Common use of Right of Presentment Clause in Contracts

Right of Presentment. During the first calendar quarter of each of the years 2010 through 2015, an Investor Partner (other than the Managing Partner or an Affiliate thereof) may request in writing that the Managing Partner repurchase all, but not less than all, of his Interests (the “Right of Presentment”). The repurchase price to be paid upon any repurchase of an Investor Partner’s Interests will be the pro rata share represented by his Interests of: (a) 100% of the sum of (i) 65% of the unescalated (i.e., not increased by any interest rate or any other factor) value as of such Valuation Date of the future net revenues attributable to the Partnership’s Proved Developed Producing Reserves, as estimated by the Independent Expert retained by the Managing Partner to prepare the most recent engineering report furnished to the Investor Partners pursuant to Section 7.2(c);