership Partnership Equivalent Unit as such Capital Shares are redeemed or repurchased. Except as otherwise provided in Section 4.7(c) or in Section 7.4(c), ifIf, at any time, any REIT Shares are redeemed or otherwise repurchased by the Managing MemberGeneral Partner, the Company Partnership shall, immediately prior to such redemption or repurchase of REIT Shares, redeem or repurchase a number of Common Units held by the Managing Member General Partner equal to the quotient of (i) the REIT Shares so redeemed or repurchased, divided by (ii) the Adjustment Factor then in effect, such redemption or repurchase to be upon the same terms and for the same price per Common Unit (after giving effect to application of the Adjustment Factor) as such REIT Shares are redeemed or otherwise repurchased. Notwithstanding the foregoing, the provisions of this Section 4.7(b) 4.7.B shall not apply in the event that such repurchase of REIT Shares is paired with a stock split or stock dividend such that after giving effect to such repurchase and subsequent stock split or stock dividend there shall be outstanding an equal number of REIT Shares as were outstanding prior to such repurchase and subsequent stock split or stock dividend.

Redemption or Repurchase of Capital Shares or REIT Shares. Except as otherwise provided in Section 4.7(c) or in Section 7.4(c)7.4.C., if, at any time, any Capital Shares are redeemed or otherwise repurchased (whether by exercise of a put or call, automatically or by means of another arrangement) by the Managing MemberIMC REIT, the Company Partnership shall, immediately prior to such redemption or repurchase of Capital Shares, redeem an equal number of Membership Partnership Equivalent Units held by the Managing Member IMC REIT upon the same terms and for the same price per Membership Partnership Equivalent Unit as such Capital Shares are redeemed or repurchased. Except as otherwise provided in Section 4.7(c) or in Section 7.4(c)7.4.C., if, at any time, any REIT Shares are redeemed or otherwise repurchased by the Managing MemberIMC REIT, the Company Partnership shall, immediately prior to such redemption or repurchase of REIT Shares, redeem or repurchase a number of Common Units held by the Managing Member IMC REIT equal to the quotient of (i) the REIT Shares so redeemed or repurchased, divided by (ii) the Adjustment Factor then in effect, such redemption or repurchase to be upon the same terms and for the same price per Common Unit (after giving effect to application of the Adjustment Factor) as such REIT Shares are redeemed or otherwise repurchased. Notwithstanding the foregoing, the provisions of this Section 4.7(b) shall not apply in the event that such repurchase of REIT Shares is paired with a stock split or stock dividend such that after giving effect to such repurchase and subsequent stock split or stock dividend there shall be outstanding an equal number of REIT Shares as were outstanding prior to such repurchase and subsequent stock split or stock dividend.

Redemption or Repurchase of Capital Shares or REIT Shares. Except as otherwise provided in Section 4.7(c) or in Section 7.4(c)7.4.C., if, at any time, any Capital Shares are redeemed or otherwise repurchased (whether by exercise of a put or call, automatically or by means of another arrangement) by the Managing MemberSpecial Limited Partner for cash, the Company Partnership shall, immediately prior to such redemption or repurchase of Capital Shares, redeem or repurchase an equal number of Membership the corresponding Partnership Equivalent Units held by the Managing Member Special Limited Partner upon the same terms and for the same price per Membership Partnership Equivalent Unit as such Capital Shares are redeemed or repurchased. Except as otherwise provided in Section 4.7(c) or in Section 7.4(c), ifIf, at any time, any REIT Shares are forfeited or redeemed or otherwise repurchased or reacquired by the Managing MemberSpecial Limited Partner, the Company Partnership shall, immediately prior to such redemption forfeiture, redemption, repurchase or repurchase reacquisition of REIT Shares, redeem forfeit, redeem, repurchase or repurchase reacquire a number of Partnership Common Units held by the Managing Member Special Limited Partner equal to the quotient of (i) the REIT Shares so redeemed forfeited, redeemed, repurchased or repurchasedreacquired, divided by (ii) the Adjustment Factor then in effect, such redemption forfeiture, redemption, repurchase or repurchase reacquisition to be upon the same terms Table of Contents and for the same price per Partnership Common Unit (after giving effect to application of the Adjustment Factor) as such REIT Shares are redeemed forfeited, redeemed, repurchased or otherwise repurchased. Notwithstanding the foregoing, the provisions of this Section 4.7(b) shall not apply in the event that such repurchase of REIT Shares is paired with a stock split or stock dividend such that after giving effect to such repurchase and subsequent stock split or stock dividend there shall be outstanding an equal number of REIT Shares as were outstanding prior to such repurchase and subsequent stock split or stock dividendreacquired.

Redemption or Repurchase of Capital Shares or REIT Shares. Except as otherwise provided in Section 4.7(c) or in Section 7.4(c)7.4.C., if, at any time, any Capital Shares are redeemed or otherwise repurchased (whether by exercise of a put or call, automatically or by means of another arrangement) by the Managing MemberSpecial Limited Partner for cash, the Company Partnership shall, immediately prior to such redemption or repurchase of Capital Shares, redeem or repurchase an equal number of Membership the corresponding Partnership Equivalent Units held by the Managing Member Special Limited Partner upon the same terms and for the same price per Membership Partnership Equivalent Unit as such Capital Shares are redeemed or repurchased. Except as otherwise provided in Section 4.7(c) or in Section 7.4(c), ifIf, at any time, any REIT Shares are forfeited or redeemed or otherwise repurchased or reacquired by the Managing MemberSpecial Limited Partner, the Company Partnership shall, immediately prior to such redemption forfeiture, redemption, repurchase or repurchase reacquisition of REIT Shares, redeem forfeit, redeem, repurchase or repurchase reacquire a number of Partnership Common Units held by the Managing Member Special Limited Partner equal to the quotient of (i) the REIT Shares so redeemed forfeited, redeemed, repurchased or repurchasedreacquired, divided by (ii) the Adjustment Factor then in effect, such redemption forfeiture, redemption, repurchase or repurchase reacquisition to be upon the same terms and for the same price per Partnership Common Unit (after giving effect to application of the Adjustment Factor) as such REIT Shares are redeemed forfeited, redeemed, repurchased or otherwise repurchased. Notwithstanding the foregoing, the provisions of this Section 4.7(b) shall not apply in the event that such repurchase of REIT Shares is paired with a stock split or stock dividend such that after giving effect to such repurchase and subsequent stock split or stock dividend there shall be outstanding an equal number of REIT Shares as were outstanding prior to such repurchase and subsequent stock split or stock dividendreacquired.