PURCHASE UPON BANKRUPTCY. 15.1 Upon the Bankruptcy of any Partner (the “Withdrawing Partner”), the Partnership shall neither be terminated nor wound-up, but, instead, the business of the Partnership shall be continued as if such Bankruptcy had not occurred. Upon any such event, the estate, legal representative, guardian or other successor to the Partner’s interests will have all rights to receive distributions which otherwise would be made to the Partner, and will succeed to all obligations of such Partner under the terms of this Agreement; provided however, that the remaining Partner shall have the option but not the obligation to purchase the Withdrawing Partner’s Partnership Interest in the Partnership at any time within seventy-five (75) days of the date of such Bankruptcy (the “Withdrawal Date”). The remaining Partner shall, by written notice addressed to the Withdrawing Partner or to the legal representative of a Withdrawing Partner, fix a closing date for such purchase which shall be not less than seventy-five (75) days after the Withdrawal Date. The Withdrawing Partner’s Interest shall be purchased by the remaining Partner on such closing date at a price (the “Withdrawing Purchase Price”) which shall be the Final Appraised Value (as defined in Section 18.1 of this Agreement.).
PURCHASE UPON BANKRUPTCY. Upon the Bankruptcy of the Company or any of its subsidiaries, SUTIOC shall have the right to purchase all of the equipment, furniture, personal property and certain intangible assets, including customer lists, customer purchase history and supplier lists (collectively the “Assets”), from the Company and its subsidiaries. The purchase price for such purchase shall be as set forth in Section 2.3 below. The Closing of the purchase shall take place at the principal office of the Company, or at such other place set by mutual consent, and the purchase price shall be paid at the Closing via wire transfer. The Closing shall take place within 30 days of the Bankruptcy or such earlier day as agreed by SUTIOC and the Company.
PURCHASE UPON BANKRUPTCY. Upon the Bankruptcy of any Member (the “Withdrawing Member”), the Company shall neither be terminated nor wound up, but, instead, the business of the Company shall be continued as if such Bankruptcy had not occurred, and the Company shall purchase and the Withdrawing Member shall sell all of the Units of the Company (the “Withdrawing Member’s Interest”) owned by the Withdrawing Member in the Company on the date such Bankruptcy (the “Withdrawal Date”) .
