Common use of Options Not Exercised Clause in Contracts

Options Not Exercised. If purchase options are not exercised by the Company or other Members with respect to all the Company Interest, then any of the remaining Offered Company Interest may be transferred as a direct result of the Deceased Member's death, and any other person holding or thereafter receiving any of such Company Interest holds such Company Interest as Assignees subject to the Articles of Organization and all the terms and conditions of this Operating Agreement of the Company. Said Assignee may not become a Member unless admitted under Article 5.

Options Not Exercised. If purchase options are not exercised by the Company or other Members with respect to all the Company Interest, then any of the remaining Offered Company Interest may be transferred as a direct result of the Deceased Member's Interest Holder’s death, and any other person holding or thereafter receiving any of such Company Interest holds shall hold such Company Interest as Assignees subject to the Articles of Organization and all the terms and conditions of this Operating Agreement of the Company. Said Assignee may not become a Member unless admitted under Article 5.

Options Not Exercised. If purchase options are not exercised by the Company or other the Members with respect to all the such Company Interest, then any of the remaining Offered Company Interest may be transferred as a direct result of the Deceased Member's deathTriggering Event, and any other person then holding or thereafter receiving any of such Company Interest holds shall hold such Company Interest as Assignees an Assignee subject to the Articles of Organization and all the terms and conditions of this Agreement, the Articles of Organization, and the Operating Agreement of the Company. Said Assignee may not become a Member unless admitted under Article 5.