Common use of Exercise of Second Option Clause in Contracts

Exercise of Second Option. If the Venture does not exercise its option to purchase all of the Offered Interests, each of the other Partners shall, pursuant to the Second Option, have the rights to collectively purchase all of the remaining Offered Interests. If the other Partners exercising the Second Option elect to purchase more Interests than are subject to the Second Option, each participating Partner will be entitled to purchase up to its pro rata share based on the respective Percentage of the participating Partner, of the remaining Offered Interests. Each participating Partner may exercise the Second Option by delivering to the Optionor Partner written notice of its election to exercise the Second Option within the ten (10) Business Day period immediately following the date of the Second Option Notice which notice shall specify the amount of the Offered Interests agreed to be purchased. If any participating Partner should elect to purchase less than its pro rata share of the remaining Offered Interests, the Optionor Partner shall give oral or written notice of the number of remaining Offered Interests available to each other eligible Partner, each of whom shall have five (5) Business Days after receipt of such notice to elect to purchase all of such remaining Interests. If the participating Partners elect to purchase more of the remaining Offered Interests than are available, each Partner participating in such re-offer shall have the right to purchase its pro rata share (based on the respective Percentages of such Partners participating in the re-offer, which shall be calculated by excluding the Interests of such non participating Partner) of such remaining Offered Interests. If, after such re-offer, the participating Partners shall fail to purchase all of the Offered Interests, the Second Option shall expire.

Exercise of Second Option. If the Venture does not exercise its ------------------------- option to purchase all of the Offered JV Interests, each of the other Partners Venturers shall, pursuant to the Second Option, have the rights right to collectively purchase all of the remaining Offered JV Interests. If the other Partners Venturers exercising the Second Option elect to purchase more JV Interests than are subject to the Second Option, each participating Partner Venturer will be entitled to purchase up to its pro rata share share, based on the respective Percentage Relative Ownership Ratio of the participating PartnerVenturer, of the remaining Offered JV Interests. Each participating Partner Venturer may exercise the Second Option by delivering to the Optionor Partner Venturer written notice of its election to exercise the Second Option within the ten (10) Business Day -day period immediately following the date of the Second Option Notice which notice shall specify the amount of the Offered Interests agreed to be purchasedNotice. If any participating Partner Venturer should elect to purchase less than its pro rata share of the remaining Offered JV Interests, the Optionor Partner Venturer shall give oral or written notice of the number of remaining Offered JV Interests available to each other eligible PartnerVenturer, each of whom shall have five (5) Business Days business days after receipt of such notice to elect to purchase all of such remaining JV Interests. If the participating Partners Venturers elect to purchase more of the remaining Offered JV Interests than are available, each Partner Venturer participating in such re-offer shall have the right to purchase its pro rata share (based on the respective Percentages Relative Ownership Ratio of such Partners Venturers participating in the re-offer, which shall be calculated by excluding the JV Interests of such non non-participating PartnerVenturer) of such remaining Offered JV Interests. If, after such re-offer, the participating Partners Venturers shall fail to purchase all of the Offered JV Interests, the Second Option shall expire.

Exercise of Second Option. If the Venture does not exercise its option to purchase all of the Offered JV Interests, each of the other Partners Venturers shall, pursuant to the Second Option, have the rights right to collectively purchase all of the remaining Offered JV Interests. If the other Partners Venturers exercising the Second Option elect to purchase more JV Interests than are subject to the Second Option, each participating Partner Venturer will be entitled to purchase up to its pro rata share share, based on the respective Percentage Ownership Ratio of the participating PartnerVenturer, of the remaining Offered JV Interests. Each participating Partner Venturer may exercise the Second Option by delivering to the Optionor Partner Venturer written notice of its election to exercise the Second Option within the ten (10) Business Day -day period immediately following the date of the Second Option Notice which notice shall specify the amount of the Offered Interests agreed to be purchasedNotice. If any participating Partner Venturer should elect to purchase less than its pro rata share of the remaining Offered JV Interests, the Optionor Partner Venturer shall give oral or written notice of the number of remaining Offered JV Interests available to each other eligible PartnerVenturer, each of whom shall have five (5) Business Days business days after receipt of such notice to elect to purchase all of such remaining JV Interests. If the participating Partners Venturers elect to purchase more of the remaining Offered JV Interests than are available, each Partner Venturer participating in such re-offer shall have the right to purchase its pro rata share (based on the respective Percentages Ownership Ratio of such Partners Venturers participating in the re-offer, which shall be calculated by excluding the Interests of such non participating Partner) of such remaining Offered JV Interests. If, after such re-offer, the participating Partners Venturer shall fail to purchase all of the Offered JV Interests, the Second Option shall expire.