Common use of Application Generally Clause in Contracts

Application Generally. The preferential right to purchase and the procedures for implementing it set forth in Section 17.03A shall apply to all sales or other dispositions of all or any portion of a Party's interest in all or any portion of this Agreement, the Property, and/or the Joint Assets, regardless of whether other interests or assets of the offeree Party also are being sold or otherwise subjected to disposition. If the offeree Party is disposing of all or any portion of its interest in all or any portion of this Agreement, the Property, and/or the Joint Assets, together with other interests or assets held by the offeree Party, in its notice of offer to the other Parties, the offeree Party shall state the offered consideration for the interest in this Agreement, the Property, and/or the Joint Assets, as it is set forth in the offer, including offeree's determination of a reasonable cash value for any non-cash part of the consideration, and if it is not set forth in the offer separately from the consideration offered for the other interests or assets of the offeree Party that are the subject of the offer, the offer shall state the reasonable cash value of the offered price or consideration relating to the interest in this Agreement, the Property, and/or the Joint Assets. If the offeree and the other Parties cannot agree as to the reasonable cash value of the offered price or consideration relating to the interest in this Agreement, the Property, and/or the Joint Assets, such reasonable cash value and the rights of the Parties thereunder shall be established as between the offeree and the other Parties following the same procedures set out in this Section 17.03A for a determination of the reasonable cash value of the non-cash part of the consideration therein involved, however, the price so stated for the interest in this Agreement, the Property, and/or the Joint Assets, shall not exceed the fair market value of the same. The other Parties may elect, in the manner provided above in this Section 17.03, to accept the offer as to only the interest in this Agreement, the Property, and/or the Joint Assets, but shall have no right as to the other interests and assets described in the notice.