Rights of Partition Sample Clauses

Rights of Partition. (a) The Co-Owners agree generally that any Co-Owner (and any of its successors-in-interest) shall have the right at any time to file a complaint or institute any proceeding at law or in equity to have the Property partitioned corresponding to its Percentage (a “Partition”) in accordance with and to the extent provided by applicable law and the Financing Documents. The Co-Owners acknowledge and agree that Partition of the Property may result in a forced sale by all of the Co-Owners. To avoid the inequity of a forced sale and the potential adverse effect on the investment by the Co-Owner(s), the Co-Owners agree that, prior to instituting a Partition, the Co-Owner seeking such Partition (hereinafter, “Partitioning Co-Owner”) shall first make a written offer (“Offer to Sell”) to sell its Interest to the other Co-Owner(s) at a price equal to (a) the Fair Market Value (as defined in Section 5.02 above) of the Partitioning Co-Owner’s Interest minus (b) selling, prepayment or other costs that would apply in the event the Property was sold on the date of the offer (the “Partition Price”). The other Co-Owner(s) shall have a right of first refusal to purchase the Interest of the Petitioning Co-Owner at the Partition Price on or before thirty (30) days after receipt of the Offer to Sell (the “Purchase Period”). In the event that prior to the expiration of the Purchase Period, more than one Co-Owner elects to purchase the Interest of the Petitioning Co-Owner, then the electing Co-Owners shall each purchase an equal interest in the Interest of the Petitioning Co-Owner unless they agree otherwise. Notwithstanding the foregoing or anything to the contrary contained in this Agreement, so long as all or any portion of the Property is subject to the Loans, the Financing Documents and the liens created thereby, or is otherwise security for a debt, the Co-Owners shall not seek or be entitled to seek and obtain Partition the Property if such Partition shall violate the terms or conditions of the Financing Documents or other such indebtedness without first obtaining the prior written consent of Lenders, and to the fullest extent permitted under applicable law, each Co-Owner waives any such right to Partition unless Lenders have consented in writing.
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Related to Rights of Partition

  • Rights of Parties Nothing in this Agreement, whether express or implied, is intended to confer any rights or remedies under or by reason of this Agreement on any Persons other than the parties hereto and their respective successors and assigns, nor shall any provision give any third Persons any right of subrogation or action over against any party to this Agreement. Without limiting the generality of the foregoing, it is expressly understood that this Agreement does not create any third party beneficiary rights.

  • Rights of Partners Except as otherwise provided in this Agreement, the Partners shall look solely to the assets of the Partnership for the return of their capital contributions and shall have no right or power to demand or receive property other than cash from the Partnership.

  • Rights of Members Except as otherwise provided in this Agreement, (a) each Member shall look solely to the assets of the Company for the return of its Capital Contribution, (b) no Member shall have the right or power to demand or receive property other than cash from the Company and (c) except as provided in this Agreement, no Member shall have priority over any other Member as to the return of its Capital Contributions, distributions or allocations.

  • Rights of Participants Any participant in a Lender's interests hereunder may assert any claim for yield protection under Section 4.03 that it could have asserted if it were a Lender hereunder. If such a claim is asserted by any such participant, it shall be entitled to receive such compensation from the Borrower as a Lender would receive in like circumstances; provided, however, that with respect to any such claim, the Borrower shall have no greater liability to the Lender and its participant, in the aggregate, than it would have had to the Lender alone had no such participation interest been created.

  • Rights of Participant The Participant shall not have the rights of a stockholder of the Company with respect the Shares represented by the Restricted Stock Units, including, without limitation, the right to vote the Shares represented by the Restricted Stock Units, unless and until such Shares have been delivered to the Participant in accordance with Paragraph 9.

  • Rights of Contribution The Guarantors agree among themselves that, in connection with payments made hereunder, each Guarantor shall have contribution rights against the other Guarantors as permitted under applicable law. Such contribution rights shall be subordinate and subject in right of payment to the obligations of such Guarantors under the Loan Documents and no Guarantor shall exercise such rights of contribution until all Obligations have been paid in full and the Commitments have terminated.

  • Voting Rights of Members The Members shall have voting rights as defined by the Membership Voting Interest of such Member and in accordance with the provisions of this Agreement. Members do not have a right to cumulate their votes for any matter entitled to a vote of the Members, including election of Directors.

  • Rights of Limited Partners Except as otherwise provided in this Agreement, each Limited Partner shall look solely to the assets of the Partnership for the return of its Capital Contributions and shall have no right or power to demand or receive property other than cash from the Partnership. Except as otherwise provided in this Agreement, no Limited Partner shall have priority over any other Partner as to the return of its Capital Contributions, distributions, or allocations.

  • Limitations on Rights of Participants A Participant shall not be entitled to receive any greater payment under Section 2.12 or 2.13 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the Borrower’s prior written consent. A Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 2.14 unless the Borrower is notified of the participation sold to such Participant and such Participant agrees, for the benefit of the Borrower, to comply with Section 2.14(e) as though it were a Lender.

  • Individual Rights of Trustee The Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Company or any Affiliate of the Company with the same rights it would have if it were not Trustee. However, in the event that the Trustee acquires any conflicting interest it must eliminate such conflict within 90 days, apply to the SEC for permission to continue as trustee or resign. Any Agent may do the same with like rights and duties. The Trustee is also subject to Sections 7.10 and 7.11 hereof.

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