Common use of Suspension of Certain Rights Upon Monetary Default Clause in Contracts

Suspension of Certain Rights Upon Monetary Default. Notwithstanding anything in this Agreement to the contrary, no distribution shall be made to any Defaulting Partner who is in Monetary Default, and the voting rights under this Agreement of any Defaulting Partner who is in Monetary Default shall be transferred to the Nondefaulting Partners. So long as any Monetary Default is continuing, the Defaulting Partner assigns to the Nondefaulting Partners (i) its rights to receive any and all distributions under this Agreement, and such distributions shall be payable to the Nondefaulting Partners as reimbursements for losses, damages, costs and expense resulting directly or indirectly from such Monetary Default and (ii) its voting rights under this Agreement. If the Defaulting Partner shall dispute whether an event of Default has occurred, or the amount of the loss, damage, cost or expense incurred by the Nondefaulting Partner as a consequence of a Monetary Default, the matter shall be submitted promptly to the dispute resolution procedure provided for in Section 12.11 hereof.

Suspension of Certain Rights Upon Monetary Default. Notwithstanding anything in this Agreement to the contrary, no distribution shall be made to any Defaulting Partner Member who is in Monetary Default, and the voting rights under this Agreement of any Defaulting Partner Member who is in Monetary Default shall be transferred to the Nondefaulting PartnersMember. So long as any Monetary Default is continuing, the Defaulting Partner Member assigns to the Nondefaulting Partners Member (i) its rights to receive any and all distributions under this Agreement, and such distributions shall be payable to the Nondefaulting Partners Member as reimbursements for losses, damages, costs and expense resulting directly or indirectly from such Monetary Default and (ii) its voting rights under this Agreement. If the Defaulting Partner Member shall dispute whether an event of Default has occurred, or the amount of the loss, damage, cost or expense incurred by the Nondefaulting Partner Member as a consequence of a Monetary Default, the matter shall be submitted promptly to the dispute resolution procedure provided for in Section 12.11 hereof.

Suspension of Certain Rights Upon Monetary Default. Notwithstanding anything in this Agreement to the contrary, no distribution shall be made to any Defaulting Partner Member who is in Monetary Default, and the voting rights under this Agreement of any Defaulting Partner Member who is in Monetary Default shall be transferred to the Nondefaulting PartnersMember. So long as any Monetary Default is continuing, the Defaulting Partner Member assigns to the Nondefaulting Partners Member (i) its rights to receive any and all distributions under this Agreement, and such distributions shall be payable to the Nondefaulting Partners Member as reimbursements for losses, damages, costs and expense resulting directly or indirectly from such Monetary Default and (ii) its voting rights under this Agreement. If the Defaulting Partner Member shall dispute whether an event of Default has occurred, or the amount of the loss, damage, cost or expense incurred by the Nondefaulting Partner Member as a consequence of a Monetary Default, the matter shall be submitted promptly to the dispute resolution procedure provided for in Section 12.11 hereof.. Project Gator—2nd Amended LLC Agreement Final 28