Defaulting Member definition

Defaulting Member the meaning set forth in Section 3.2(a).

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

• If the Defaulting Member has so affected its cure, no Member will have any further rights under this Section with respect to the failure, which has been cured.

• Any Member which makes a payment to the Company on behalf of a Defaulting Member pursuant to this Section 8.4 (a “Contributing Member”) shall treat the payment as an additional capital contribution to the capital of the Company for the Contributing Member’s own Capital Account, and in such case, the Contributing Member’s and Defaulting Member’s Ownership Percentage in the Company shall be adjusted in accordance with the formula set forth below.

• A Member who fails to timely make its second Capital Contribution to the Company when due will be a "Defaulting Member".

• A Defaulting Member shall not be entitled to interest on any Capital Contribution, nor shall it have the right to demand the return of all or any part of its Capital Contributions.

• If a Member believes that it may become a Defaulting Member, that Member must use reasonable efforts to cause one or more Eligible Substitute Members to make Capital Contributions to the Company in an amount sufficient to satisfy the obligation of the Member.

More Definitions of Defaulting Member

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

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

Defaulting Member is defined in Section 7.01.

Defaulting Member is defined in Section 3.3.

Defaulting Member has the meaning set forth in Section 9.1.

Defaulting Member shall have the meaning ascribed to such term in Section 9.1.

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).