Default Under Guaranties. 32 10.4 Breach of Section 4.6.......................................32 10.5 Domestic Proceeding.........................................33 10.6
Default Under Guaranties. Notwithstanding any other provision of this Article X to the contrary, if any of the events outlined in Sections 10.1 or 10.2 or any other defaulting event outlined in the Guaranty (the "Defaulting Events") should occur with respect to a Member (the "Defaulting Member"), and the Managing Board determines (in its sole discretion) that such event may result in default and acceleration of an obligation secured by the Guaranty unless another guarantor acceptable to the Bank can be substituted in the place of the Defaulting Member, then the Managing Board shall have the right to immediately take the steps as outlined in this Section 10.3 to prevent such default. Upon the Managing Board receiving notice of a Defaulting Event as provided above, the Managing Board, in its sole discretion, shall immediately have the right to either (i) sell the entire Membership Interest of the Defaulting Member to an investor approved of by the Managing Board, (ii) purchase for the Company's account the entire Membership Interest of the Defaulting Member, or (iii) sell the entire Membership Interest of the Defaulting Member to one or more of the other Members. The Defaulting Member shall sell his or her Membership Interest to the purchaser at the purchase price determined in the manner as provided in Section 10.7 and on the terms and conditions as provided in Section 10.8. The transfer of the Membership Interest, the payment of the purchase price, and the assumption of the Defaulting Member's obligations under his or her Guaranty (as provided in Section 10.7), shall be made at such time as determined by the Managing Board in order to avoid the default and acceleration of the obligation secured by the Guaranty. Each Member hereby makes, constitutes and appoints the Chairman, with full power of substitution, his or her true and lawful attorney-in-fact, to take such actions and execute such documents on his or her behalf to effect the transfer of his or her Membership Interest as provided in this Section 10.3, in the event such Member becomes a Defaulting Member.
Default Under Guaranties. Notwithstanding any other provision in this Article 18 to the contrary, if any of the events outlined in Articles 18.1 or 18.2 or any other defaulting event outlined in the Guaranty (the "Defaulting Events") should occur with respect to a Limited Partner (the "Defaulting Limited Partner"), and the General Partner determines (in its sole discretion) that such event may result in default and acceleration of an obligation secured by the Guaranty unless another guarantor acceptable to the Lender can be substituted in the place of the Defaulting Limited Partner, -19- C#0124195.02
Default Under Guaranties. The occurrence of any default under the Guaranties.
Default Under Guaranties. The occurrence of a default under the Recourse Guaranty Agreement and such default is not cured within any grace or cure periods provided therein.
