Common use of Notice of Intent to Purchase Clause in Contracts

Notice of Intent to Purchase. If the Managers elect the alternative specified at Section 8.2(b), then, within thirty (30) days after the purchase price of the Former Members' Interest is determined, the Managers shall notify the remaining Members of that portion, if any, of the Former Members' Interest which the Company has elected to purchase. If the Company elects to purchase less than all of the Former Members' Interest, each remaining Member shall notify the Managers in writing, within ten (10) days thereafter, if that Member desires to purchase a portion of the balance of the Former Members' Interest. The failure of any remaining Member to so notify the Managers within such ten (10) day period shall constitute an election on the part of that Member not to purchase any of the balance of the Former Members' Interest. Each remaining Member so electing to purchase (a "Purchasing Member") shall be entitled to purchase a portion of the balance of the Former Members' Interest in the same proportion that the Percentage Interest of the Purchasing Member bears to the aggregate of the Percentage Interests of all of the Purchasing Members.