Redemption Interest definition
Examples of Redemption Interest in a sentence
If any portion of the payment pursuant to an Optional Redemption shall not be paid by the Company by the applicable due date, interest shall accrue thereon at an interest rate equal to the lesser of 15% per annum or the maximum rate permitted by applicable law until such amount is paid in full (the “Optional Redemption Interest Rate”).
So long as the Class B Interest or an Advisor Redemption Interest remains outstanding, the Partnership shall not, without the consent of the Class B Partner or the holders of the Advisor Redemption Interest, as applicable, given in person or by proxy, amend, alter or repeal, whether by merger, consolidation or otherwise, the provisions of the Partnership Agreement applicable to such Interest so as to materially and adversely affect any right, privilege or voting power of such Interest or such Partner.
The Pledge Agreement is hereby amended such that the removal of the Redemption Interest Release Amount, the Share Exchange Interest Release Amount and the Company Release Amount shall not be in breach of its terms.
The Advisor Redemption Interest Amount shall be paid, as determined by the General Partner’s board of trustees, including a majority of the independent trustees, either in the form of cash or Shares.
The Redemption Notice shall state the portion (which may be all) of the interest in the Partnership that the Limited Partner wishes to have redeemed (the "Redemption Interest").
The Purchase Offer shall set forth the portion (which may be all) of the Redemption Interest the General Partner proposes to purchase or cause to be purchased (the "Offered Interest"), the aggregate price proposed to be paid for the Offered Interest (the "Offer Price"), and the price per Class B Share (and, if applicable, Class A Share) corresponding to the Offer Price (the "Per Share Price").
The General Partner shall have 30 days following its receipt of a Redemption Notice to make an offer (a "Purchase Offer") to purchase and hold as a Limited Partner, or to cause an RSL Permitted Transferee to purchase, all or any portion of the Redemption Interest.
If the General Partner does not make a Purchase Offer, then, subject to Section 4.4(d), the General Partner shall cause the Partnership to redeem the Redemption Interest in exchange for a distribution to the Limited Partner of a pro rata portion of the Class A Shares and Class B Shares owned by the Partnership as promptly as practicable following the Expiration Date.
The redemption of the Redemption Interest (or any redemption pursuant to Section 4.5), and the distribution of Class A Shares and/or Class B Shares to the Limited Partner, shall be subject to the Limited Partner having assumed (and the Partnership having been released from any obligation with respect to) a pro rata portion of any indebtedness of the Partnership incurred in accordance with Section 4.1(b) or 4.7 hereof.
The Redemption Interest shall be retired and redeemed by the Partnership effective as of 9:00 a.m. Eastern Time on December 31, 1997, (the "Effective Date"), all in accordance with the provisions set forth in this Agreement.