Common use of Put Right; Call Right Clause in Contracts

Put Right; Call Right. If an event of Default has occurred and shall be continuing, the non-defaulting Member shall have the right, exercisable within the time periods specified below, to purchase all, but not less than all, of the Defaulting Member’s Membership Interest at [***] of the Transfer Value of such Membership Interest, or (except in the case of an event of Default due to Bankruptcy) to require the defaulting Member to purchase all, but not less than all of the non-defaulting Member’s Membership Interest at [***] of the Transfer Value of such Membership Interest, in accordance with the following:

Put Right; Call Right. If an event of Default has occurred and shall be continuing, the non-defaulting Member shall have the right, exercisable within the time periods specified below, to purchase all, but not less than all, of the Defaulting Member’s Membership Interest at [***] 80% of the Transfer Value of such Membership Interest, or (except in the case of an event of Default due to Bankruptcy) to require the defaulting Member to purchase all, but not less than all of the non-defaulting Member’s Membership Interest at [***] 120% of the Transfer Value of such Membership Interest, in accordance with the following: