Common use of Redemption Payment Clause in Contracts

Redemption Payment. (a) Upon the redemption of a Member under Section 10.7, the Requesting Member shall be entitled to a payment equal to the Redemption Value of such Member’s Interest in the Company as of the effective date of the (the “Redemption Payment”); provided, however, if the remaining Members of the Company agree to dissolve the Company in accordance with Section 13.1 of this Agreement, then in no event shall such Member be entitled to a Redemption Payment, but such Member will be entitled to such Member’s share of the assets of the Company pursuant to Section 13.3 below. (b) The Redemption Payment shall not be paid until at least sixty (60) days after the Company’s receipt of the notice from the Requesting Member required under Section 10.7(a) above. The Redemption Payment shall be paid in cash, or if the Redemption Payment exceeds five thousand dollars ($5,000), the Company shall have the option to pay the Redemption Payment by paying five thousand dollars ($5,000) upon the effective date of the redemption and executing a promissory note for the balance of the Redemption Payment. Such note shall be dated and delivered on the effective date of the withdrawal and shall be paid in five (5) equal annual installments due on the anniversary date of the withdrawal and shall accrue interest per annum at a rate determined by the Board which shall not be less than the then current prime rate established by any major bank selected by the Board for loans to the bank’s most creditworthy commercial borrowers. The Company may prepay the promissory note, in whole or in part, at any time without penalty or premium. (c) The Redemption Payment shall be increased or decreased, as the case may be, by an amount equal to any indebtedness owed the Requesting Member by the Company, or the deduction of any indebtedness owed the Company by the Requesting Member, or both. All rights of the Member with respect to the Interest, including the right to vote such Interest and to receive distributions, shall terminate at Closing, except for the Member’s right to receive payment therefor upon the effective date of the redemption which shall be determined in accordance with Section 10.9 below.

Redemption Payment. Any shares of Series X Preferred Stock shall be deemed to have been redeemed and to be no longer outstanding capital stock of the Corporation, and all rights of the holders of such shares (aexcept only the right to receive the redemption price thereof and (without duplication) Upon dividends accrued and to accrue thereon to the date of the redemption thereof pursuant to this paragraph (d)) shall terminate, on the earlier of (A) the date on or after the date fixed for the redemption of such shares on which the Corporation shall have set aside money sufficient to pay the redemption price thereof and (B) the date of an irrevocable deposit with a Member under Section 10.7Redemption Agent, the Requesting Member in trust, of money in an amount which shall be entitled sufficient to a payment equal to pay when due the Redemption Value redemption price of such Member’s Interest in shares and (without duplication) dividends accrued and to accrue thereon to (but excluding) the Company as of date fixed for the effective date of the (the “Redemption Payment”)redemption thereof; provided, however, if that in the remaining Members case of the Company agree provision for redemption of less than all shares of Series X Preferred Stock then outstanding, such shares shall have been selected for redemption as provided herein and the notice of such redemption shall have been duly given or irrevocable authority shall have been given by the Corporation to dissolve such Redemption Agent to give such notice, under arrangements satisfactory to such Redemption Agent; and provided, further, that if such deposit shall have been made prior to the Company date fixed for the redemption of such shares, the Corporation shall have delivered to such Redemption Agent written instructions stating that the money so deposited with such Redemption Agent shall be held by such Redemption Agent, in accordance trust, as hereinafter provided. The money deposited with Section 13.1 of this Agreement, then in no event shall such Member be entitled to a Redemption Payment, but such Member will be entitled to such Member’s share of the assets of the Company Agent pursuant to Section 13.3 below. this subparagraph (b4) The Redemption Payment of paragraph (d) shall not be paid until at least sixty (60) days after withdrawn or used for any purpose other than, and shall be held in trust for, the Company’s receipt payment of the notice from redemption price of the Requesting Member shares of Series X Preferred Stock in respect of which such deposit was made and (without duplication) dividends accrued and to accrue thereon to the date fixed for the redemption thereof; provided, however, that any of such moneys so held by such Redemption Agent on the date fixed for the redemption of such shares in excess of the amount required under Section 10.7(ato pay the redemption price thereof and (without duplication) above. The Redemption Payment dividends accrued and unpaid thereon to (but excluding) the date fixed for the redemption thereof shall be paid in cashover to the Corporation free and clear of any trust, lien or pledge. Any money remaining set aside by the Corporation or on deposit with a Redemption Agent and unclaimed by the registered holders of shares so called for redemption at the end of a period of one year after the date fixed for redemption shall be paid over to the Corporation and/or returned to its general funds and thereafter such holders shall look only to the Corporation for the satisfaction of such rights, if any, as they may have to the Redemption Payment exceeds five thousand dollars ($5,000), the Company shall have the option to pay the Redemption Payment by paying five thousand dollars ($5,000) upon the effective date payment of the redemption price of such shares and executing a promissory note (without duplication) dividends accrued and unpaid to (but excluding) the date fixed for the balance of the Redemption Payment. Such note shall be dated and delivered on the effective date of the withdrawal and shall be paid in five (5) equal annual installments due on the anniversary date of the withdrawal and shall accrue interest per annum at a rate determined by the Board which shall not be less than the then current prime rate established by any major bank selected by the Board for loans to the bank’s most creditworthy commercial borrowers. The Company may prepay the promissory note, in whole or in part, at any time without penalty or premiumredemption. (c) The Redemption Payment shall be increased or decreased, as the case may be, by an amount equal to any indebtedness owed the Requesting Member by the Company, or the deduction of any indebtedness owed the Company by the Requesting Member, or both. All rights of the Member with respect to the Interest, including the right to vote such Interest and to receive distributions, shall terminate at Closing, except for the Member’s right to receive payment therefor upon the effective date of the redemption which shall be determined in accordance with Section 10.9 below.

Redemption Payment. (a) Upon the redemption of a Member member under Section 10.77.4, the Requesting Member requesting member shall be entitled to a payment equal to the Redemption Value fair market value of such Member’s Interest member's interest in the Company company as of the effective date of the (the “"Redemption Payment”"); provided, however, if the remaining Members members of the Company company agree to dissolve the Company in accordance with Section 13.1 of this Agreementcompany, then in no event shall such Member member be entitled to a Redemption Paymentredemption payment, but such Member member will be entitled to such Member’s member's share of the assets of the Company pursuant to Section 13.3 belowcompany. (b) The Redemption Payment redemption payment shall not be paid until at least sixty (60) days after the Company’s company's receipt of the notice from the Requesting Member requesting member required under Section 10.7(a7.4(a) above. The Redemption Payment redemption payment shall be paid in cash, or if the Redemption Payment redemption payment exceeds five thousand dollars ($5,000), the Company company shall have the option to pay the Redemption Payment redemption payment by paying five thousand dollars ($5,000) upon the effective date of the redemption and executing a promissory note for the balance of the Redemption Paymentredemption payment. Such note shall be dated and delivered on the effective date of the withdrawal and shall be paid in five (5) equal annual installments due on the anniversary date of the withdrawal and shall accrue interest per annum at a rate determined by the Board which shall not be less than the then current prime rate established by any major bank selected by the Board for loans to the bank’s 's most creditworthy commercial borrowers. The Company company may prepay the promissory note, in whole or in part, at any time without penalty or premium. (c) The Redemption Payment redemption payment shall be increased or decreased, as the case may be, by an amount equal to any indebtedness owed the Requesting Member requesting member by the Companycompany, or the deduction of any indebtedness owed the Company company by the Requesting Memberrequested member, or both. All rights of the Member member with respect to the Interestinterest, including the right to vote such Interest interest and to receive distributions, shall terminate at Closingclosing, except for the Member’s member's right to receive payment therefor upon the effective date of the redemption which shall be determined in accordance with Section 10.9 7.6 below.

Redemption Payment. (a) Upon the redemption of a Member member under Section 10.77.4, the Requesting Member requesting member shall be entitled to a payment equal to the Redemption Value fair market value of such Membermember’s Interest interest in the Company company as of the effective date of the (the “Redemption Payment”)such payment; provided, however, if the remaining Members members of the Company company agree to dissolve the Company in accordance with Section 13.1 of this Agreementcompany, then in no event shall such Member member be entitled to a Redemption Paymentredemption payment, but such Member member will be entitled to such Membermember’s share of the assets of the Company pursuant to Section 13.3 belowcompany. (b) The Redemption Payment shall not be paid until at At least sixty (60) sixty days after the Companycompany’s receipt of the notice from the Requesting Member requesting member required under Section 10.7(a7.4 (a) above. The Redemption Payment , the company shall establish a redemption or repurchase price, after which the redemption payment shall be paid in cash, or if the Redemption Payment redemption payment exceeds five thousand dollars ($5,000), the Company company shall have the option to pay the Redemption Payment redemption payment by paying five thousand dollars ($5,000) upon the effective date of the redemption and executing a promissory note for the balance of the Redemption Paymentredemption payment. Such note shall be dated and delivered on the effective date of the withdrawal and shall be paid in five (5) equal annual installments due on the anniversary date of the withdrawal and shall accrue interest per annum at a rate determined by the Board which shall not be less than the then current prime rate established by any major bank selected by the Board for loans to the bank’s most creditworthy commercial borrowers. The Company company may prepay the promissory note, in whole or in part, at any time without penalty or premium. (c) The Redemption Payment redemption payment shall be increased or decreased, as the case may be, by an amount equal to any indebtedness owed the Requesting Member requesting member by the Companycompany, or the deduction of any indebtedness owed the Company company by the Requesting Memberrequested member, or both. All rights of the Member member with respect to the Interestinterest, including the right to vote such Interest interest and to receive distributions, shall terminate at Closingclosing, except for the Membermember’s right to receive payment therefor upon the effective date of the redemption which shall be determined in accordance with Section 10.9 7.6 below.

Redemption Payment. Within thirty (a30) Upon days of the redemption Committee's receipt of a Member under Section 10.7Redemption Request, the Requesting Member shall Partnership will pay or cause to be entitled to a payment equal paid to the Participant making the Redemption Value Request a Redemption Payment of such Member’s Interest the Incentive Compensation being redeemed in Units of the Partnership or in cash, as determined in the Company as sole discretion of the effective date of the (the “Redemption Payment”); provided, however, if the remaining Members of the Company agree to dissolve the Company in accordance with Section 13.1 of this Agreement, then in no event shall such Member be entitled to a Redemption Payment, but such Member will be entitled to such Member’s share of the assets of the Company pursuant to Section 13.3 below. (b) The Redemption Payment shall not be paid until at least sixty (60) days after the Company’s receipt of the notice from the Requesting Member required under Section 10.7(a) aboveCommittee. The A cash Redemption Payment shall be paid the product of (a) Incentive Compensation Value as of the Determination Date multiplied by (b) the applicable percentage Grant of Incentive Compensation to the redeeming Participant (expressed in cash, or if the Grant Agreement as a percentage of the Incentive Compensation Value) multiplied by (c) the portion expressed as a percentage of the Incentive Compensation being redeemed. Attached Exhibit A gives an example of the method of computation of a cash Redemption Payment exceeds five thousand dollars ($5,000), Payment. A Participant may request in his Redemption Request that such payment be made partially in cash and Units of the Company Partnership according to percentages requested by the Participant. The Committee shall have final discretion in determining the option to pay the Redemption Payment by paying five thousand dollars ($5,000) upon the effective date of the redemption method and executing a promissory note for the balance form of the Redemption Payment. Such note The number of Units of the Partnership paid, if any, pursuant to a Redemption Request shall be dated determined using the value of a cash Redemption Payment for the Redemption Request and delivered the closing price of a Unit as reported on the effective date New York Stock Exchange on the day before Units of the withdrawal Partnership are transferred to a Participant. The Partnership will file, as and shall when appropriate, and maintain the effectiveness of its Registration Statement on Form S-8 (or other appropriate form under the Securities Act of 1933) so that all Units which are issued to Participants pursuant to this Plan are issued pursuant to such effective Registration Statement; and the Partnership will, promptly upon receipt of written request from a Participant, file and maintain for a reasonable period of time the effectiveness of any post-effective amendment(s) to such Registration Statement (in the form of a re-offer prospectus or otherwise) as may be paid necessary for such Participant to sell such Units received pursuant to this Plan in five (5) equal annual installments due market transactions effected on the anniversary date of principal securities exchange on which the withdrawal and shall accrue interest per annum at a rate determined Units are then listed. Unless this Plan is amended by the Board which shall Board, the Committee may not cause the Partnership to issue more than 200,000 Units in the aggregate in satisfaction of any and all Redemption Requests. Units will not be less than issued to a Participant hereunder unless and until such Units have been listed for trading on the principal securities exchange on which the Partnership's Units are then current prime rate established by any major bank selected by listed. If the Board for loans Partnership is unable to effect such listing with respect to Units which the bank’s most creditworthy commercial borrowers. The Company may prepay Committee has determined will be issued in satisfaction of a Redemption Request, then the promissory note, in whole or in part, at any time without penalty or premium. (c) The Redemption Payment shall be increased made to such Participant in cash (or decreased, as the case may be, by an amount equal to any indebtedness owed the Requesting Member by the Company, or the deduction a combination of any indebtedness owed the Company by the Requesting Member, or both. All rights of the Member with respect to the Interest, including the right to vote such Interest cash and to receive distributions, shall terminate at Closing, except for the Member’s right to receive payment therefor upon the effective date of the redemption which shall be determined in accordance with Section 10.9 belowUnits that have been duly listed).

Redemption Payment. (a) Upon the redemption of a Member under Section 10.7, the Requesting Member shall be entitled to a payment equal to the Redemption Fair Market Value of such Member’s 's Interest in the Company as of the effective date of the (the “"Redemption Payment”"); provided, however, if the remaining Members of the Company agree to dissolve the Company in accordance with Section 13.1 of this Agreement, then in no event shall such Member be entitled to a Redemption Payment, but such Member will be entitled to such Member’s 's share of the assets of the Company pursuant to Section 13.3 l 3.3 below. (b) The Redemption Payment shall not be paid until at least sixty (60) days after the Company’s 's receipt of the notice from the Requesting Member required under Section 10.7(a) above. The Redemption Payment shall be paid in cash, or if the Redemption Payment exceeds five thousand dollars ($5,000), the Company shall have the option to pay the Redemption Payment by paying five thousand dollars ($5,000) upon the effective date of the redemption and executing a promissory note for the balance of the Redemption Payment. Such note shall be dated and delivered on the effective date of the withdrawal and shall be paid in five (5) equal annual installments due on the anniversary date of the withdrawal and shall accrue interest per annum at a rate determined by the Board which shall not be less than the then current prime rate established by any major bank selected by the Board for loans to the bank’s 's most creditworthy commercial borrowers. The Company may prepay the promissory note, in whole or in part, at any time without penalty or premium. (c) The Redemption Payment shall be increased or decreased, as the case may be, by an amount equal to any indebtedness owed the Requesting Member by the Company, or the deduction of any indebtedness owed the Company by the Requesting Member, or both. All rights of the Member with respect to the Interest, including the right to vote such Interest and to receive distributions, shall terminate at Closing, except for the Member’s 's right to receive payment therefor upon the effective date of the redemption which shall be determined in accordance with Section 10.9 below.

Redemption Payment. (a) Upon the redemption of a Member under Section 10.7, the Requesting Member shall be entitled to a payment equal to the Redemption Fair Market Value of such Member’s Interest in the Company as of the effective date of the (the “Redemption Payment”); provided, however, if the remaining Members of the Company agree to dissolve the Company in accordance with Section 13.1 of this Agreement, then in no event shall such Member be entitled to a Redemption Payment, but such Member will be entitled to such Member’s share of the assets of the Company pursuant to Section 13.3 below. (b) The Redemption Payment shall not be paid until at least sixty (60) days after the Company’s receipt of the notice from the Requesting Member required under Section 10.7(a) above. The Redemption Payment shall be paid in cash, or if the Redemption Payment exceeds five thousand dollars ($5,000), the Company shall have the option to pay the Redemption Payment by paying five thousand dollars ($5,000) upon the effective date of the redemption and executing a promissory note for the balance of the Redemption Payment. Such note shall be dated and delivered on the effective date of the withdrawal and shall be paid in five (5) equal annual installments due on the anniversary date of the withdrawal and shall accrue interest per annum at a rate determined by the Board which shall not be less than the then current prime rate established by any major bank selected by the Board for loans to the bank’s most creditworthy commercial borrowers. The Company may prepay the promissory note, in whole or in part, at any time without penalty or premium. (c) The Redemption Payment shall be increased or decreased, as the case may be, by an amount equal to any indebtedness owed the Requesting Member by the Company, or the deduction of any indebtedness owed the Company by the Requesting Member, or both. All rights of the Member with respect to the Interest, including the right to vote such Interest and to receive distributions, shall terminate at Closing, except for the Member’s right to receive payment therefor upon the effective date of the redemption which shall be determined in accordance with Section 10.9 below.

Redemption Payment. (a) Upon the redemption of a Member under Section 10.7, the Requesting Member shall be entitled to a payment equal to the Redemption Fair Market Value of such Member’s 's Interest in the Company as of the effective date of the Company's receipt of the Member's request for redemption (the “"Redemption Payment”"); provided, however, if the remaining Members of the Company agree to dissolve the Company in accordance with Section 13.1 of this Agreement, then in no event shall such Member be entitled to a Redemption Payment, but Payment by such Member will be entitled to such Member’s 's share of the assets of the Company pursuant to Section 13.3 below. (b) The Redemption Payment shall not be paid until at least sixty (60) days after the Company’s 's receipt of the notice from the Requesting Member required under Section 10.7(a) above. The Redemption Payment shall be paid in cash, or if the Redemption Payment exceeds five thousand dollars ($5,000), the Company shall have the option to pay the Redemption Payment by paying five thousand dollars ($5,000) upon the effective date of the redemption and executing a promissory note for the balance of the Redemption Payment. Such note shall be dated and delivered on the effective date of the withdrawal and shall be paid in five (5) equal annual installments due on the anniversary date of the withdrawal and shall accrue interest per annum at a rate determined by the Board which shall not be less than the then current prime rate established by any major bank selected by the Board for loans to the bank’s Bank's most creditworthy commercial borrowers. The Company may prepay the promissory note, in whole or in part, at any time without penalty or premium. (c) The Redemption Payment shall be increased or decreased, as the case may be, by an amount equal to any indebtedness owed the Requesting Member by the Company, or the deduction of any indebtedness owed the Company by the Requesting Member, or both. All rights of the Member with respect to the Interest, including the right rights to vote such Interest and to receive distributions, shall terminate at Closing, except for the Member’s 's right to receive payment therefor upon the effective date of the redemption which shall be determined in accordance with Section 10.9 below.

Redemption Payment. (a) Upon the redemption of a Member under Section 10.7, the Requesting Member shall be entitled to a payment equal to the Redemption Fair Market Value of such Member’s 's Interest in the Company as of the effective date of the (the “Redemption Payment”"REDEMPTION PAYMENT"); provided, however, if the remaining Members of the Company agree to dissolve the Company in accordance with Section 13.1 of this Agreement, then in no event shall such Member be entitled to a Redemption Payment, but such Member will be entitled to such Member’s 's share of the assets of the Company pursuant to Section 13.3 below. (b) The Redemption Payment shall not be paid until at least sixty (60) days after the Company’s 's receipt of the notice from the Requesting Member required under Section 10.7(a) above. The Redemption Payment shall be paid in cash, or if the Redemption Payment exceeds five thousand dollars ($5,000), the Company shall have the option to pay the Redemption Payment by paying five thousand dollars ($5,000) upon the effective date of the redemption and executing a promissory note for the balance of the Redemption Payment. Such note shall be dated and delivered on the effective date of the withdrawal and shall be paid in five (5) equal annual installments due on the anniversary date of the withdrawal and shall accrue interest per annum at a rate determined by the Board which shall not be less than the then current prime rate established by any major bank selected by the Board for loans to the bank’s 's most creditworthy commercial borrowers. The Company may prepay the promissory note, in whole or in part, at any time without penalty or premium. (c) The Redemption Payment shall be increased or decreased, as the case may be, by an amount equal to any indebtedness owed the Requesting Member by the Company, or the deduction of any indebtedness owed the Company by the Requesting Member, or both. All rights of the Member with respect to the Interest, including the right to vote such Interest and to receive distributions, shall terminate at Closing, except for the Member’s 's right to receive payment therefor upon the effective date of the redemption which shall be determined in accordance with Section 10.9 below.

Redemption Payment. (a) Upon the redemption of a Member under Section 10.7, the Requesting Member shall be entitled to a payment equal to the Redemption Value of such Member’s 's Interest in the Company as of the effective date of the (the “"Redemption Payment”"); provided, however, if the remaining Members of the Company agree to dissolve the Company in accordance with Section 13.1 of this Agreement, then in no event shall such Member be entitled to a Redemption Payment, but such Member will be entitled to such Member’s 's share of the assets of the Company pursuant to Section 13.3 below. (b) The Redemption Payment shall not be paid until at least sixty (60) days after the Company’s 's receipt of the notice from the Requesting Member required under Section 10.7(a) above. The Redemption Payment shall be paid in cash, or if the Redemption Payment exceeds five thousand dollars ($5,000), the Company shall have the option to pay the Redemption Payment by paying five thousand dollars ($5,000) upon the effective date of the redemption and executing a promissory note for the balance of the Redemption Payment. Such note shall be dated and delivered on the effective date of the withdrawal and shall be paid in five (5) equal annual installments due on the anniversary date of the withdrawal and shall accrue interest per annum at a rate determined by the Board which shall not be less than the then current prime rate established by any major bank selected by the Board for loans to the bank’s 's most creditworthy commercial borrowers. The Company may prepay the promissory note, in whole or in part, at any time without penalty or premium. (c) The Redemption Payment shall be increased or decreased, as the case may be, by an amount equal to any indebtedness owed the Requesting Member by the Company, or the deduction of any indebtedness owed the Company by the Requesting Member, or both. All rights of the Member with respect to the Interest, including the right to vote such Interest and to receive distributions, shall terminate at Closing, except for the Member’s 's right to receive payment therefor upon the effective date of the redemption which shall be determined in accordance with Section 10.9 below.