Common use of General Terms Applicable to Purchase and Sale of Membership Interests Clause in Contracts

General Terms Applicable to Purchase and Sale of Membership Interests. (a) The closing of the purchase and sale of a Member's Units and Membership Interest in accordance with this Section 10.7 shall occur not later than (1) if no governmental consents or approvals are required in connection with the sale of each selling Member's Units and Membership Interest, no later than ninety (90) calendar days after the Responding Member's receipt of the Buy/Sell Notice pursuant to Section 10.7.2(a), or the Responding Member's receipt of the Initiating Partner's election pursuant to Section 10.7.4(a)(1), whichever is applicable, or (2) in all other cases, the later of thirty (30) calendar days after the receipt of all governmental consents and approvals required in connection with the sale of all selling Members' Units and Membership Interest or the date specified in clause (1).