Common use of Tender Procedure Clause in Contracts

Tender Procedure. Upon completion of the appraisal of the Partnership's assets as of the Appraisal Date, the General Partner shall notify each Unit Holder of the Repurchase Price and his proportionate share thereof and either the General Partner or one of its Affiliates will offer to purchase such Unit Holder's Units in exchange for such Unit Holder's proportionate share of the Repurchase Price (a "Repurchase Offer"). Any Unit Holder desiring to do so may accept such Repurchase Offer by notifying the General Partner of his election. Unit Holders so notifying the General Partner shall be referred to herein as "Electing Unit Holders". The General Partner or its designated Affiliate shall thereupon promptly pay to each Electing Unit Holder, his proper share of the Repurchase Price, calculated as herein set forth, within 30 days from the date which a properly drawn assignment of such Electing Unit Holder's interest, free and clear of all liens and encumbrances, is tendered to and accepted by the General Partner or its designated Affiliate (the "Effective Date"). Upon the acquisition of an Electing Unit Holder's Units, the General Partner or its designated Affiliate shall, as of the Effective Date of such acquisition, succeed to all the rights and obligations attributable to such interest.

Tender Procedure. Upon completion of the appraisal of the Partnership's assets as of the Appraisal Date, the General Partner shall notify each Unit Holder Limited Partner of the Repurchase Price and his proportionate share thereof and either the General Partner or one of its Affiliates will offer to purchase such Unit HolderLimited Partner's Units Interests in exchange for such Unit Holder's proportionate share of the Repurchase Price (a "Repurchase Offer"). Any Unit Holder Limited Partner desiring to do so may accept such Repurchase Offer by notifying the General Partner of his election. Unit Holders Limited Partners so notifying the General Partner shall be referred to herein as "Electing Unit HoldersLimited Partners". The General Partner or its designated Affiliate shall thereupon promptly pay to each Electing Unit HolderLimited Partner, his proper share of the Repurchase Price, calculated as herein set forth, within 30 days from the date which a properly drawn assignment of such Electing Unit HolderLimited Partner's interest, free and clear of all liens and encumbrances, is tendered to and accepted by the General Partner or its designated Affiliate (the "Effective Date"). Upon the acquisition of an Electing Unit HolderLimited Partner's UnitsInterests, the General Partner or its designated Affiliate shall, as of the Effective Date of such acquisition, succeed to all the rights and obligations attributable to such interest.

Tender Procedure. Upon completion of the appraisal of the Partnership's assets as of the Appraisal Date, the General Partner shall notify each Unit Holder of the Repurchase Price and his proportionate share thereof and either the General Partner or one of its Affiliates will offer to purchase such Unit Holder's Units in exchange for such Unit Holder's proportionate share of the Repurchase Price (a "Repurchase Offer"). Any Unit Holder desiring to do so may accept such Repurchase Offer by notifying the General xx xxxxxxxxx xxx Xxxxxxl Partner of his election. Unit Holders so notifying the General Partner shall be referred to herein as "Electing Unit Holders". The General Partner or its designated Affiliate shall thereupon promptly pay to each Electing Unit Holder, his proper share of the Repurchase Price, calculated as herein set forth, within 30 days from the date which a properly drawn assignment of such Electing Unit Holder's interest, free and clear of all liens and encumbrances, is tendered to and accepted by the General Partner or its designated Affiliate (the "Effective Date"). Upon the acquisition of an Electing Unit Holder's Units, the General Partner or its designated Affiliate shall, as of the Effective Date of such acquisition, succeed to all the rights and obligations attributable to such interest.