Consequence of Becoming a Defaulting Member Sample Clauses

Consequence of Becoming a Defaulting Member. If a Member becomes a Defaulting Member:
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Consequence of Becoming a Defaulting Member. If a Member becomes a Defaulting Member: the Manager may in its discretion permit one or more Eligible Substitute Members to make Capital Contributions to the Company in an amount sufficient to make up for the Defaulting Member’s failure to make his, her or its second Capital Contribution (or such lesser amount that the Manager can arrange if necessary in its sole discretion), in which case: (A) the Manager will cause the Defaulting Member’s Membership Interest in the Company, or any or all rights that relate to Membership Interest, including tax credits, tax deductions or other tax benefits, to be transferred to those Eligible Substitute Members and the Defaulting Member will cease to be a Member of the Company, and (B) the Defaulting Member will continue to be liable to the Company only for his, her or its unfulfilled obligation (reduced by the amount of any Capital Contribution that the Manager arranges for others to make in accordance with this clause (i)); the Manager may in its discretion cause the Company to borrow from one or more third parties an amount equal to the Capital Contribution that the Defaulting Member failed to make, in which case the Defaulting Member will be liable to the Company in an amount equal to the obligation that results from such borrowing, including interest; the Defaulting Member must indemnify the Company and the other Members from and against all losses (including any loss of tax credits, tax deductions or other tax benefits) that any of them suffer as a result of that failure by the Defaulting Member to timely make such second Capital Contribution to the Company; and the Manager may in its discretion exercise, on behalf of the Company, any other rights or remedies that the Company may have at law or in equity against any Defaulting Member.
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Related to Consequence of Becoming a Defaulting Member

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