Common use of Waiver of Preferential Right Clause in Contracts

Waiver of Preferential Right. If following compliance with this Section 7.03, no Members deliver an Exercise Notice, the Disposing Member shall have the right, subject to compliance with the provisions of Section 2.02, to Dispose of the Membership Interest described in the Disposition Notice to the proposed assignee strictly in accordance with the terms of the Disposition Notice for a period of ninety (90) days after the expiration of the preferential right period. If, however, the Disposing Member fails so to Dispose of the Membership Interest within such ninety (90) day period, the proposed Disposition shall again become subject to the preferential right set forth in this Section 7.03.