Common use of Defaulting Member Clause in Contracts

Defaulting Member. For the purposes of implementing the provisions contained in this Agreement, the “Defaulting Member” shall be (i) in the case of an Event of Default referenced in Section 10.01(a)(i), the Member whose action or inaction caused or resulted in the Material Breach; and (ii) in the case of an Event of Default referenced in Section 10.01(a)(ii), (iii) or (iv), the Member who is the subject of such court decree or order, has instituted such proceedings or filed such petitions, or is insolvent, etc. The “Non-Defaulting Member” is the Member that is not the Defaulting Member.