Common use of MM Option Clause in Contracts

MM Option. (a) The Company hereby grants to the Managing Member an option (the "MM Option") to purchase, in whole or in part, and from time to time in any amounts, for the period beginning January 8, 2003 and ending January 8, 2008 (the "Option Period"), an aggregate of 4,000,000 Class B Shares at a purchase price throughout the Option Period of $0.01 per Class B Share. (b) The MM Option shall be exercised by the Managing Member by giving written notice thereof to the Company, which notice shall state the amount of Class B Shares desired to be acquired by the Managing Member and the aggregate purchase price for such Class B Shares. In connection with each exercise of the MM Option during the Option Period, the Managing Member shall tender to the Company the aggregate purchase price for the Class B Shares acquired no later than five (5) days following its delivery of the written notice contemplated by this Section 3.10(b). (c) Upon payment by the Managing Member for the applicable Class B Shares, an appropriate amendment to Schedule A hereto shall be made reflecting the number of Class B Shares issued to the Managing Member and the resulting changes to the Percentage Interests of each Member. The Managing Member shall not be entitled to any preferential return on any capital contributed by it to the Company in connection with the exercise or exercises of the MM Option and shall only be entitled to a pro rata increase in its Percentage Interest.

MM Option. (a) The Company hereby grants to the Managing Member an option (the "MM Option") to purchase, in whole or in part, and from time to time in any amounts, for the period beginning January 8, 2003 and ending January 8, 2008 (the "Option Period"), an aggregate of 4,000,000 4,185,000 Class B Shares at a purchase price throughout the Option Period of $0.01 per Class B Share. (b) The MM Option shall be exercised by the Managing Member by giving written notice thereof to the Company, which notice shall state the amount of Class B Shares desired to be acquired by the Managing Member and the aggregate purchase price for such Class B Shares. In connection with each exercise of the MM Option during the Option Period, the Managing Member shall tender to the Company the aggregate purchase price for the Class B Shares acquired no later than five (5) days following its delivery of the written notice contemplated by this Section 3.10(b). (c) Upon payment by the Managing Member for the applicable Class B Shares, an appropriate amendment to Schedule A hereto shall be made reflecting the number of Class B Shares issued to the Managing Member and the resulting changes to the Percentage Interests of each Member. The Managing Member shall not be entitled to any preferential return on any capital contributed by it to the Company in connection with the exercise or exercises of the MM Option and shall only be entitled to a pro rata increase in its Percentage Interest.