Membership Obligation of Allottee Sample Clauses

Membership Obligation of Allottee. Membership of the Said Club being compulsory for allallottees of the Whole Project, the Allottee (which expression, in the context of the Said Club, means only 1 (one) person if the number of allottee/s under this Agreement is more than 1 (one), as be nominated inter se among the allottee/s) agrees to become a member of the Said Club, on the preliminary terms and conditions recorded in this Agreement. The Allottee understands and accepts that (1) detailed terms and conditions of membership and rules and regulations governing use of the Said Club and its facilities will be formulated by the Club Manager (defined below) in due course and circulated to members before the Said Club is made operational (2) all members (including the Allottee) will be required to abide by these terms and conditions and rules and regulations and(3) the acceptance by the Allottee of the club scheme shall be a condition precedent to completion of sale of the Said Apartment And Appurtenances in terms of this Agreement.
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Membership Obligation of Allottee. Membership of the Said SAC being compulsory for the Complex Co-Owners, the Allottee (which expression, in the context of the Said SAC, means only 1 (one) person if the number of Allottees under this Agreement being more than 1 (one), as be nominated inter se among the Allottees) agrees to become a member of the Said SAC, on the preliminary terms and conditions recorded in this Agreement. The Allottee understands and accepts that detailed terms and conditions of membership as also the various charges and rules and regulations governing use of the Said SAC and its facilities (SAC Scheme) will be formulated by the Promoter in due course and circulated to members before the Said SAC is made operational to all members (including the Allottee) will be required to abide by the SAC Scheme.
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Membership Obligation of Allottee. Membership of the Sargam Club shall be mandatory and compulsory for the allottees of the Project. The Membership shall in case of joint allottees be given to only one amongst them as they may nominate and if such nomination is not made then the first named Allottee shall be the member of the Sargam Club. The Allottee futher accepts and confirms that (i) membership of the Sargam Club shall only be for the allottees of the residential apartments, (ii) each apartment shall be entitled to one 1 (one) membership only irrespective of the number of allottees of such apartment, (iii) membership shall be only for individuals (i.e. no corporate membership) and if the Allottee is a body corporate or an organization or entity, it will be required to nominate 1 (one) individual authorized representative who is also the resident of the concerned apartment for being admitted to membership of the Sargam Club, (iv) the Sargam Club can be used by the member and his/her immediate family i.e. spouse and dependent children below 21 (Twenty one) years (v) in the event of sale or transfer of the Designated Apartment, the membership of the transferor Allottee will automatically stand transferred in favour of such transferee at the then applicable Club Rules with cessation of membership or right of use of the transferor Allottee and (vi) if the Allottee let out his/her apartment, he/she may request for a temporary suspension of his/her usage right of the Sargam Club and permission for usage of the Sargam Club by the tenant under his/her membership. The Allottee agrees and confirms that the membership of the Sargam Club shall under no circumstances be separately conveyed.
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Membership Obligation of Allottee. Transferee: Membership of the Said SAC being compulsory for the Complex Co-Owners, the Purchaser (which expression, in the context of the Said SAC, means only 1 (one) person if the number of Allottees is more than 1 (one), the Purchaser understands and accepts that detailed terms and conditions of membership as also the various charges and rules and regulations governing use of the Said SAC and its facilities (SAC Scheme) is made operational and all members (including the Allottee/Transferee) will be required to abide by the SAC Scheme. The rules and regulations for the Said SAC is mentioned in Part III of the Third Schedule.
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Membership Obligation of Allottee. Transferee: Membership of the Said SAC being compulsory for the Complex Co-Owners, the Allottee/Transferee (which expression, in the context of the Said SAC, means only 1 (one) person if the number of Allottees is more than 1 (one), the Allottee/Transferee understands and accepts that detailed terms and conditions of membership as also the various charges and rules and regulations governing use of the Said SAC and its facilities (SAC Scheme) is made operational and all members (including the Allottee/Transferee) will be required to abide by the SAC Scheme. The rules and regulations for the Said SAC is mentioned in Part III of the Third Schedule.
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Membership Obligation of Allottee. Membership of the Sargam Club shall be mandatory and compulsory for the allottees of the Project. The Membership shall in case of joint allottees be given to only one amongst them as they may nominate and if such nomination is not made then the first named Allottee shall be the member of the Sargam Club. The Allottee futher accepts and confirms that (i) membership of the Sargam Club shall only be for the allottees of the residential apartments, (ii) each apartment shall be entitled to one 1 (one) membership only irrespective of the number of allottees of such apartment,
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Membership Obligation of Allottee. Membership of the Sargam Club shall be mandatory and compulsory for the allottees of the Project. The Membership shall in case of joint allottees be given to only one amongst them as they may nominate and if such nomination is not made then the first named Allottee shall be the member of the Sargam Club. The Allottee futher accepts and confirms that (i) membership of the Sargam Club shall only be for the allottees of the residential apartments, (ii) each apartment shall be entitled to one 1 (one) membership only irrespective of the number of allottees of such apartment, (iii) membership shall be only for individuals (i.e. no corporate membership) and if the Allottee is a body corporate or an organization or entity, it will be required to nominate 1 (one) individual authorized representative who is also the resident of the concerned apartment for being admitted to membership of the Sargam Club,
Sample 1
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Membership Obligation of Allottee. Membership of the Said SAC being compulsory for the Complex Co-Owners, the Allottee (which expression, in the context of the Said SAC, means only 1 (one) person if the number of allottees under this Agreement being more than 1 (one), as be nominated inter se among the allottees) agrees to become a member of the Said SAC, on the preliminary terms and conditions recorded in this Agreement. The Allottee understands and accepts that detailed terms and conditions of membership as also the various charges and rules and regulations governing use of the Said SAC and its facilities (SAC Scheme) will be formulated by the Promoter in due course and circulated to members before the Said SAC is made operational to all members (including the Allottee) will be required to abide by the SAC Scheme. Facilities of the Said SAC: Notwithstanding anything contained in the Schedule ‘D’ below, the Allottee accepts and confirms that the Promoter shall have the sole right and discretion in planning the details and facilities of the Said SAC and the same may also from time to time be varied at the sole discretion of the Promoter. Commencement of Operation of the Said SAC: The Promoter shall endeavor to get the Said SAC operational after the entirety of the Said Complex is complete and made ready. The Allottee accepts and confirms that the Completion Date of the Said Apartment shall have no connection and correlation with the Said SAC becoming operational and that the Allottee shall not raise any claim or objection in this regard. Maintenance of the Said SAC: The Allottee agrees and confirms that the Said SAC (at the sole discretion of the Promoter) be initially managed and operated by the Promoter either by itself or through its nominee for a period of 2(two) years from the date of completion of construction of the Said Complex or such extended time as the Promoter shall think proper and subsequently, the Association on its formation shall look after the maintenance, management and operation of the Said SAC.
Sample 1

Related to Membership Obligation of Allottee

  • No Creation of a Partnership or Exclusive Purchase Right Nothing contained in this Agreement, and no action taken pursuant hereto shall be deemed to constitute the relationship created hereby between the Note Holders as a partnership, association, joint venture or other entity. No Note Holder shall have any obligation whatsoever to offer to any other Note Holder the opportunity to purchase a participation interest in any future loans originated by such Note Holder or its Affiliates and if any Note Holder chooses to offer to any other Note Holder the opportunity to purchase a participation interest in any future mortgage loans originated by such Note Holder or its Affiliates, such offer shall be at such purchase price and interest rate as such Note Holder chooses, in its sole and absolute discretion. No Note Holder shall have any obligation whatsoever to purchase from any other Note Holder a participation interest in any future loans originated by such Note Holder or its Affiliates.

  • Membership Interest The Member shall own one hundred percent (100%) of the membership interests in the LLC, and all profits and losses shall be allocated to the Member.

  • Rights of Assignees of Partnership Interests (a) Subject to the provisions of Sections 9.1 and 9.2 hereof, except as required by operation of law, the Partnership shall not be obligated for any purposes whatsoever to recognize the assignment by any Limited Partner of its Partnership Interest until the Partnership has received notice thereof. (b) Any Person who is the assignee of all or any portion of a Limited Partner’s Limited Partnership Interest, but does not become a Substitute Limited Partner and desires to make a further assignment of such Limited Partnership Interest, shall be subject to all the provisions of this Article 9 to the same extent and in the same manner as any Limited Partner desiring to make an assignment of its Limited Partnership Interest.

  • Purchase or Sale of Partnership Interests The General Partner may cause the Partnership to purchase or otherwise acquire Partnership Interests or Derivative Partnership Interests. As long as Partnership Interests are held by any Group Member, such Partnership Interests shall not be considered Outstanding for any purpose, except as otherwise provided herein. The General Partner or any Affiliate of the General Partner may also purchase or otherwise acquire and sell or otherwise dispose of Partnership Interests for its own account, subject to the provisions of Articles IV and X.

  • Redemption of Partnership Interests of Ineligible Holders (a) If at any time a Limited Partner fails to furnish an Eligibility Certificate or any other information requested within the period of time specified in Section 4.9, or if upon receipt of such Eligibility Certificate or other information the General Partner determines, with the advice of counsel, that a Limited Partner is an Ineligible Holder, the Partnership may, unless the Limited Partner establishes to the satisfaction of the General Partner that such Limited Partner is not an Ineligible Holder or has transferred his Limited Partner Interests to a Person who is not an Ineligible Holder and who furnishes an Eligibility Certificate to the General Partner prior to the date fixed for redemption as provided below, redeem the Limited Partner Interest of such Limited Partner as follows: (i) The General Partner shall, not later than the 30th day before the date fixed for redemption, give notice of redemption to the Limited Partner, at such Limited Partner’s last address designated on the records of the Partnership or the Transfer Agent, by registered or certified mail, postage prepaid. The notice shall be deemed to have been given when so mailed. The notice shall specify the Redeemable Interests, the date fixed for redemption, the place of payment, that payment of the redemption price will be made upon redemption of the Redeemable Interests (or, if later in the case of Redeemable Interests evidenced by Certificates, upon surrender of the Certificate evidencing the Redeemable Interests) and that on and after the date fixed for redemption no further allocations or distributions to which such Limited Partner would otherwise be entitled in respect of the Redeemable Interests will accrue or be made. (ii) The aggregate redemption price for Redeemable Interests shall be an amount equal to the Current Market Price (the date of determination of which shall be the date fixed for redemption) of Limited Partner Interests of the class to be so redeemed multiplied by the number of Limited Partner Interests of each such class included among the Redeemable Interests. The redemption price shall be paid, as determined by the General Partner, in cash or by delivery of a promissory note of the Partnership in the principal amount of the redemption price, bearing interest at the rate of 5% annually and payable in three equal annual installments of principal together with accrued interest, commencing one year after the redemption date. (iii) The Limited Partner or such Limited Partner’s duly authorized representative shall be entitled to receive the payment for the Redeemable Interests at the place of payment specified in the notice of redemption on the redemption date (or, if later in the case of Redeemable Interests evidenced by Certificates, upon surrender by or on behalf of the Limited Partner or transferee at the place specified in the notice of redemption, of the Certificate evidencing the Redeemable Interests, duly endorsed in blank or accompanied by an assignment duly executed in blank). (iv) After the redemption date, Redeemable Interests shall no longer constitute issued and Outstanding Limited Partner Interests. (b) The provisions of this Section 4.10 shall also be applicable to Limited Partner Interests held by a Limited Partner as nominee, agent or representative of a Person determined to be an Ineligible Holder. (c) Nothing in this Section 4.10 shall prevent the recipient of a notice of redemption from transferring his Limited Partner Interest before the redemption date if such transfer is otherwise permitted under this Agreement and the transferor provides notice of such transfer to the General Partner. Upon receipt of notice of such a transfer, the General Partner shall withdraw the notice of redemption, provided the transferee of such Limited Partner Interest certifies to the satisfaction of the General Partner that such transferee is not an Ineligible Holder. If the transferee fails to make such certification within 30 days after the request and, in any event, before the redemption date, such redemption shall be effected from the transferee on the original redemption date.

  • Shares of Dissenting Stockholders Anything in this Agreement to the contrary notwithstanding, shares of Company Common Stock issued and outstanding immediately prior to the Effective Time and held by a holder of record who did not vote in favor of the adoption of this Agreement (or consent thereto in writing) and is entitled to demand and properly demands appraisal of such shares of Company Common Stock pursuant to, and who complies in all respects with, Section 262 of the DGCL (“DGCL 262” and any such shares meeting the requirement of this sentence, “Dissenting Shares”) shall not be converted into the right to receive the Merger Consideration, but instead at the Effective Time shall be converted into the right to receive payment of such amounts as are payable in accordance with DGCL 262 (it being understood and acknowledged that at the Effective Time, such Dissenting Shares shall no longer be outstanding, shall automatically be cancelled and shall cease to exist, and such holder shall cease to have any rights with respect thereto other than the right to receive the fair value of such Dissenting Shares to the extent afforded by DGCL 262); provided that if any such holder shall fail to perfect or otherwise shall waive, withdraw or lose the right to payment of the fair value of such Dissenting Shares under DGCL 262, then the right of such holder to be paid the fair value of such holder’s Dissenting Shares shall cease and such Dissenting Shares shall be deemed to have been converted as of the Effective Time into, and to have become exchangeable solely for the right to receive, without interest or duplication, the Merger Consideration. The Company shall give prompt written notice to Parent of any demands received by the Company for fair value of any shares of Company Common Stock pursuant to DGCL 262 and of any withdrawals of such demands, and Parent shall have the opportunity to participate in all negotiations and proceedings with respect to such demands. Prior to the Effective Time, the Company shall not, without the prior written consent of Parent, make any payment with respect to, or settle or compromise or offer to settle or compromise, any such demand, or agree to do any of the foregoing.

  • Redemption of Partnership Interests of Non-citizen Assignees (a) If at any time a Limited Partner or Assignee fails to furnish a Citizenship Certification or other information requested within the 30-day period specified in Section 4.9(a), or if upon receipt of such Citizenship Certification or other information the General Partner determines, with the advice of counsel, that a Limited Partner or Assignee is not an Eligible Citizen, the Partnership may, unless the Limited Partner or Assignee establishes to the satisfaction of the General Partner that such Limited Partner or Assignee is an Eligible Citizen or has transferred his Partnership Interests to a Person who is an Eligible Citizen and who furnishes a Citizenship Certification to the General Partner prior to the date fixed for redemption as provided below, redeem the Partnership Interest of such Limited Partner or Assignee as follows: (i) The General Partner shall, not later than the 30th day before the date fixed for redemption, give notice of redemption to the Limited Partner or Assignee, at his last address designated on the records of the Partnership or the Transfer Agent, by registered or certified mail, postage prepaid. The notice shall be deemed to have been given when so mailed. The notice shall specify the Redeemable Interests, the date fixed for redemption, the place of payment, that payment of the redemption price will be made upon surrender of the Certificate evidencing the Redeemable Interests and that on and after the date fixed for redemption no further allocations or distributions to which the Limited Partner or Assignee would otherwise be entitled in respect of the Redeemable Interests will accrue or be made. (ii) The aggregate redemption price for Redeemable Interests shall be an amount equal to the Current Market Price (the date of determination of which shall be the date fixed for redemption) of Limited Partner Interests of the class to be so redeemed multiplied by the number of Limited Partner Interests of each such class included among the Redeemable Interests. The redemption price shall be paid, in the discretion of the General Partner, in cash or by delivery of a promissory note of the Partnership in the principal amount of the redemption price, bearing interest at the rate of 10% annually and payable in three equal annual installments of principal together with accrued interest, commencing one year after the redemption date. (iii) Upon surrender by or on behalf of the Limited Partner or Assignee, at the place specified in the notice of redemption, of the Certificate evidencing the Redeemable Interests, duly endorsed in blank or accompanied by an assignment duly executed in blank, the Limited Partner or Assignee or his duly authorized representative shall be entitled to receive the payment therefor. (iv) After the redemption date, Redeemable Interests shall no longer constitute issued and Outstanding Limited Partner Interests. (b) The provisions of this Section 4.10 shall also be applicable to Limited Partner Interests held by a Limited Partner or Assignee as nominee of a Person determined to be other than an Eligible Citizen. (c) Nothing in this Section 4.10 shall prevent the recipient of a notice of redemption from transferring his Limited Partner Interest before the redemption date if such transfer is otherwise permitted under this Agreement. Upon receipt of notice of such a transfer, the General Partner shall withdraw the notice of redemption, provided the transferee of such Limited Partner Interest certifies to the satisfaction of the General Partner in a Citizenship Certification delivered in connection with the Transfer Application that he is an Eligible Citizen. If the transferee fails to make such certification, such redemption shall be effected from the transferee on the original redemption date.

  • Obligation of Sender The Transfer Agent is authorized to promptly debit the appropriate Fund account(s) upon the receipt of a payment order in compliance with the selected security procedure (the "Security Procedure") chosen for funds transfer and in the amount of money that the Transfer Agent has been instructed to transfer. The Transfer Agent shall execute payment orders in compliance with the Security Procedure and with the Fund instructions on the execution date provided that such payment order is received by the customary deadline for processing such a request, unless the payment order specifies a later time. All payment orders and communications received after this the customary deadline will be deemed to have been received the next business day.

  • Incorporators, Stockholders, Officers and Directors of Company Exempt from Individual Liability No recourse under or upon any obligation, covenant or agreement contained in this Indenture or any indenture supplemental hereto, or in any Security or any coupons appertaining thereto, or because of any indebtedness evidenced thereby, shall be had against any incorporator, as such or against any past, present or future stockholder, officer, director or employee, as such, of the Company or of any successor, either directly or through the Company or any successor, under any rule of law, statute or constitutional provision or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise, all such liability being expressly waived and released by the acceptance of the Securities and the coupons appertaining thereto by the holders thereof and as part of the consideration for the issue of the Securities and the coupons appertaining thereto.

  • Admission of a Substitute or Additional General Partner A Person shall be admitted as a substitute or additional General Partner of the Partnership only if the following terms and conditions are satisfied: (a) the Person to be admitted as a substitute or additional General Partner shall have accepted and agreed to be bound by all the terms and provisions of this Agreement by executing a counterpart thereof and such other documents or instruments as may be required or appropriate in order to effect the admission of such Person as a General Partner, and a certificate evidencing the admission of such Person as a General Partner shall have been filed for recordation and all other actions required by Section 2.5 hereof in connection with such admission shall have been performed; (b) if the Person to be admitted as a substitute or additional General Partner is a corporation or a partnership it shall have provided the Partnership with evidence satisfactory to counsel for the Partnership of such Person’s authority to become a General Partner and to be bound by the terms and provisions of this Agreement; and (c) counsel for the Partnership shall have rendered an opinion (relying on such opinions from other counsel and the state or any other jurisdiction as may be necessary) that the admission of the person to be admitted as a substitute or additional General Partner is in conformity with the Act, that none of the actions taken in connection with the admission of such Person as a substitute or additional General Partner will cause (i) the Partnership to be classified other than as a partnership for federal income tax purposes, or (ii) the loss of any Limited Partner’s limited liability.

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