Removal Event Sample Clauses

Removal Event. At any time within one hundred eighty (180) days after the occurrence and during the continuance of a Removal Event, in which case only Investor may be the initiating party with respect to all Projects;
Sample 1
Removal Event. Upon the occurrence of a Removal Event, (i) effective on a date specified in a notice from Dividend Member, the Development Manager shall forfeit all voting rights as a Member and all other rights to participate in the management of the Company, including the management rights of the Development Manager, and any right to trigger the Put Option or the buy sell procedure under Article 11, (ii) for purposes of Section 8.2, if the Removal Event occurs prior to the Stabilization Date, the Residual Sharing Ratios shall be automatically adjusted to equal the Capital Sharing Ratios, and (iii) if the Removal Event occurs after the Stabilization Date, Dividend Member shall immediately initiate the Call Option set forth in Article 11. The Development Manager shall, however, retain its other rights as a Member under this Agreement. Upon the forfeiture of the Development Manager’s management rights. Dividend Member may hire on behalf of the Company a reputable and qualified third party as the Development Manager of the Company upon commercially reasonable terms and conditions. Notwithstanding the foregoing, at any time within sixty (60) days after delivery of notice of a Removal Event by Dividend Member, provided the Removal Event occurred prior to the Stabilization Date, Dividend Member shall, in addition to the other rights described herein, have the right to purchase the Development Manager’s Membership Interest for a price equal to (a) an 8.25% Return on Development Manager’s Unreturned Capital Contributions, plus (b) the aggregate Capital Contributions made by Development Manager as of such date less the aggregate distributions to Development Manager pursuant to Section 8.2 hereof as of such date. Such purchase of the Development Manager’s Membership Interest shall be consummated in a manner consistent with the Call Option provision under Article 11.
Sample 1

Related to Removal Event

  • Servicer Termination Event For purposes of this Agreement, each of the following shall constitute a “Servicer Termination Event”:

  • Material Event See Section 3(i) hereof.

  • Servicer Termination Events The following events will each be a “Servicer Termination Event”:

  • Trustee Termination Events Any one of the following events shall constitute a Trustee Termination Event (a "Trustee Termination Event"):

  • Termination Event; Notice The Purchase Contracts and all obligations and rights of the Company and the Holders thereunder, including, without limitation, the rights of the Holders to receive and the obligation of the Company to pay any Purchase Contract Payments (including any deferred or accrued and unpaid Purchase Contract Payments), if the Company shall have such obligation, and the rights and obligations of Holders to purchase Common Stock, shall immediately and automatically terminate, without the necessity of any notice or action by any Holder, the Purchase Contract Agent or the Company, if, prior to or on the Purchase Contract Settlement Date, a Termination Event shall have occurred.

  • Dissolution Event If there is a Dissolution Event before the termination of this Safe, the Investor will automatically be entitled (subject to the liquidation priority set forth in Section 1(d) below) to receive a portion of Proceeds equal to the Cash-Out Amount, due and payable to the Investor immediately prior to the consummation of the Dissolution Event.

  • Servicer Termination (a) Following the occurrence of any of the events set forth in Section 19.2.1, the Trustee may elect, at its reasonable discretion, to terminate the Servicer under this Agreement with respect to the Mortgage Loans. The Trustee shall provide a written termination notice to the Servicer.

  • Servicer Defaults; Termination of Servicer (a) Notwithstanding Section 4.1(a) of the Basic Servicing Agreement, the occurrence and continuation of any of the following shall constitute an Event of Default under the Servicing Agreement (each, a “Servicer Default”):

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