Common use of Delivery of Distribution Clause in Contracts

Delivery of Distribution. On or promptly after the Liquidation Date, the Partnership shall automatically, and without any action on the part of the holders of LP Exchangeable Units, deliver or cause to be delivered to the holders of the LP Exchangeable Units the Liquidation Amount for each such LP Exchangeable Unit. Payment of the total Liquidation Amount for such LP Exchangeable Units shall be made by delivering to each holder, at the address of the holder recorded in the register of the Partnership for the LP Exchangeable Units or by holding for pick-up by the holder at the principal executive office of the Company on behalf of the Partnership, certificates representing shares of Class B Common Stock (which shares shall be duly issued as fully paid and non-assessable and shall be free and clear of any lien, claim or encumbrance) and a check for the balance, if any, of the total Liquidation Amount (less any amounts withheld pursuant to Article 9). On and after the Liquidation Date, the holders of the LP Exchangeable Units shall cease to be holders of such LP Exchangeable Units and shall not be entitled to exercise any of the rights of holders in respect such LP Exchangeable Units, other than the right to receive their proportionate part of the total Liquidation Amount in accordance with the foregoing provisions.