Common use of Default by Responding Member Clause in Contracts

Default by Responding Member. (a) If the Responding Member accepts the Initiating Member's offer to sell to the Responding Member all of the Initiating Member's Units and Membership Interest, and the Responding Member defaults in its obligation to purchase the Initiating Member's Units and Membership Interest on the date specified in Section 10.7.6(a) for the closing of the purchase and sale of the Initiating Member's Units and Membership Interest, then the Initiating Member may elect either: