Buying Partner definition
Examples of Buying Partner in a sentence
A Partner electing to purchase such Partnership Interests (the "Buying Partner" or "Buying Partners") shall, within the Partner Option Period, deliver a written notice to the Partnership and the Selling Partner specifying the portion of the available Partnership Interests such Buying Partner desires to purchase.
If only one of the IMC Partner or the FRP Partner gives the notice referred to in the preceding sentence (the "Buying Partner"), the Buying Partner shall have the right and the obligation to purchase all, but not less than all, of such other Non-Managing Partner's Partnership Interest and the Managing Partner's Partnership Interest at the aggregate Transfer Price therefor.
If the Buying Partner and such other Non-Managing Partner cannot agree upon a Transfer Price within sixty (60) days after the notice referred to in the first sentence of this Section 11.02, either the IMC Partner or the FRP Partner may, by notice to the other, invoke the Appraisal Procedure.
In the event the Partner receiving the Buy-Sell Notice fails to respond within such 60-day period, then the Partner who gave the Buy-Sell Notice shall be the Buying Partner.
The offer shall provide that the Buying Partner may purchase the Partnership Interest of the Selling Partner at the same price and on the same terms and conditions as the proposed sale described in the offer.
A Non-Failing Partner must exercise its Call Option within sixty (60) days after the notice of the Partnership to the Non-Failing Partner, otherwise its corresponding Call Option shall be deemed to have expired; provided, however, that in the event a Buying Partner shall fail to complete its portion of the call within such 60-day period, the remaining Buying Partner shall have an additional ten (10) days from the expiration of such 60-day period to complete the purchase of all Call Shares.
The Partner purchasing the Partnership Interests of other Partner(s) pursuant to this Section 11.8 shall be the "Buying Partner" and the Partner(s) selling Partnership Interests pursuant to this Section 11.8 shall be the "Selling Partner".
The Buying Partner Class P Contribution Amount will be payable from time to time as the holders of Class P Interests are entitled to payment, and the Buying Partner agrees that it will include such amount as determined in good faith by the Partners and Assignees other than the Buying Partner from time to time in connection with each payment of the purchase price due from the Buying Partner.
In the event the Failing Partner appoints one appraiser and the Buying Partner appoint one, they each shall bear the cost of the one they appointed.
In the event the Failing Partner and the Buying Partner cannot agree upon the selection of an appraiser within thirty (30) days, each side shall select an appraiser within fifteen (15) days thereafter.