Common use of Redemption Plan Clause in Contracts

Redemption Plan. a. At any time after one (1) year following the purchase of Interests, the holders of Interests may request redemptions of the Interests in accordance with this Section 6; provided, however, that the Company has the right, but not the obligation, to grant such request. b. The redemption price will be made at a price equal to the purchase price at which the Interests in that Series were purchased, less the pro rata amount (if any) paid to the Manager as compensation for due diligence services in evaluating, investigating and discovering the Series Assets (the “Redemption Price”). All redemption requests received will be paid in accordance with the terms set forth herein on the first day of each quarter or the first business day thereafter (“Redemption Payment Date”); provided Members must make a redemption request no less than ten (10) days prior to the Redemption Payment Date. Members may increase or decrease their redemption requests at any time prior to the Redemption Payment Date and may cancel or withdraw their redemption request for any reason at any time prior to the Redemption Payment Date. A Member making a redemption request would be entitled to receive any distributions made between the date of the redemption request and the Redemption Payment Date and such distributions will not affect the Redemption Price. c. A Member requesting redemption will be responsible for reimbursing the Company for any third-party costs incurred as a result of the redemption request, including but not limited to, bank transaction charges, custody fees, and/or transfer agent charges. If the Company agrees to honor a redemption request, the Interests to be redeemed will cease to have voting rights as of the Redemption Effective Date.