Marketing Right for Projects Sample Clauses

Marketing Right for Projects. (a) As provided in this Section 9.3, a Member may initiate, or be deemed to have initiated (the “Project Initiating Member”), the Sale of any Project or Projects by sending Notification (the “Project Marketing Notice”) to the other Member (the “Project Non-Initiating Member”) in accordance with the following:
Sample 1
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Marketing Right for Projects. (a) As provided in this Section 9.3, a Member (the “Project Initiating Member”) may initiate the Sale of any Project or Projects by sending Notification (the “Project Marketing Notice”) to the other Member (the “Project Non-Initiating Member”) at any time after the Lockout Date. Within thirty (30) days after the date on which the Project Marketing Notice was received by the Project Non-Initiating Member, the Members, each acting in good faith, shall attempt to agree on the Fair Market Value of the Project(s). If the Members cannot agree on the Fair Market Value of the Project(s) in such thirty (30)-day period, the Project(s) shall be appraised by a Qualified Appraiser. The cost of such appraisal shall be paid by the Company. The Qualified Appraiser shall have thirty (30) days after the date of its appointment to determine the Fair Market Value(s) of the Project(s). The Fair Market Value(s) of the Project(s) as determined by this Section 9.3(a) is the “Project Marketing Price.” The Project Non-Initiating Member (other than a defaulting Member as determined in accordance with Section 7.2) shall have thirty (30) Business Days after the date on which the Project Marketing Price is determined (the “First Project Election Period”) to send Notification to the Project Initiating Member that it has elected to purchase the Project(s) at the Project Marketing Price. If the Project Non-Initiating Member does not elect to purchase the Project(s) at the Project Marketing Price within the First Project Election Period, the Project Initiating Member may market the Project(s) for Sale to third parties under the supervision of an independent, third-party broker reasonably acceptable to the Members. This marketing process may not continue for more than sixty (60) days after the expiration of the First Project Election Period regardless of whether any bids for the Project(s) have been received. Within five (5) Business Days after the end of the marketing process, the Project Initiating Member shall send Notification (the “Project Bid Notice”) to the Project Non-Initiating Member listing all of the bids received from third parties and stating if the highest bid listed on the Project Bid Notice (the “Highest Project Bid”) is acceptable to the Project Initiating Member. (i) If the Highest Project Bid is not acceptable to the Project Initiating Member, the marketing process is terminated and the Project Initiating Member may not send another Project Marketing Notice for twelve (1...
Sample 1

Related to Marketing Right for Projects

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