Common use of Packaging Investors Option Clause in Contracts

Packaging Investors Option. If the Company fails to deliver the Election Notice within fifteen (15) days after the date of the Transfer Notice, then Packaging Investors shall have the right (but not the obligation) to purchase all, but not less than all, of the Offered Shares at the cash price specified in the Transfer Notice by giving a written notice (the "Second Election Notice") to the Selling Stockholder and the Company within fifteen (15) days after the earlier to occur of (A) the Company expressly declines in writing to purchase the Offered Shares pursuant to Section 4(b)(ii), and (B) the expiration of the 15-day period immediately following the date of the Transfer Notice. The failure of Packaging Investors to deliver the Second Election Notice within such fifteen (15) day period shall operate as a waiver of Packaging Investors' rights under this Section 4(b)(iii).

Packaging Investors Option. If the Company fails to deliver the -------------------------- Election Notice within fifteen (15) days after the date of the Transfer theTransfer Notice, then Packaging Investors shall have the right (but not the obligation) to purchase all, but not less than all, of the Offered Shares at the cash price specified in the Transfer Notice by giving a written notice (the "Second Election Notice") to the Selling Stockholder and the Company within fifteen (15) days after the earlier to occur of (A) the Company expressly declines in writing to purchase the Offered Shares pursuant to Section 4(b)(ii), and (B) the expiration of the 15-day period immediately following the date of the Transfer Notice. The failure of Packaging Investors to deliver the Second Election Notice within such fifteen (15) day period shall operate as a waiver of Packaging Investors' rights under this Section 4(b)(iii).