Common use of Notices of and Limitations on Right of Presentment Clause in Contracts

Notices of and Limitations on Right of Presentment. (a) Prior to May 31 of each year in which the Right of Presentment exists, the Managing Partner shall notify each Investor Partner requesting repurchase under Section 8.3 of the amount that will be paid to repurchase each Interest and the method by which that repurchase price was calculated. Upon their receipt of such notification, the requesting Investor Partners who wish to present their Interests for repurchase shall do so by properly completing and executing the form of assignment that will accompany the Managing Partner’s notification and returning it to the Managing Partner within 20 calendar days after the date of the notification. Such presentment by an Investor Partner shall constitute his acceptance of the repurchase offer of the Managing Partner, subject to the terms of this Article 8. Payment for Interests presented for repurchase during a year will be made in cash not less than 60 nor more than 75 calendar days after receipt by the Managing Partner of the assignments of the Interests so repurchased.