Defaulting Member definition

Defaulting Member has the meaning set forth in Section 3.3(a).

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Defaulting Member shall have the meaning provided in Section 5.2(b).

Defaulting Member has the meaning set forth in Section 4.4(a).

Examples of Defaulting Member in a sentence

All meetings of the Board of Managers shall be held at the offices of the Company, virtually or as otherwise agreed by all Managers (other than any Manager designated by a Defaulting Member); provided that Managers may participate in meetings by videoconference, teleconference or similar communications equipment by means of which all Persons participating in the meeting can hear each other, and such participation shall constitute presence in person at such meeting.
In addition to the foregoing, the Fund may in its discretion institute a lawsuit against the Defaulting Member for specific performance of its obligation to pay any Drawdown and any other payments to be made by the Defaulting Member pursuant to this Agreement and to collect any overdue amounts hereunder.
At such reconvened meeting, a quorum shall be constituted if there is present at such meeting at least one Manager designated by Member(s) (other than any Defaulting Member) with an aggregate Common Percentage of at least 50%.
A quorum at any meeting of the Board of Managers shall be constituted if there is present at such meeting at least one Manager designated by each Member with the right to designate a Manager (other than any Defaulting Member).
No course of dealing between the Fund and any Defaulting Member and no delay in exercising any right, power or remedy conferred in this Section 7.2(e) or now or hereafter existing at law or in equity or otherwise shall operate as a waiver or otherwise prejudice any such right, power or remedy.

More Definitions of Defaulting Member

Defaulting Member. A Member which fails to make his Additional Contribution as required herein.

Defaulting Member has the meaning set forth in Section 13.1 hereof.

Defaulting Member shall have the meaning specified in Section 4.3(c) hereof.

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 has the meaning set forth in Section 6.2(d).

Defaulting Member has the meaning set forth in Section 9.1.