Common use of Lapse of Right of First Refusal Clause in Contracts

Lapse of Right of First Refusal. If the LLC or the other Members elect not to purchase or obtain all of the Interest subject to the Sale Notice, then the selling Member may sell the Interest described in the Sale Notice to the proposed transferee, provided such sale (i) is completed within 30 days after the expiration of the LLC’s and the other Members' right to purchase such Interest, (ii) is made on terms no less favorable to the selling Member than as designated in the Sale Notice and (iii) the requirements of Section 8.1 have been met. If such Interest is not so sold, the selling Member must give notice in accordance with this Section 8.2. prior to any subsequent sale of such Member’s Interest.

Lapse of Right of First Refusal. If the LLC or the other Members elect not to purchase or obtain all of the Interest subject to the Sale Notice, then the selling Member may sell the Interest described in the Sale Notice to the proposed transferee, provided such sale (i) is completed within 30 days after the expiration of the LLC’s 's and the other Members' right to purchase such Interest, (ii) is made on terms no less favorable to the selling Member than as designated in the Sale Notice and (iii) the requirements of Section 8.1 have been met. If such Interest is not so sold, the selling Member must give notice in accordance with this Section 8.2. prior to any subsequent sale of such Member’s 's Interest.