Member Default definition

Member Default. In the event that a member defaults on his/her loan agreement with a financial institution resulting in foreclosure of the member’s solar panels, the financial institution shall take possession and ownership of said membership including the solar panels and have the right to assign or sell his/her ownership share (the foreclosed solar panels) to a qualified party.
Sample 1
Member Default has the meaning provided in Section 16(a).
Sample 1
Member Default shall have the meaning set forth in Section 9.3.
Sample 1

Examples of Member Default in a sentence

  • A Holdings Member Default shall not relieve the Holdings Member of its obligation to make any Accordion Capital Contributions subsequent thereto.

  • On dissolution of the Company, the Holdings Member, or, during any Holdings Member Default Period, the Managing Member, may appoint one or more Persons as liquidator(s), which Person or Persons shall be reasonably approved by the Crestwood Member.

  • All Member Default Damages by the Company pursuant to the Contribution Agreement or the Purchase Agreements, all Member Dispute Damages and all distributions received by the Company pursuant to the Capital Expenditures Agreement shall be distributed to the Members no later than two (2) Business Days after receipt by the Company.

  • Any amount so advanced by the non-Defaulting Member shall be considered a Member Default Loan by the non-Defaulting Member to the Defaulting Member.

  • If the non-Defaulting Member has not made a Member Default Loan, then the Defaulting Member's obligation to make the Defaulted Capital Contribution to the Company shall bear interest until paid at a rate of 12% per annum, which shall be compounded annually, and shall be payable on demand first out of Distributions which would otherwise be made to the Defaulting Member and to the extent not sufficient then out of the general assets of the Defaulting Member.

  • No Distributions of any kind shall be made directly to the Defaulting Member until such time as the Member Default Loan and all interest thereon has been paid by or for the account of the Defaulting Member.

  • If the non- Defaulting Member has made a Member Default Loan, any Capital Contributions made as a result of such enforcement proceedings or otherwise shall be paid to the Member making the Member Default Loan until the Member Default Loan and all interest thereon are paid in full.

  • If Company believes that Acquisition Member has defaulted in the performance of a material obligation under this Agreement and such default remains uncured following the delivery of an Acquisition Member Default Notice, and the expiration of the applicable cure period provided in this Section 5.3, then Company may deliver a written notice to Acquisition Member setting forth its intention to terminate this Agreement pursuant to this Section (a "Company Termination Notice").

  • The total purchase price of the defaulting Member’s Membership Interest will be equal to 90% of the Fair Market Value of the Membership Interest, as subsequently determined in accordance with the provisions of this Section 14.7, or 100% of the Fair Market Value of the defaulting Member’s Membership Interest in the event the Member Default was caused by the bankruptcy of a Member.

  • Notwithstanding the prior sentence, if the Non-Claiming Member delivers a Removal Dispute Notice with respect to a Member Default, the Member Annex I - Page 9 not prevailing in the Expedited Arbitration Proceeding shall pay all of the reasonable fees and costs relating to the arbitration, including the prevailing Member’s reasonable, actual, out-of-pocket attorneys’ fees and expenses.


More Definitions of Member Default

Member Default means (i) a material default by a Member under the LLC Agreement (including an attempted Transfer in violation of Article XII) that remains uncured for a period of 30 days after the defaulting Member has received written notice of such default, (ii) the bankruptcy of a Member, (iii) a Cargill Default, (iv) a SUGAR Default or (v) an Imperial-Savannah Default.
Sample 1
Member Default has the meaning set forth in Section 9.02.
Sample 1
Member Default with respect to any Member, (i) any representation and warranty made by such Member in this Agreement shall fail to have been correct in any material respect and is not corrected by such Member within 30 days of its becoming aware of, or its receipt of notice from the Company or another Member of, such failure, (ii) the occurrence of a Bankruptcy Event with respect to such Member, (iii) the failure by such Member to fund, when due, any portion of a Capital Contribution required to be funded by it pursuant to Section 4 or Section 10.3(c), or (iv) the failure by such Member, as and when required to do so, to acquire an Offered Interest which it has agreed to acquire pursuant to Section 10.1(d).
Sample 1
Member Default has the meaning set forth in Section 3.6(B).
Sample 1
Member Default means only a default by a Member, attributable solely to the act or omission of such Member, resulting in the Company not acquiring the Property scheduled to be acquired from CenterPoint or its Affiliates at Tranche I Closing, Tranche II Closing, Tranche III Closing or Tranche IV Closing, and (i) in the case of JF US, shall include only a willful and intentional default in the making of Capital Contributions required to fund the purchase of Properties in Tranche I, Tranche II, Tranche III or Tranche IV as provided hereunder or a failure to comply with Section 3.8; and (ii) in the case of CenterPoint, shall include only a willful and intentional default prohibiting the sale of any Property in Tranche I, Tranche II, Tranche III or Tranche IV to the Company as contemplated by the Purchase Agreement or a failure to comply with Section 3.8.
Sample 1
Member Default means, an NSAM Member Default or an Island Member Default, as applicable. Annex I - Page 13
Sample 1

Related to Member Default

  • Major Default means any Event of Default occurring under Sections 4.1(a), 4.1(c), 4.1(l), or 4.1(p).

  • Minor Default means any Event of Default that is not a Major Default.

  • Purchaser Default has the meaning set forth in Section 12.2 (a).

  • Employer default means having an outstanding balance or liability to the old fund or to the uninsured employers' fund or being in policy default, as defined in W. Va. Code § 23-2c-2, failure to maintain mandatory workers' compensation coverage, or failure to fully meet its obligations as a workers' compensation self-insured employer. An employer is not in employer default if it has entered into a repayment agreement with the Insurance Commissioner and remains in compliance with the obligations under the repayment agreement.

  • Seller Default has the meaning set forth in Section 12.1.

  • Buyer Default refers to nonpayment of the Xxxxxxx Money in accordance with the provisions of this Agreement (including nonpayment or dishonor of any check delivered for the Xxxxxxx Money) and/or the failure of this transaction to close due to nonperformance, breach and/or default with respect to the Buyer’s obligation(s) under this Agreement. In the event of a Buyer Default, the following provisions shall apply:

  • Senior Default means any Senior Payment Default or Senior Covenant Default.

  • MI Default has the meaning given to it in paragraph 6.1 of Framework Schedule 9 (Management Information);

  • Material Event of Default means any Event of Default arising under Section 10.01(a), 10.01(b) (solely with respect to a default related to Section 8.01, 8.20 or 9.13), 10.01(f), 10.01(i), 10.01(j), 10.01(n) or 10.01(o).

  • Customer Default has the meaning set out in clause 8.3.

  • Default means any event or condition that constitutes an Event of Default or that, with the giving of any notice, the passage of time, or both, would be an Event of Default.

  • Special Default means (i) the failure by Owner to pay any amount of principal of or interest on any Equipment Note when due or (ii) the occurrence of any Default or Event of Default referred to in Section 5.01(v), (vi) or (vii).

  • Lender Default means (a) the refusal or failure (which has not been cured) of a Lender to make available its portion of any Borrowing or to fund its portion of any Unpaid Drawing under Section 3.4 that it is required to make hereunder, (b) a Lender having notified the Administrative Agent and/or the Borrower that it does not intend to comply with its funding obligations under this Agreement or has made a public statement to that effect with respect to its funding obligations under this Agreement, (c) a Lender has failed to confirm (within one Business Day after a request for such confirmation is received by such Lender) in a manner reasonably satisfactory to the Administrative Agent, the Borrower and, in the case of a Revolving Credit Lender, each Revolving Letter of Credit Issuer that it will comply with its funding obligations under this Agreement, (d) a Lender being deemed insolvent or becoming the subject of a bankruptcy or insolvency proceeding or has admitted in writing that it is insolvent; provided that a Lender Default shall not be deemed to have occurred solely by virtue of the ownership or acquisition of any Stock in the applicable Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide the applicable Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit the applicable Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with the applicable Lender, or (e) a Lender that has, or has a direct or indirect parent company that has, become the subject of a Bail-In Action.

  • Material Default means a material breach of this Framework Agreement and/or, breach by the Supplier of any of the following Clauses: Clause 8 (Warranties and Representations), Clause 9 (Prevention of Bribery and Corruption), Clause 13 (Statutory Requirements and Standards), Clause 14 (Non-Discrimination), Clause 15 (Provision of Management Information), Clause 16 (Management Charge), Clause 17 (Records and Audit Access), Clause 22 (Data Protection), Clause 23 (Freedom of Information) and Clause 31 (Transfer & Sub-contracting);

  • Potential Event of Default means any event which, with the giving of notice or the lapse of time or both, would constitute an Event of Default.

  • Triggering Event of Default means (i) any Event of Default with respect to an obligation of the Mortgage Loan Borrower to pay money due under the Mortgage Loan or (ii) any non-monetary Event of Default as a result of which the Mortgage Loan becomes a Specially Serviced Mortgage Loan (which, for clarification, shall not include any imminent Event of Default (i.e., subclause (vii) of the definition of Special Servicing Loan Event)).

  • Servicer Default means an event specified in Section 8.01.

  • Guarantor Default means a default by the Guarantor under its obligations pursuant to Article IX of the Note Purchase Agreement which is existing and continuing.

  • Event of Default wherever used herein, means any one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body):

  • Swap Default Any of the circumstances constituting an “Event of Default” under the Swap Agreement.

  • Default Event means an event or circumstance which leads Operator to determine that a Venue User is or appears to be unable or likely to become unable to meet its obligations in respect of an Order or Transaction or to comply with any other obligation under an Agreement or Applicable Law.

  • Lease Default means any event or condition which, with the lapse of time or the giving of notice, or both, would constitute a Lease Event of Default.

  • PTC Event of Default means, with respect to each Trust Agreement, the failure to pay within 10 Business Days after the due date thereof: (i) the outstanding Pool Balance of the applicable Class of Certificates on the Final Legal Distribution Date for such Class or (ii) interest due on such Certificates on any Distribution Date (unless the Subordination Agent shall have made an Interest Drawing or a withdrawal from the Cash Collateral Account relating to a Liquidity Facility for such Class, with respect thereto in an aggregate amount sufficient to pay such interest and shall have distributed such amount to the Trustee entitled thereto).

  • Note Event of Default means any “Event of Default” specified in Section 5.1 of the Indenture.

  • Bank Default means (i) the refusal (which has not been retracted) of a Bank to make available its portion of any Borrowing or to fund its portion of any unreimbursed payment under Section 2.03(c) or (ii) a Bank having notified in writing the Borrower and/or the Agent that it does not intend to comply with its obligations under Section 1.01 or Section 2, in the case of either clause (i) or (ii) as a result of any takeover of such Bank by any regulatory authority or agency.

  • Acceleration Event of Default means an Event of Default under Section 5.1(a), (d), (e) or (f), whatever the reason for such Acceleration Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body.