Redemption Property definition
Examples of Redemption Property in a sentence
Proceeds of a Redemption Order shall consist of Redemption Property, less any applicable Cash Amount.
The Company shall assign to the Redeeming Member(s) any and all rights, if any, that it has with respect to an In-Kind Redemption Property pursuant to the contract for the acquisition of such In-Kind Redemption Property.
The cost for any such casualty insurance for the period during which the In-Kind Redemption Property is owned by the Company shall be borne by the Company.
If the net fair value of an In-Kind Redemption Property exceeds the aggregate value of the Class A Common Units that are the subject of the Notice of Redemption, such excess will be paid in cash to the Company by the Redeeming Member(s) at the closing of the redemption.
Any transfer tax due with respect to distribution of such interests in such limited liability company either will be paid by the Redeeming Member(s) or will be included in the calculation of the net fair value of the In-Kind Redemption Property.
In the event of a casualty loss during the Company’s ownership of an In-Kind Redemption Property, the Company will assign to the Redeeming Member(s) its rights to the proceeds from insurance recoverable in connection with such loss at the closing of the redemption.
Preferred Holders may fund any additional monies needed to purchase the Redemption Property in any reasonable manner selected by Preferred Holders and reasonably approved by Cedar GP (e.g., through a third party escrow arrangement).
At the request of the Company, the Redeeming Member(s) shall be responsible, at their expense, for arranging the indebtedness to be secured by the In-Kind Redemption Property to be distributed to such Redeeming Member(s) pursuant hereto, in which event any indebtedness arranged by the Redeeming Member(s) shall be presumed conclusively to satisfy this Paragraph 15(i)(C).
In particular, none of them will make any representations or warranties regarding the In-Kind Redemption Property so acquired, tax treatment, or otherwise, other than customary representations and warranties with respect to the periods during which the Company has owned the In-Kind Redemption Property.
Further, if the Managing Member determines in good faith that the projected cash on cash return of any proposed In-Kind Redemption Property in the period prior to the date the Put would be exercisable is less than fifteen percent (15%) on an annual basis, the amount of such projected deficiency may in the Managing Member’s sole discretion be added to the calculation of net fair value of such In-Kind Redemption Property.