Bona Fide Offer and Exercise of the Option. If any Party receives or makes a bona fide offer which it or (as the case may be) the prospec- tive purchaser is willing to accept for the purchase of all or a part of such Party’s Percentage Interest and the prospective purchaser (whether another Party or a third party) is able to pur- chase such interest, the Party receiving or making said offer shall give written notice thereof to each of the other Parties, including in said notice the name and address of the prospective purchaser, the price offered and all other pertinent terms and conditions of the offer. The oth- er Parties, for a period of sixty (60) days after the receipt of said notice, shall have the prior and preferred right and option, in proportion to their respective Percentage Interests to pur- chase the interest covered by said offer. If fewer than all of the other Parties desire to exercise such right and option, they shall have the right to purchase the interest covered by said offer in proportion to the respective Percentage Interests of those electing to purchase.
Appears in 2 contracts
Sources: Joint Operating Agreement, Joint Operating Agreement