Common use of Applicable Redemption Price Clause in Contracts

Applicable Redemption Price. The redemption price for a Limited Partner’s Units (the “Applicable Redemption Price”) generally will depend on when the Limited Partner presents his Units for redemption and shall be determined as set forth below. If a Limited Partner presents his Units for redemption: (i) during the offering period for the Units, the redemption price for one Unit shall equal the net asset value for one redeemed Unit at the time the redemption request is received, as that value is determined by the General Partner in its sole discretion; (ii) during the Partnership’s operating period, the redemption price for one Unit shall equal the initial investment amount the Limited Partner paid to the Partnership for one redeemed Unit, less all distributions of Distributable Cash from the Partnership to the Limited Partner on account of one redeemed Unit before and on the date of the redemption, other than the payment of the redemption price, and less all Organization and Offering Expenses charged to the Limited Partner on account of one redeemed Unit, if any; or (iii) during the Partnership’s liquidation period, the redemption price for one Unit shall equal the equity for one Unit as set forth on the Partnership’s latest balance sheet before the redemption request, which may be unaudited, less 100% of any distributions made by the Partnership to the Limited Partner on account of one redeemed Unit since the date of the balance sheet and up to and including the date of the redemption, other than the payment of the redemption price. However, if the Units of a deceased Limited Partner are presented to the Partnership for redemption at any time during the Partnership’s term, the redemption price for one Unit shall equal the initial investment amount the deceased Limited Partner paid to the Partnership for one redeemed Unit, less all distributions from the Partnership to the Limited Partner on account of one redeemed Unit before and on the date of the redemption, other than the payment of the redemption price, but without deduction for any Organization and Offering Expenses charged to the deceased Limited Partner on account of one redeemed Unit. No portion of any redemption price for the Units shall be allocated to the Partnership’s name or goodwill.