Defaulting Member definition
Defaulting Member has the meaning set forth in Section 3.3(a).
Defaulting Member shall have the meaning provided in Section 5.2(b).
Defaulting Member the meaning set forth in Section 4.3(a).
Examples of Defaulting Member in a sentence
If the Members are unable to resolve such matter within such period, then a “Deadlock” shall be in effect and either Member, so long as it is not a Defaulting Member, shall be entitled to exercise the buy-sell right set forth in this Section 9.03 by delivering a Buy-Sell Offer Notice in accordance with Section 9.03(b).
Except as provided in Section 12.03(d), non-cash distributions are not permitted without the unanimous consent of the Members (other than a Defaulting Member).
More Definitions of Defaulting Member
Defaulting Member shall have the meaning specified in Section 4.3(c) hereof.
Defaulting Member has the meaning set forth in Section 6.2(d).
Defaulting Member has the meaning set forth in Section 13.1 hereof.
Defaulting Member. A Member which fails to make his Additional Contribution as required herein.
Defaulting Member means a Member who fails to make any portion of its Capital Contribution, including any Additional Capital Contribution the Member has elected to make within the time period permitted hereunder. Disassociation shall mean an action of the Manager to remove a Member’s right to participate in management (i.e., removal of its voting Interest) for cause (per Article 12.1) or by operation of law (per Article 12.2).
Defaulting Member is defined in Section 7.01.
Defaulting Member is defined in Section 3.4(a).