Defaulting Member definition
Defaulting Member has the meaning set forth in Section 3.3(a).
Defaulting Member shall have the meaning provided in Section 5.2(b).
Defaulting Member has the meaning set forth in Section 4.4(a).
Examples of Defaulting Member in a sentence
Upon Default by a Member, all rights and benefits attributable to the Membership Interest held by such Defaulting Member will be suspended until such Defaulting Member has cured its Default or the purchaser of such Membership Interest has been admitted to the Company as a Member (such purchaser not to be deemed a Defaulting Member with respect to the Default of the Defaulting Member from whom such Membership Interest was purchased).
During the suspension period, neither the Defaulting Member nor its representative on the Board of Directors, if any, will have any voting or other rights attributable to its Membership Interest.
More Definitions of Defaulting Member
Defaulting Member has the meaning set forth in Section 5.02(c).
Defaulting Member has the meaning set forth in Section 13.1 hereof.
Defaulting Member. A Member which fails to make his Additional Contribution as required herein.
Defaulting Member shall have the meaning specified in Section 4.3(c) hereof.
Defaulting Member means a Member who fails to make any portion of its Capital Contribution, including any Additional Capital Contribution the Member has elected to make within the time period permitted hereunder. Disassociation shall mean an action of the Manager to remove a Member’s right to participate in management (i.e., removal of its voting Interest) for cause (per Article 12.1) or by operation of law (per Article 12.2).
Defaulting Member is defined in Section 7.01.
Defaulting Member has the meaning set forth in Section 9.1.