Common use of Election to Dissolve Clause in Contracts

Election to Dissolve. If the Non-Defaulting Members do not elect to acquire the entire interest of the Defaulting member as set forth in Subsection 10.3.1 above, the Non-Defaulting members may elect to dissolve and terminate the LLC within thirty (30) days following the occurrence of an Event of Default by written notice to the Defaulting member. The right to the Defaulting Member's Membership Interest as set forth in this Section 10.3 shall continue until such Non-Defaulting Members elect to exercise their right to dissolve and terminate the LLC as provided in this Subsection 10.3.3.

Election to Dissolve. If the Non-Defaulting Members do not elect to acquire the entire interest of the Defaulting member as set forth in Subsection 10.3.1 above, the Non-Defaulting members may elect to dissolve and terminate the LLC within thirty (30) days following the occurrence of an Event of Default by written notice Notice to the Defaulting memberMember. The right to the Defaulting Member's ’s Membership Interest as set forth in this Section 10.3 shall continue until such Non-Defaulting Members elect to exercise their right to dissolve and terminate the LLC as provided in this Subsection 10.3.3.