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Common Unit Repurchase and Retirement
 3 Months Ended
Dec. 31, 2013
Common Unit Repurchase and Retirement

3) Common Unit Repurchase and Retirement

In July 2012, the Board authorized the repurchase of up to 3.0 million of the Partnership’s common units (“Plan III”). In July 2013, the Board authorized an additional 1.9 million common units to be repurchased under its Plan III common unit repurchase plan. The authorized common unit repurchases may be made from time-to-time in the open market, in privately negotiated transactions or in such other manner deemed appropriate by management. There is no guarantee of the exact number of units that will be purchased under the program and the Partnership may discontinue purchases at any time. The program does not have a time limit. The Board may also approve additional purchases of units from time to time in private transactions. The Partnership’s repurchase activities take into account SEC safe harbor rules and guidance for issuer repurchases. All of the common units purchased in the repurchase program will be retired.

Under the Partnership’s second amended and restated credit agreement (see Note 14. Subsequent Events), we must maintain Availability (as defined in the second amended and restated credit facility agreement) of $45 million, 15.0% of the facility size of $300 million (assuming the non-seasonal aggregate commitment is outstanding) on a historical pro forma and forward-looking basis, and a fixed charge coverage ratio of not less than 1.15 in order to repurchase common units. During the three months ended December 31, 2013, the Partnership was in compliance with the equivalent covenant in the credit agreement then in effect.

(in thousands, except per unit amounts)

Period

 Total Number of Units
Purchased (a)		 Average Price Paid
per Unit (b)		 Maximum Number
of Units that May
Yet Be Purchased

Plan III - Number of units authorized

 4,894

Private transaction - Number of units authorized (c)

 1,150

6,044

Plan III - Fiscal year 2012 total

 22 $ 4.26 6,022

Plan III - Fiscal year 2013 total (c)

 3,284 $ 4.63 2,738

Plan III - October 2013 (d)

 250 $ 5.20 2,488

Plan III - November 2013

 — $ — 2,488

Plan III - December 2013

 — $ — 2,488

Plan III - First quarter fiscal year 2014 total

 250 $ 5.20 2,488

(a) Units were repurchased as part of a publicly announced program, except as noted in a private transaction.
(b) Amounts include repurchase costs.
(c) Fiscal year 2013 common unit repurchases include 1.15 million common units acquired in a private transaction.
(d) October 2013 common unit repurchases were acquired in a private transaction.