Rights of Defaulting Members Sample Clauses

Rights of Defaulting Members. If any event of Default, the defaulting Member, while that Member remains in Default, will not have any voice in the management and operation of the Company, nor have any rights that it would have under the terms of this LLC Agreement to transfer any part of its Membership Interest in the Company. During such time, the non-defaulting Member will have the right to make all of the management decisions for the Company without first having to obtain the consent or approval of the defaulting Member. The Defaulting Member shall also continue to bear its share of any losses of, and be entitled to receive its share of any profits or distributions from the Company, subject to offset as otherwise provided in this Section 13.1. * Confidential treatment requested
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Rights of Defaulting Members. If any Event of Default described in Section 12.1(a) or 12.1(b) shall occur, the defaulting Member, during such time as it shall remain in default, shall not have any voice in the management and operation of the Company, nor have any rights which it would have under the terms of this Agreement to transfer any part of its Interest in the Company, except as otherwise expressly provided under the terms of this Section 12. During such time, the non-defaulting Members shall have the right to make all of the management decisions for the Company without first having to obtain the consent or approval of the defaulting Member. The defaulting Member shall continue to be obligated to make capital contributions as required by this Agreement. The Member in default shall also continue to bear its share of any losses of, and be entitled to receive its share of any profits or distributions from, the Company, subject to offset as otherwise provided in this Section 12.
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Rights of Defaulting Members. Upon the occurrence of a Member Default, such defaulting Member will not, during the continuance of such Default, have any voice in the management and operation of the Company, nor have any rights which it would have under the terms of this LLC Agreement to Transfer its Membership Interest. During such time, the non-defaulting Members and their Member Representatives on the Governance Board will have the right to make all of the management decisions for the Company without first having to obtain the consent or approval of the defaulting Member. The defaulting Member shall continue to be obligated to make Capital Contributions and comply with all of its other obligations under this LLC Agreement. In addition, the defaulting Member shall continue to bear its share of any losses of, and be entitled to receive its share of any profits or distributions from, the Company, subject to the provisions of Section 10.5 of this Agreement.
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Related to Rights of Defaulting Members

  • Disenfranchisement of Defaulting Lenders (a) For so long as a Defaulting Lender has any Available Commitment, in ascertaining the Majority Lenders or whether any given percentage (including, for the avoidance of doubt, unanimity) of the Total Commitments has been obtained to approve any request for a consent, waiver, amendment or other vote under the Finance Documents, that Defaulting Lender’s Commitments will be reduced by the amount of its Available Commitments.

  • Events of Default, Etc During the period during which an Event of Default shall have occurred and be continuing:

  • Remedies of the Trustee and Securityholders on Event of Default SECTION 5.1 Event of Default Defined; Acceleration of Maturity; Waiver of Default. "

  • Termination of Defaulting Lender The Borrower may terminate the unused amount of the Revolving Commitment of any Revolving Lender that is a Defaulting Lender upon not less than ten (10) Business Days’ prior notice to the Administrative Agent (which shall promptly notify the Lenders thereof), and in such event the provisions of Section 2.24(a)(ii) will apply to all amounts thereafter paid by the Borrower for the account of such Defaulting Lender under this Agreement (whether on account of principal, interest, fees, indemnity or other amounts); provided that (i) no Event of Default shall have occurred and be continuing, and (ii) such termination shall not be deemed to be a waiver or release of any claim the Borrower, the Administrative Agent, the Issuing Lender, the Swingline Lender or any other Lender may have against such Defaulting Lender.

  • Rights of Holder upon Default Subject to the provisions set forth in Sections 5 and 6 of the Purchase Agreement, upon the occurrence or existence of any Event of Default (other than an Event of Default referred to in Paragraphs 4(c) and 4(d)) and at any time thereafter during the continuance of such Event of Default, Holder may declare all outstanding Obligations payable by Company hereunder to be immediately due and payable without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived, anything contained herein or in the Purchase Agreement to the contrary notwithstanding. Upon the occurrence or existence of any Event of Default described in Paragraphs 4(c) and 4(d), immediately and without notice, all outstanding Obligations payable by Company hereunder shall automatically become immediately due and payable, without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived, anything contained herein or in the Purchase Agreement to the contrary notwithstanding. In addition to the foregoing remedies, upon the occurrence or existence of any Event of Default and subject to the provisions of Sections 5 and 6 of the Purchase Agreement, Holder may exercise any other right, power or remedy granted to it by the Purchase Agreement or otherwise permitted to it by law, either by suit in equity or by action at law, or both.

  • Purchase of Defaulting Lender’s Commitment During any period that a Lender is a Defaulting Lender, the Borrower may, by the Borrower giving written notice thereof to the Administrative Agent, such Defaulting Lender and the other Lenders, demand that such Defaulting Lender assign its Commitment and Loans to an Eligible Assignee subject to and in accordance with the provisions of Section 13.6(b). No party hereto shall have any obligation whatsoever to initiate any such replacement or to assist in finding an Eligible Assignee. In addition, any Lender who is not a Defaulting Lender may, but shall not be obligated to, in its sole discretion, acquire the face amount of all or a portion of such Defaulting Lender’s Commitment and Loans via an assignment subject to and in accordance with the provisions of Section 13.6(b). In connection with any such assignment, such Defaulting Lender shall promptly execute all documents reasonably requested to effect such assignment, including an appropriate Assignment and Assumption and, notwithstanding Section 13.6(b), shall pay to the Administrative Agent an assignment fee in the amount of $7,500. The exercise by the Borrower of its rights under this Section shall be at the Borrower’s sole cost and expense and at no cost or expense to the Administrative Agent or any of the Lenders.

  • Events of Default Rights and Remedies on Default 10.1 Events of Default 10.2 Acceleration of the Obligations

  • Events of Default Remedies on Default Events of Default . Each of the following shall be an "Event of Default" if it occurs for any reason whatsoever, whether voluntary or involuntary, by operation of law or otherwise:

  • Replacement of a Defaulting Lender (a) The Company may, at any time a Lender has become and continues to be a Defaulting Lender, by giving five Business Days’ prior written notice to the Facility Agent and such Lender:

  • Events of Default Rights and Remedies Section 7.1 Events of Default.

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