Common use of Preemptive Right Procedure Clause in Contracts

Preemptive Right Procedure. The Company shall give each Eligible Purchaser at least thirty (30) days’ prior notice before issuing any Offered Units (the “First Notice”), which notice shall set forth in reasonable detail the proposed terms and conditions of such issuance (including a range of terms and conditions if the terms and conditions of the issuance have not been finalized) and shall offer to each Eligible Purchaser the opportunity to purchase its Preemptive Right Percentage of the Offered Units on terms specified in the First Notice. If, following the giving of the First Notice, the terms of the proposed issuance materially change, the Company shall furnish a supplemental notice (a “Supplemental Notice”) describing the revised terms; provided, the Supplemental Notice shall not restart the foregoing thirty (30-) day period, but the Company shall give each Eligible Purchaser a reasonable period of time (which may be as few as five Business Days after the initial 30-day period) (such 30-day period, as extended if applicable, being referred to as the “Election Period”) to consider the revised terms. If any Eligible Purchaser wishes to exercise its preemptive right, it must do so by delivering written notice to the Company within the Election Period. Each Eligible Purchaser’s notice shall state the maximum dollar amount of Offered Units such Eligible Purchaser (each a “Requesting Investor”) would like to purchase (as to each Requesting Investor, its “Maximum Dollar Amount”), which may be equal to or less than its Preemptive Right Percentage of the Offered Units. Each Requesting Investor will be deemed to have committed to purchase the lesser of (i) its Preemptive Right Percentage of the Offered Units and (ii) the number of Offered Units that have an aggregate purchase price equal to such person’s Maximum Dollar Amount (the lesser being referred to as such Requesting Investor’s “Allowed Dollar Amount”); provided, the Company will have the ability to reject a Requesting Investor’s commitment to purchase so long as (x) the Company abandons the proposed offering in its entirety and (y) the Company does not initiate another Units offering (other than for Exempt Units) within ninety (90) days of the date the First Notice is given. If all of the Offered Units are not fully subscribed for by the Eligible Purchasers pursuant to the foregoing, the ▇▇▇▇▇▇ Member shall have the opportunity to purchase all of the unsubscribed for Offered Units on the same terms as offered to the Eligible Purchasers.

Preemptive Right Procedure. The Company shall give each Eligible Purchaser at least thirty (30) days’ prior notice before issuing any Offered Units (the “First Notice”), which notice shall set forth in reasonable detail the proposed terms and conditions of such issuance (including a range of terms and conditions if the terms and conditions of the issuance have not been finalized) and shall offer to each Eligible Purchaser the opportunity to purchase its Preemptive Right Percentage of the Offered Units on terms specified in the First Notice. If, following the giving of the First Notice, the terms of the proposed issuance materially change, the Company shall furnish a supplemental notice (a “Supplemental Notice”) describing the revised terms; provided, the Supplemental Notice shall not restart the foregoing thirty (30-30) day period, but the Company shall give each Eligible Purchaser a reasonable period of time (which may be as few as five Business Days after the initial 30-day period) (such 30-day period, as extended if applicable, being referred to as the “Election Period”) to consider the revised terms. If any Eligible Purchaser wishes to exercise its preemptive right, it must do so by delivering written notice to the Company within the Election Period. Each Eligible Purchaser’s notice shall state the maximum dollar amount of Offered Units such Eligible Purchaser (each a “Requesting Investor”) would like to purchase (as to each Requesting Investor, its “Maximum Dollar Amount”), which may be equal to or less than its Preemptive Right Percentage of the Offered Units. Each Requesting Investor will be deemed to have committed to purchase the lesser of (i) its Preemptive Right Percentage of the Offered Units and (ii) the number of Offered Units that have an aggregate purchase price equal to such person’s Maximum Dollar Amount (the lesser being referred to as such Requesting Investor’s “Allowed Dollar Amount”); provided, the Company will have the ability to reject a Requesting Investor’s commitment to purchase so long as (x) the Company abandons the proposed offering in its entirety and (y) the Company does not initiate another Units offering (other than for Exempt Units) within ninety (90) days of the date the First Notice is given. If all of the Offered Units are not fully subscribed for by the Eligible Purchasers pursuant to the foregoing, the ▇▇▇▇▇▇ Morenz Member shall have the opportunity to purchase all of the unsubscribed for Offered Units on the same terms as offered to the Eligible Purchasers.

Preemptive Right Procedure. The Company shall give each Eligible Purchaser at least thirty (30) 30 days’ prior notice before issuing any Offered Units (the “First Notice”), which notice shall set forth in reasonable detail the proposed terms and conditions of such issuance (including a range of terms and conditions if the terms and conditions of the issuance have not been finalized) and shall offer to each Eligible Purchaser the opportunity to purchase its Preemptive Right Percentage of the Offered Units on terms specified in the First Notice. If, following the giving of the First Notice, the terms of the proposed issuance materially change, the Company shall furnish a supplemental notice (a “Supplemental Notice”) describing the revised terms; provided, the Supplemental Notice shall not restart the foregoing thirty (30-) 30-day period, but the Company shall give each Eligible Purchaser a reasonable period of time (which may be as few as five Business Days after the initial 30-day period) (such 30-day period, as extended if applicable, being referred to as the “Election Period”) to consider the revised terms. If any Eligible Purchaser wishes to exercise its preemptive right, it must do so by delivering written notice to the Company within the Election Period. Each Eligible Purchaser’s notice shall state the maximum dollar amount of Offered Units such Eligible Purchaser (each a “Requesting Investor”) would like to purchase (as to each Requesting Investor, its “Maximum Dollar Amount”), which may be equal to or less than its Preemptive Right Percentage of the Offered Units. Each Requesting Investor will be deemed to have committed to purchase the lesser of (i) its Preemptive Right Percentage of the Offered Units and (ii) the number of Offered Units that have an aggregate purchase price equal to such person’s Maximum Dollar Amount (the lesser being referred to as such Requesting Investor’s “Allowed Dollar Amount”); provided, the Company will have the ability to reject a Requesting Investor’s commitment to purchase so long as (x) the Company abandons the proposed offering in its entirety and (y) the Company does not initiate another Units offering (other than for Exempt Units) within ninety (90) 90 days of the date the First Notice is given. If all of the Offered Units are not fully subscribed for by the Eligible Purchasers pursuant to the foregoing, the ▇▇▇▇▇▇ Member shall have the opportunity to purchase all of the unsubscribed for Offered Units on the same terms as offered to the Eligible Purchasers.