Adjustment Percentage. “Adjustment Percentage” shall mean, in the case of the reduction in the Defaulting Member’s interest in the Company pursuant to Section 3.5(a)(ii) of this Agreement, a fraction, expressed as a percentage, the numerator of which is the Defaulted Portion of the Defaulting Member’s Interest in the Company and the denominator of which is the Defaulting Member’s Horizontal Ownership Percentage (determined immediately prior to the Non-Defaulting Member’s purchase).
Appears in 4 contracts
Samples: Limited Liability Company Agreement, Limited Liability Company Agreement (Winter Sports Inc /New), Limited Liability Company Agreement (Winter Sports Inc /New)
Adjustment Percentage. “Adjustment Percentage” shall mean, in the case of the reduction in the Defaulting Member’s interest in the Company pursuant to Section 3.5(a)(ii) of this Agreement, a fraction, expressed as a percentage, the numerator of which is the Defaulted Portion of the Defaulting Member’s Interest in the Company and the denominator of which is the Defaulting Member’s Horizontal Ownership VerticalOwnership Percentage (determined immediately prior to the Non-Defaulting Member’s purchase).
Appears in 1 contract
Samples: Limited Liability Company Agreement (Winter Sports Inc /New)
