Common use of Member Option Clause in Contracts

Member Option. If the Company declines to exercise the Company Option or exercises the Company Option for less than the entire Interest held by the transferee, LJC, LLC, and each other Member as determined by LJC, LLC, shall have the right but not the obligation (the “Member Options”) during a period beginning upon the first Business Day following expiry of the Company Option Period and ending five (5) Business Days thereafter (the “Member Option Period”), to agree to purchase all or any portion of the Interest held by the transferee and not purchased by the Company on the price and terms determined. Any Member desiring to exercise its Member Option must do so by delivering to the transferee, the Company, and all other Members (other than the Member whose Interest has been subjected to the involuntary Transfer, if applicable) notice of the Percentage Interest that it is willing to purchase prior to the expiration of the Member Option Period. Such notice shall include the duly authorized signature of that Member and shall be deemed to constitute an irrevocable offerto purchase the Percentage Interest specified or any lesser amount determined in accordance with this Paragraph 15.3.