Segregated Series Clause Samples
The Segregated Series clause establishes that within a legal entity, separate series or divisions can be created, each with its own assets, liabilities, and obligations that are distinct from those of other series and the entity as a whole. In practice, this means that the debts or liabilities of one series do not affect the assets of another, allowing for the isolation of financial risk and obligations. This structure is commonly used in investment funds or business entities to protect each series from the financial exposures of others, thereby ensuring that losses or claims against one series do not jeopardize the assets of the others.
Segregated Series. Each Series shall be identified by a separate series name and each Member in a Series shall hold membership interests in the Company with respect to such Series (“Interests”). The names and addresses of each Member and their Percentage Interests shall be set forth in the books and records of the Company and the applicable Series. The Series Holdings belonging to a particular Series shall belong to that Series for all purposes and to no other Series. The Series Holdings of each Series shall be subject only to the rights of the creditors of that particular Series. The assets belonging to a particular Series shall be recorded upon the books of the Company for that Series and to the extent that Series Holdings are deemed to be held by the Company, shall be held by the Company and the Manager in trust for the benefit of the Members associated with such Series. The debts, liabilities and obligations incurred, contracted for or otherwise existing with respect to a Series shall be enforceable against the assets of such Series only and not against any other assets of the Company generally or any other Series. Separate and distinct records shall be maintained for each and every Series, and assets associated with any such Series shall be accounted for separately from the other assets of the Company, or any other Series of the Company. Notice of this contractual limitation on inter-series liabilities is set forth in the Certificate of Formation, and the statutory provisions of Sections 18-215 and 18-218 of the Act relating to the limitations on inter-series liabilities are applicable to the Company and each Series. Any Person extending credit to, contracting with, or having any claim against any Series may look only to the assets of that Series to satisfy or enforce any debt, liability, obligation or expense incurred, contracted for or otherwise existing with respect to that Series.
Segregated Series. Upon the occurrence of an Amortization Event relating to any Outstanding Segregated Series of Notes, the Trustee shall limit any recourse hereunder to the related Series-Specific Collateral in satisfying the payment of interest and principal due on such Segregated Series of Notes.
Segregated Series. Upon the occurrence of an Amortization Event relating to any Outstanding Segregated Series of Notes, the Trustee shall limit any recourse hereunder or under the applicable Segregated Series Supplement to the related Series-Specific Collateral in satisfying the payment of interest and principal due on such Segregated Series of Notes. For all purposes hereunder and for the avoidance of doubt, the Required Noteholders with respect to any Segregated Series of Notes may direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee with respect to the Series-Specific Collateral relating to such Segregated Series of Notes; provided that, subject to Section 9.5 and Section 10.1(d) and the other rights of the Trustee hereunder, any such actions shall not adversely affect in any material respect the interests of the Segregated Noteholders of any other Segregated Series of Notes Outstanding and shall not adversely affect in any material respect the interests of the Noteholders of any Series of Notes Outstanding.
Segregated Series. Upon the occurrence of an Amortization Event relating to any Outstanding Segregated Series of Notes, the Trustee shall limit any recourse hereunder to the related Series-Specific Collateral in satisfying the payment of interest and principal due on such Segregated Series of Notes. For all purposes hereunder and for the avoidance of doubt, the Requisite Investors with respect to each Segregated Series of Notes may direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee with respect to the Series-Specific Collateral relating to such Segregated Series of Notes. However, subject to Section 10.1, the Trustee may refuse to follow any direction that conflicts with law or this Base Indenture, or that, in the Trustee’s sole discretion, may involve the Trustee in personal liability.
Segregated Series. Upon the occurrence of an Amortization Event relating to any Outstanding Segregated Series of Notes, the Trustee shall limit any recourse hereunder to the related Group-Specific Collateral in satisfying the payment of interest and principal due on such Segregated Series of Notes. For all purposes hereunder and for the avoidance of doubt, the Group III Collection Account has been established solely for the benefit of the Group III Noteholders, and in connection with the issuance of a Segregated Series of Notes, ARG II will establish with the Trustee a separate and segregated trust account with respect to collections in respect of the Group-Specific Collateral related in such Segregated Series of Notes as contemplated by SECTION 2.3(B) hereof.