Operating Agreement Amendment definition
Examples of Operating Agreement Amendment in a sentence
In the event that the Operating Agreement Amendment Proposal is not approved at such annual meeting (or earlier meeting), SLM BankCo shall use its reasonable best efforts to obtain the approval of the Operating Agreement Amendment Proposal at each subsequent annual or special meeting of common stockholders of SLM BankCo until such approval is obtained.
The Operating Agreement Amendment shall have been duly authorized, executed and delivered by the members holding sufficient membership units to make such amendment effective, and the Operating Agreement (as so amended) shall be in full force and effect.
For purposes of this Article VIII, each of Purchaser and CREC shall be deemed to suffer any Loss suffered by Seller in an amount equal to the product of the amount of the Loss suffered by Seller by such Party’s Percentage Interest (as that term is defined in the Operating Agreement Amendment).
However, as further derivative settlement consideration, the Parties have agreed to amend Section 5.14 of the Operating Agreement to provide ▇▇▇▇▇▇ and the General Governors with contemporaneous notice (i.e., within 24 hours after the final signature) of any action taken by the Pearl City Governors by written consent (the Operating Agreement Amendment).
The Parties acknowledge and agree that: (i) the consummation of the transactions contemplated by the Transaction Documents shall neither constitute the sale of all or substantially all of the assets of Seller nor result in the dissolution of Seller; and (ii) Seller shall continue in existence following the Closing and shall operate the Excluded Assets in the ordinary course of business in accordance with the terms of the Operating Agreement Amendment.