Common use of Purchase of Defaulting Partners' Interest Clause in Contracts

Purchase of Defaulting Partners' Interest. (A) The Nondefaulting Partners shall have the right to elect to purchase the Interest of the Defaulting Partners by delivering notice of such election in writing to the Partnership Governance Committee and the Defaulting Partners (the "Purchase Notice"). The purchase of such Interest shall be consummated prior to the expiration of thirty (30) days from the determination of the purchase price as provided herein. (B) The purchase price that the Nondefaulting Partners shall pay to the Defaulting Partners for the Defaulting Partners' Interest shall be an amount equal to (i) the amount that the Defaulting Partners would receive in a Liquidation (assuming that the sale under Section 11.11.(B)(1) is for an amount equal to the Fair Market Value) reduced by (ii) the Damages incurred by the Partnership.

Purchase of Defaulting Partners' Interest. (A1) The Nondefaulting Partners shall have the right to elect to purchase the Interest of the Defaulting Partners by delivering notice of such election in writing to the Partnership Governance Committee and the Defaulting Partners (the "Purchase Notice"). The purchase of such Interest shall be consummated prior to the expiration of thirty (30) days from the determination of the purchase price as provided herein. (B2) The purchase price that the Nondefaulting Partners shall pay to the Defaulting Partners for the Defaulting Partners' Interest shall be an amount equal to (i) the amount that the Defaulting Partners would receive in a Liquidation (assuming that the sale under Section 11.11.(B)(1) is for an amount equal to the Fair Market Value) reduced by (ii) the Damages incurred by the Partnership.