Back-in Option Sample Clauses

Back-in Option. The Members agree that in the event: (x) Crown elects not to proceed with the construction of the Initial Plant following the completion of the Detailed Engineering and MCNIC elects to proceed; or (y) either Member elects not to participate in the costs of a Subsequent Plant and the other Member elects to proceed, the following Back-in Option shall apply: (i) The Member electing not to participate (the "Non-Participating Member") shall have the option ("Back-in Option") to acquire an interest in the limited liability company constructing the applicable plant such that (1) its sharing ratio in the entity constructing the plant before 200% Payout is zero and (2) its sharing ratio after 200% Payout is: (A) with respect to the Initial Plant, if Crown has and exercises a Back-in Option with respect to the Initial Plant, its Sharing Ratio in the Company after 200% Payout shall be 50%; (B) with respect to any Subsequent Plant, if a Member has and exercises a Back-in Option with respect to such plant, its sharing ratio in the limited liability company constructing such plant after 200% Payout shall be 60% in the case of Crown and 40% in the case of MCNIC.