Common use of Nonexercise of Options Clause in Contracts

Nonexercise of Options. If the Remaining Members and the Company fail to exercise their purchase options to acquire all of the Interests that are proposed to be transferred in compliance with Section 9.3(a) of this Agreement, the Transferor may, within 30 days following the expiration of the option period for the Remaining Members, transfer the Interests to the transferee named in the Transfer Notice, subject to the terms of this Agreement; provided, however, that such Transfer must be on terms and for consideration at least as favorable to the Transferor as those specified in said Transfer Notice. If the Transfer is not on the terms or is not to the transferee stated in the Transfer Notice, or is not made within said 30-day period, or if the Transferor, after the Transfer, reacquires all or any portion of the transferred Membership Units, the initial Transfer shall be void and without legal or other effect.

Nonexercise of Options. If the Remaining Members and the Company fail to exercise their purchase options to acquire all of the Interests that are proposed to be transferred in compliance with Section 9.3(a§8.3(a) above of this Operating Agreement, the Transferor may, within 30 thirty (30) days following the expiration of the option period for the Remaining Members, transfer the Interests to the transferee named in the Transfer Notice, subject to the terms of this Operating Agreement; provided, however, that such Transfer must be on the terms and for the consideration at least as favorable to the Transferor as those specified in said Transfer Notice. If the Transfer is not on the terms or is not to the transferee stated in the Transfer Notice, or is not made within said thirty (30-) day period, or if the Transferor, after the Transfer, reacquires all or any portion of the transferred Membership Units, the initial Transfer shall be void and without legal or other effect.