Member Call Right Clause
(Operating Agreement) (LLC)

Summary

This call right clause may be included in an LLC operating agreement. A call right creates the right, but not the obligation, to require the other member to sell the member's interest in the limited liability company at a set price upon the occurrence of an event defined by the parties thereto. This clause contains practical guidance, and drafting notes. The capitalized terms and section references used in this clause should be conformed as necessary to align with the facts and circumstances presented, and to align with the terms set forth in the operating agreement. For a full listing of key content for in-house counsel and corporate secretaries when performing corporate functions, see In-House Corporate Secretary Resource Kit. For more resources and clauses for use and insertion into operating agreements, see Right of First Refusal Clause (Operating Agreement) (LLC), Drag-along Rights Clause (Operating Agreement) (LLC), and Preemptive Rights Clause (Operating Agreement) (LLC).