Company Right. The Company shall have the right but not the obligation to acquire all, but not less than all, of the Changing Member’s Membership Interest at the Fair Market Value. The Company shall have 15 Business Days following the determination of the Fair Market Value in which to notify the Members whether the Company desires to exercise its Buy-out Right. If the Company fails to exercise its Buy-out Right during such 15 Business Day period, then the Company’s Buy-out Right shall be deemed to have been waived for the subject Change of Member Control, but not for any future Change of Member Control.
Appears in 2 contracts
Samples: Limited Liability Company Agreement (Enterprise Products Partners L P), Limited Liability Company Agreement (Enterprise Products Partners L P)
Company Right. The Company shall have the right but not the obligation to acquire all, but not less than all, of the Changing Member’s 's Membership Interest at the Fair Market Value. The Company shall have 15 Business Days following the determination of the Fair Market Value in which to notify the Members whether the Company desires to exercise its Buy-out Right. If the Company fails to exercise its Buy-out Right during such 15 Business Day period, then the Company’s 's Buy-out Right shall be deemed to have been waived for the subject Change of Member Control, but not for any future Change of Member Control.
Appears in 2 contracts
Samples: Limited Liability Company Agreement (El Paso Corp/De), Parent Company Agreement (El Paso Corp/De)
