Common use of Buyout Notice Clause in Contracts

Buyout Notice. Any Member (a “Remaining Member”) or its designated Affiliate shall have the right (the “Buyout Option”) to purchase all, but not less than all, of the LLC Interest of any other Member (a “Departing Member”) in the event the Departing Member Transfers any portion of such Member’s LLC Interest other than as permitted pursuant to Section 8.1 hereof (a “Buyout Event”). Within 30 days of receipt of notice of a Buyout Event, the Remaining Member shall give written notice (the “Buyout Notice”) to the Departing Member of the Remaining Member’s desire to purchase the Departing Member’s LLC Interest. In the event that there is more than one Remaining Member at the time a Buyout Event occurs, the Remaining Members shall be entitled to exercise the Buyout Option pro rata in accordance with their respective Percentage Interests.

Buyout Notice. Any Member (a “"Remaining Member”") or its designated Affiliate shall have the right (the “"Buyout Option”") to purchase all, but not less than all, of the LLC Interest of any other Member (a “"Departing Member”") in the event the Departing Member Transfers any portion of such Member’s 's LLC Interest other than as permitted pursuant to Section 8.1 hereof (a “"Buyout Event”"). Within 30 days of receipt of notice of a Buyout Event, the Remaining Member shall give written notice (the “"Buyout Notice”") to the Departing Member of the Remaining Member’s 's desire to purchase the Departing Member’s 's LLC Interest. In the event that there is more than one Remaining Member at the time a Buyout Event occurs, the Remaining Members shall be entitled to exercise the Buyout Option pro rata in accordance with their respective Percentage Interests.