Common use of Sale of Former General Partner's Interest Clause in Contracts

Sale of Former General Partner's Interest. If any Person becomes a successor General Partner pursuant to Sections 11.1 or 12.2 or the proviso to Section 12.1, such successor shall purchase from the former General Partner, and the former General Partner shall sell to such successor, the Partnership Interest of the former General Partner for an amount in cash equal to the fair market value thereof, determined as of the effective date of the departure of the former General Partner. Such fair market value shall be determined by agreement between the former General Partner and its successor or, failing agreement within 30 days after the date the successor General Partner is so admitted, by a firm of independent appraisers jointly selected by the former General Partner and its successor (or, if the former General Partner and its successor cannot agree on the selection of such a firm within 45 days after the date the successor General Partner is so admitted, by a firm of independent appraisers selected by two firms, one of which will be selected by the former General Partner and the other of which will be selected by the successor).

Sale of Former General Partner's Interest. If any Person becomes a successor General Partner pursuant to Sections Section 11.1 or 12.2 or the proviso to Section 12.1, such successor shall purchase from the former General Partner, and the former General Partner shall sell to such successor, the Partnership Interest of the former General Partner for an amount in cash equal to the fair market value thereof, determined as of the effective date of the departure of the former General Partner. Such fair market value shall be determined by agreement between the former General Partner and its successor or, failing agreement within 30 days after the date the successor General Partner is so admitted, by a firm of independent appraisers jointly selected by the former General Partner and its successor (or, if the former General Partner and its successor cannot agree on the selection of such a firm within 45 days after the date the successor General Partner is so admitted, by a firm of independent appraisers selected by two firms, one of which will be selected by the former General Partner and the other of which will be selected by the successor).

Sale of Former General Partner's Interest. If any Person becomes a successor General Partner is approved pursuant to Sections Section 11.1 or 12.2 or the proviso to Section 12.1, such successor shall purchase from the former General Partner, Partner and the former General Partner shall sell to such successor, the Partnership Interest of the former General Partner for an amount in cash equal to the fair market value thereof, determined as of the effective date of the departure of the former General Partner. Such fair market value shall be determined by agreement between the former General Partner and its successor or, failing agreement within 30 days after the date the successor General Partner is so admitted, by a firm of independent appraisers jointly selected by the former General Partner and its successor (or, if the former General Partner and its successor cannot agree on the selection of such a firm within 45 days after the date the successor General Partner is so admitted, by a firm of independent appraisers selected by two firms, one of which will be selected by the former General Partner and the other of which will be selected by the successor).

Sale of Former General Partner's Interest. If any Person becomes a successor General Partner is approved pursuant to Sections 11.1 Section 13.1 or 12.2 14.2 or the proviso to Section 12.114.1, such successor shall purchase from the former General Partner, and the former General Partner shall sell to such successor, the Partnership Interest GP Units of the former General Partner for an amount in cash or such other form of consideration acceptable to the former General Partner in its sole discretion with a fair market value equal to the fair market value thereofof such GP Units or as otherwise agreed, determined as of the effective date the successor General Partner is admitted pursuant to Section 12.3, provided, however, that any General Partner shall have the right to exchange a portion of the departure of the former General Partnerits GP Units pursuant to Section 4.2. Such fair market value shall be determined by agreement between the former General Partner and its successor or, failing agreement within 30 days after the date the successor General Partner is so admitted, by a firm of independent appraisers jointly selected by the former General Partner and its successor (or, if the former General Partner and its successor cannot agree on the selection of such a firm within 45 days after the date the successor General Partner is so admitted, by a firm of independent appraisers selected by two firms, one of which will be selected by the former General Partner and the other of which will be selected by the successor).