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 Repurcha▇▇ ▇▇▇▇▇ ▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇▇e 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. The Repurchase Price shall be recalculated monthly with the Repurchase Price being reduced by the amount of any cash distributions to Unit Holders during the period from the Appraisal Date to the date of the payment of the Repurchase Price and shall otherwise be adjusted to reflect the effect of material operations during such period, including a material increase or decrease in the current price of oil or gas or in the estimated amount of the Partnership's Proved Reserves. In the event the Repurchase Price is adjusted for any reason other than to reflect the payment of cash distributions, the General Partner shall provide written notification of such adjustment to the Unit Holders at least ten (10) business days prior to acceptance of Units for purchase.
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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 Repurcha▇Repurchas▇ ▇▇▇▇▇ ▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇▇e 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. The Repurchase Price shall be recalculated monthly with the Repurchase Price being reduced by the amount of any cash distributions to Unit Holders during the period from the Appraisal Date to the date of the payment of the Repurchase Price and shall otherwise be adjusted to reflect the effect of material operations during such period, including a material increase or decrease in the current price of oil or gas or in the estimated amount of the Partnership's Proved Reserves. In the event the Repurchase Price is adjusted for any reason other than to reflect the payment of cash distributions, the General Partner shall provide written notification of such adjustment to the Unit Holders at least ten (10) business days prior to acceptance of Units for purchase.
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