Common use of Preemptive Right Clause in Contracts

Preemptive Right. (a) Except as otherwise provided in Section 11.4, if a Partner desires to convey, assign or transfer all or any part of its Partnership Interest, the other Partner shall have a preemptive right to acquire such Partnership Interest as provided in this Section 11.3. (b) A Partner intending to transfer all or any part of its Partnership Interest shall promptly notify the other Partner of such intent. The notice shall identify the proposed transferee and shall state the price (which shall be payable in cash only) and all other material terms and conditions of the intended transfer. The other Partner shall have 90 days from the date such notice is delivered to notify the transferring Partner whether it elects to acquire the offered interest at the same price and on the same terms and conditions as set forth in the notice. If it does so elect, the transfer shall be consummated promptly after notice of such election is delivered to the transferring Partner. (c) If the Partner entitled to purchase hereunder fails to so elect within the period provided for in Section 11.3(b), the transferring Partner shall have 90 days following the expiration of such period to consummate the transfer to the proposed transferee at a price and on terms no less favorable to the transferring Partner than those set forth in the notice required in Section 11.3(b). (d) If the transferring Partner fails to consummate the transfer to the proposed transferee within the period set forth in Section 11.3(c), the preemptive right of the other Partner with respect to any disposition of such Partnership Interest shall be revived. Any subsequent proposal to transfer such interest shall be conducted in accordance with all of the procedures set forth in this Section 11.3.

Preemptive Right. (a) Except as otherwise provided in Section 11.416.4, if a Partner Participant desires to convey, assign or transfer Transfer all or any part of its Partnership interest in this Agreement, any Participation Interest, or the Assets, the other Partner Participant shall have a preemptive right to acquire such Partnership Interest interests as provided in this Section 11.316.3. (ba) A Partner Participant intending to transfer Transfer all or any part of its Partnership Interest interest in this Agreement, any Participating Interest, or the Assets shall promptly notify the other Partner Participant of such intentits intentions. The notice shall identify the proposed transferee and shall state the price (which shall be payable in cash only) and all other material pertinent terms and conditions of the intended transferTransfer, and shall be accompanied by a copy of the offer or contract for sale. The other Partner Participant shall have 90 15 days from the date such notice is delivered to notify the transferring Partner Participant whether it elects to acquire the offered interest at the same price and on the same terms and conditions as set forth in the notice. If it does so elect, the transfer Transfer shall be consummated promptly after the notice of such election is delivered to the transferring PartnerParticipant. (cb) If the Partner entitled to purchase hereunder other Participant fails to so elect within the period provided for in Section 11.3(b16.3(a), the transferring Partner Participant shall have 90 10 days following the expiration of such period to consummate the transfer Transfer to the proposed transferee a third party at a price and on terms no less favorable that those offered by the transferring Participant to the transferring Partner than those set forth other Participant in the notice required in Section 11.3(b16.3(a). (dc) If the transferring Partner Participant fails to consummate the transfer Transfer to the proposed transferee a third party within the period set forth in Section 11.3(c16.3(b), the preemptive right of the other Partner with respect Participant is such offered interest shall be deemed to any disposition of such Partnership Interest shall be revived. Any subsequent proposal to transfer Transfer such interest shall be conducted in accordance with all of the procedures set forth in this Section 11.316.3.

Preemptive Right. (a) Except as otherwise provided in ---------------- Section 11.4, if a Partner desires to convey, assign or transfer all or any part of its Partnership Interest, the other Partner shall have a preemptive right to acquire such Partnership Interest Interests as provided in this Section 11.3. (b) A Partner intending to transfer all or any part of its Partnership Interest shall promptly notify the other Partner of such intent. The notice shall identify the proposed transferee and shall state the price (which shall be payable in cash only) and all other material material, terms and conditions of the intended transfer. The other Partner shall have 90 days from the date such notice is delivered to notify the transferring Partner whether it elects to acquire the offered interest at the same price and on the same terms and conditions as set forth in the notice. If it It if does so elect, the transfer shall be consummated promptly after notice of such election is delivered to the transferring Partner. (c) If the Partner entitled to purchase hereunder fails to so elect within the period provided for in Section 11.3(b), the transferring Partner shall have 90 days following the expiration of such period to consummate consummation the transfer to the proposed transferee transferred at a price and on terms no less favorable to the transferring Partner than those set forth in the notice required in Section 11.3(b). (d) If the transferring Partner fails to consummate the transfer to the proposed transferee within the period set forth in Section 11.3(c), the preemptive right of the other Partner with respect to any disposition of such Partnership Interest shall be revived. Any subsequent proposal to transfer such interest shall be conducted in accordance with all of the procedures set forth in this Section 11.3.