Common use of Repurchase Upon Violation of this Agreement Clause in Contracts

Repurchase Upon Violation of this Agreement. In the event a Member assigns all or a portion of its Membership Interest without approval of the Managers or in violation of this Agreement, the Company may, at its option exercised within 60 days following receipt of notice of such assignment from the Member or at any time if such information is obtained from any other Person, purchase from such Member, and the Member shall transfer to the Company for the consideration of $100, all of the Member’s remaining rights in the Company other than its Economic Interest. Each Member acknowledges and agrees that the right of the Company to purchase such remaining rights and interest from a Member who transfers a Membership Interest in violation of Section 11 is not unreasonable under the circumstances existing as of the date hereof. No such purchase by the Company of the remaining rights and interest of the Member shall operate to make a Member’s assignee a Substituted Member. Upon exercise of the Company’s repurchase rights under this Section 11.11, the Company shall have the right to purchase from the assignee the Economic Interest purchased from the Member at the same price and terms paid by the assignee.