Funding Members definition
Examples of Funding Members in a sentence
This Finance Agreement shall be amended only by the written agreement of all Parties who continue to be Funding Members at the time any such amendment is undertaken.
As of the Funding Date, the Capital Contributions made by the DIP Loan Funding Members and the True-Up Members in accordance with this Section 3.1(h)(iv) shall be deemed Invested Capital and a Capital Contribution and included in the Capital Account of such DIP Loan Funding Member or True-Up Member.
The Penalty Units will be reallocated either (x) pro rata among the Default Funding Members, if any, in proportion to their funding of the Default Amount, (y) if there are no Default Funding Members, pro rata among the Holders of Investor Units (other than the Defaulting Member) in accordance with their Percentage Interests, or if the holders of Investor Units who have not defaulted agree (z) pro rata among the New Funding Members in proportion to their funding of the Default Amount.
Second, the Non-Funding Member's Percentage Interest shall be reduced, and the Funding Member's Percentage Interest shall be increased, to reflect each Member's percentage of the total contributions made by both Members as of the Percentage Interest Adjustment Date.
The Ownership Interest of each Member that is not a Funding Member will be reduced by an amount equal to the total increase in the Ownership Interests of the Funding Members multiplied by the ratio of such non-Funding Member's Ownership Interest to the aggregate Ownership Interests of all non-Funding Members (prior to adjustment under this sentence).
The adjustment described in this 3.11[d] will be made by increasing the Funding Member's Ownership Interest and decreasing the Ownership Interests of the other Members in proportion to their relative Ownership Interests.
Class B Units will also be issued to the Funding Members as provided in Section 3.4(c) to the extent such Funding Members make any Additional Capital Contributions to the Company as provided in Section 6.1(b).
In the event that the Funding Members make Additional Contributions in proportion to their Ownership Interests, then a determination of the Fair Market Value of the Company (taking into account all indebtedness of the Company but excluding the Additional Contributions made by the Funding Members) ("Pre-Dilution Fair Market Value") will be made.
In such event, any actions which require the Approval of the Executive Committee shall be deemed Approved only if Representatives with a Voting Interest representing a Majority-in-Interest of the Funding Members vote in favor of such action.
If the Company does not have sufficient funds as referred to in the prior sentence to fund fully such Approved Project (“Sufficient Funds”), the Board shall direct the Company to request cash Capital Contributions from the Funding Members (“Requested CapEx Contribution”) to fund the remaining amount (the amount of each such Requested CapEx Contribution, the “Requested CapEx Contribution Amount”) and on the terms and conditions set forth in this ARTICLE 5 and the Project Written Consent.