Common use of Changes in Ownership Interests Clause in Contracts

Changes in Ownership Interests. The Ownership Interests shall be eliminated or adjusted as follows: (a) Upon a default in the timely repayment of any part of an Elected Loan (following an election by either Member pursuant to Section 4.1 to contribute less to an adopted Program and Budget than the percentage equal to its Ownership Interest, or to contribute nothing to an adopted Program and Budget, and the making of an Elected Loan by the other Member); (b) In the event of default by either Member in making its agreed-upon contribution to an adopted Program and Budget, followed by an election by the other Member to invoke Section 4.2(b); (c) As provided in the Members Agreement or in Section 4.3 of this Agreement; (d) Upon Transfer by either Member of part or all of its Ownership Interest in accordance with Article VII; or (e) Upon acquisition by either Member of part or all of the Ownership Interest of the other Member, however arising.

Changes in Ownership Interests. The Ownership Interests shall be eliminated or adjusted as follows: (a) Upon a default in the timely repayment of any part of an Elected Loan (following an election by either Member pursuant to Section 4.1 to contribute less to an adopted Program and Budget than the percentage equal to its Ownership Interest, or to contribute nothing to an adopted Program and Budget, and the making of an Elected Loan by the other Member); (b) In the event of default by either Member in making its agreed-upon contribution to an adopted Program and Budget, followed by an election by the other Member to invoke Section 4.2(b); (c) As provided in the Members Members' Agreement or in Section 4.3 of this Agreement; (d) Upon Transfer by either Member of part or all of its Ownership Interest in accordance with Article VII; or (e) Upon acquisition by either Member of part or all of the Ownership Interest of the other Member, however arising.