EXCEPTIONS TO FIRST REFUSAL RIGHTS Clause Samples
The 'Exceptions to First Refusal Rights' clause defines specific situations where a party's right of first refusal does not apply. Typically, this clause lists transactions or transfers—such as transfers to affiliates, family members, or as part of a corporate reorganization—that are exempt from the obligation to offer the asset or interest to the holder of the first refusal right. By clearly outlining these exceptions, the clause ensures that certain transfers can proceed without triggering the first refusal process, thereby providing flexibility and preventing unnecessary procedural delays in routine or low-risk scenarios.
EXCEPTIONS TO FIRST REFUSAL RIGHTS. Anything to the contrary contained herein notwithstanding, the following transactions shall be exempt from the provisions of this Section 4 (provided that the transferee shall first agree in writing, satisfactory to the Company, to be bound by the terms and provisions of Sections 4, 5, 10 and 13-21 hereof):
EXCEPTIONS TO FIRST REFUSAL RIGHTS. The First Refusal Rights granted pursuant to Paragraph 3 above shall not apply to the disposition of any Investment Partnership Interest by any of the Undersigned to:
(a) Any of the Undersigned or to any adult member of the immediate family of any of the Undersigned, or in trust for any member of the immediate family of any of the Undersigned. "Member of the immediate family" as used herein shall mean any parent, or any ancestor of a parent, a spouse and any descendants (which shall include adopted children), any spouse of such descendants, any brothers and sisters and any descendants of such brothers or sisters.