Examples of Purchasing Member in a sentence
Each Purchasing Member shall be entitled to purchase a portion of the Former Member’s Interest in the same proportion as their Membership Interest compared with the percentage interest of all Purchasing Members.
Each Member agrees to cooperate and to take all actions and execute all documents reasonably necessary or appropriate to reflect the purchase of the Selling Partner’s Membership Interest by the Purchasing Member.
In no event shall Purchasing Member be required to repay or to cause the Company to repay any indebtedness of the Company at such closing.
If the Responding Member does not notify the Initiating Member of its election within said fifteen (15) days or fails to timely make the Buy/Sell Deposit after electing to become the Purchasing Member, then, as of the day following the expiration of the relevant period, the Responding Member shall be conclusively deemed to have elected to become the Selling Member and shall be obligated to sell its Membership Interest to the Initiating Member.
The Buy/Sell Purchase Price for the Selling Member’s Membership Interest shall be paid in immediately available funds and the Selling Member shall convey good and marketable title to its Membership Interest to Purchasing Member, or its designee, free and clear of all liens and encumbrances.