Common use of Failure to Accept Offer Clause in Contracts

Failure to Accept Offer. If the offeree Member does not elect within the 60-day period provided for in Section 15.2(c) to purchase the Nevada JV Interests proposed to be Transferred, the offering Member may either withdraw its offer to Transfer such Nevada JV Interests or Transfer all such Nevada JV Interests to the identified transferee at a price and on terms no less favorable to the offering Member than those offered by the offering Member in the notice; provided that the transferee provides the written undertaking agreeing to be bound by the terms of this Agreement pursuant to Section 15.1(b). The offering Member shall provide information to the offeree Member sufficient to enable the offeree Member to verify the price and terms of the sale. If such Transfer to the third party transferee is not made within 90 days following the termination of the 60-day period provided for in Section 15.2(c), then a new offer must be made pursuant to the provisions of Section 15.2(a) before the offering Member can Transfer its Nevada JV Interests and the provisions of this Section 15.2 shall again apply to such Transfer.

Failure to Accept Offer. If the offeree Member does not elect within the 60-day period provided for in Section 15.2(c16.2(c) to purchase the Nevada JV Interests proposed to be Transferred, the offering Member may either withdraw its offer to Transfer such Nevada JV Interests or Transfer all such Nevada JV Interests to the identified transferee at a price and on terms no less favorable to the offering Member than those offered by the offering Member in the notice; provided that the transferee provides the written undertaking agreeing to be bound by the terms of this Agreement pursuant to Section 15.1(b16.1(b). The offering Member shall provide information to the offeree Member sufficient to enable the offeree Member to verify the price and terms of the sale. If such Transfer to the third party transferee is not made within 90 days following the termination of the 60-day period provided for in Section 15.2(c16.2(c), then a new offer must be made pursuant to the provisions of Section 15.2(a16.2(a) before the offering Member can Transfer its Nevada JV Interests and the provisions of this Section 15.2 16.2 shall again apply to such Transfer.