Common use of Cessation of Right of Presentment Clause in Contracts

Cessation of Right of Presentment. In the event the obligation of the Managing Partner or any Affiliate thereof to repurchase Interests from Investor Partners pursuant to their Right of Presentment is determined by counsel to the Partnership to be in violation of any existing or future laws or to expose the Partnership or the Investor Partners to material adverse federal income tax consequences, such obligation shall become null and void and of no further force or effect, but only to the extent necessary in the opinion of counsel to the Partnership to comply with such laws or to avoid such consequences.