Common use of Offer Acceptable Clause in Contracts

Offer Acceptable. If the Non-Initiating Member consents to the Company selling the Project or Projects on the terms of the Offer, then the Initiating Member shall be permitted to sell the Projects on behalf of the Company for cash at a price not less than 95% of the price set forth in the Offer and substantially on the other terms and conditions set forth in the Offer for a period of up to 180 days following the expiration of the Response Period. If the Initiating Member obtains a bona fide third party contract to sell the Projects for cash at a price not less than 95% of the price set forth in the Offer and substantially on the other terms and conditions set forth in the Offer within such 180-day period, the Initiating Member shall have an additional period of 60 days after the date of such contract (that is, within 240 days after the Sale Notice) in which to consummate the sale. If after having received the consent of the Non-Initiating Member to the sale of the Project or Projects substantially on the terms of the Offer, the Initiating Member is unable to obtain a bona fide contract to sell the Projects for cash at a price not less than 95% of the price set forth in the Offer and substantially on the other terms and conditions set forth in the Offer within such 180-day period, or if after having obtained such bona fide contract, the Initiating Member is unable to consummate such sale within 240 days after the Sale Notice, then the Initiating Member must again submit an Offer to the Non-Initiating Member under the terms of this Article 13 before it may sell any Project or Projects pursuant to this Article 13.