Common use of Automatic Redemption Clause in Contracts

Automatic Redemption. The Class II Units held by the Class II Unitholder, to the extent still outstanding and not previously redeemed, shall be automatically redeemed by the Company, without any action required by the Class II Unitholder, pursuant to the following schedule: (a) One Class II Unit shall be redeemed on the day following the first anniversary of the date hereof; (b) One Class II Unit shall be redeemed on the second anniversary of the date hereof; and (c) One Class II Unit shall be redeemed on the third anniversary of the date hereof (each such date of redemption set forth in this Section 5.1, an “Automatic Redemption Trigger Date”). Each Class II Unit is to be redeemed out of funds lawfully available therefor at a price per Class II Unit equal to the Redemption Price (calculated as of the date of such Automatic Redemption Trigger Date and net of any amount paid pursuant to the proviso at the end of this sentence), which shall be paid, without interest, within ten (10) days of the Final Determination of the Redemption Price pursuant to Section 5.5(b) of this Agreement (or if the Final Determination of the Redemption Price occurs before the Automatic Redemption Trigger Date, within three (3) Business Days of the Automatic Redemption Trigger Date), in cash by wire transfer of immediately available funds to an account specified in writing by the Class II Unitholder (each, an “Automatic Redemption”); provided, that the amounts specified in clauses (i) and (ii) of the definition of Redemption Price shall be paid, without interest, in cash by wire transfer of immediately available funds to an account specified in writing by the Class II Unitholder, within three (3) Business Days of the Automatic Redemption Trigger Date.

Automatic Redemption. The Class II Units held by the Class II Unitholder, to the extent still outstanding and not previously redeemed, shall be automatically redeemed by the Company, without any action required by the Class II Unitholder, pursuant to the following schedule: (a) One Class II Unit shall be redeemed on the day following the first anniversary of the date hereof; (b) One Class II Unit shall be redeemed on the second anniversary of the date hereof; and (c) One Class II Unit shall be redeemed on the third anniversary of the date hereof (each such date of redemption set forth in this Section 5.1, an “Automatic Redemption Trigger Date”). Each Class II Unit is to be redeemed out of funds lawfully available therefor at a price per Class II Unit equal to the Redemption Price (calculated as of the date of such Automatic Redemption Trigger Date and net of any amount paid pursuant to the proviso at the end of this sentence), which shall be paid, without interest, within ten (10) days of the Final Determination of the Redemption Price pursuant to Section 5.5(b) of this Agreement (or if the Final Determination of the Redemption Price occurs before the Automatic Redemption Trigger Date, within three (3) Business Days of the Automatic Redemption Trigger Date), in cash by wire transfer of immediately available funds to an account specified in writing by the Class II Unitholder (each, an “Automatic Redemption”); provided, that the amounts specified in clauses (i) and (ii) of the definition of Redemption Price shall be paid, without interest, in cash by wire transfer of immediately available funds to an account specified in writing by the Class II Unitholder, within three (3) Business Days of the Automatic Redemption Trigger Date.three