Examples of Second Member in a sentence
The proportionate sale right specified in this Section 11.1(c) shall be exercisable by written notice given by the Second Member to the Selling Member during the same thirty (30) day period in which the Second Member may make the First Offer contemplated under Section 11.1(b).
The Second Option shall be exercised by an Unaffected Member by the giving of written notice of interest to exercise such Second Option (the "Second Member Option NoticeSecond Member Option Notice") to the Affected Member and any Proposed Transferee with fifteen (15) business days following the date of receipt of the Involuntary Transfer Notice.
Failure by any Unaffected Member to give a Second Member Option Notice shall be deemed an election by the Member not to exercise the Second Option.
The Selling Member shall not sell any of its Interest to the prospective purchaser unless such purchaser honors its obligation to purchase a proportionate Interest from the Second Member as provided herein.
Within thirty (30) days after its receipt of the Section 11.1 Notice, the Second Member shall have the right to offer to purchase (the “First Offer”) all, but not less than all, the Offered Interest at a price payable only in case (the “First Offer Price”) and on such other terms and conditions as shall be set forth in the First Offer.
In the event a Member desires to Transfer all or any part of its Interest, such Members (the "Selling Member") shall first deliver a written notice (the "Section 11.1 Notice") to the other Member (the "Second Member") which notice shall specify the portion of the Selling Member's Interest to be sold (the "Offered Interest").
Within thirty (30) days after its receipt of the Section 11.1 Notice, the Second Member shall have the right to offer to purchase (the “First Offer”) all, but not less than all, the Offered Interest at a price payable only in cash (the “First Offer Price”) and on such other terms and conditions as shall be set forth in the First Offer.
The Second Member shall have the optional preferential right (to be exercised by notice to the First Member given no later than ninety days after the Second Member's receipt of the Disposition Notice) to acquire, for the same purchase price and on the same terms of any delayed payment that are set forth in the Disposition Notice, the Membership Interest that the First Member proposes to Dispose.
The applicable purchase and sale shall be completed within six (6) months of the date the Offer is delivered to the Second Member.
In the event either Member elects to exercise the Buy-Sell Option within the Option Period, the chief executive officers of the First Member and Second Member shall then promptly agree in good faith upon and engage an independent, third party appraiser to value the LLC and each Member’s respective Membership Interest.