Electing Members definition
Examples of Electing Members in a sentence
The right of each Electing Member to purchase New Interests in excess of its Percentage Interest shall be based on the relative Percentage Interests of the Electing Members desiring to purchase Over-Allotment Amounts.
Any such Compelled Sale Notice may be rescinded by the Electing Members by delivering written notice thereof to the Company and all of the Non-Electing Members.
An assignment by Buyer of its rights under this Agreement shall not relieve Buyer of any liability hereunder nor shall it relieve the assignee of the obligation to deliver the OP Units to the Electing Members at Closing.
If at the end of the Election Period, the aggregate percentage of the Transferred Interest specified by the Electing Partners in Election Notices is equal to or greater than 100%, then the Transferring Member shall transfer the Transferred Interest to such Electing Members on a prorata basis in accordance with the percentages of the Transferred Interest set forth in their respective Election Notices, and in accordance with all other terms set forth in the Transfer Notice.
Notwithstanding anything in this Agreement to the contrary (but subject to the terms of Section 12.1), the Electing Members shall be entitled to unanimously designate any third party to be the transferee of the Defaulting Member’s Interest or obtain financing from any third party with respect to such purchase, provided that the foregoing shall not delay any transaction described in this Section 15.6.