Member Default definition

Member Default. In the event that a member defaults on their loan agreement with a financial institution resulting in foreclosure of the member’s solar panels, the financial institution shall take possession and ownership of said membership (and solar panels) and have the right to assign or sell their ownership share (foreclosed solar panels) to a qualifying party.
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Member Default means (i) a material default by a Member under the LLC Agreement (including an attempted Transfer in violation of Article XII) that remains uncured for a period of 30 days after the defaulting Member has received written notice of such default, (ii) the bankruptcy of a Member, (iii) a Cargill Default, (iv) a SUGAR Default or (v) an Imperial-Savannah Default.
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Member Default has the meaning set forth in Section 3.6(B).
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Examples of Member Default in a sentence

  • Each FCM Rates Clearing Member is required to provide the Clearing House with contact details for those persons that the Clearing House should contact in the event of a Clearing Member Default.

  • Unless otherwise determined by the Board, a Member’s suspension is automatically lifted upon the Member rectifying, to the Cooperative’s reasonable satisfaction as determined in its discretion, the underlying Member Default within ten(10) days of the suspension.

  • On dissolution of the Company, the Holdings Member, or, during any Holdings Member Default Period, the Managing Member, may appoint one or more Persons as liquidator(s), which Person or Persons shall be reasonably approved by the Crestwood Member.

  • Liquidation of Financial Transmission Rights in the Event of Member Default.

  • Upon a Clearing Member Default, the Exchange may act immediately to attempt to transfer to alternate Clearing Members all customer positions and associated collateral (collateral held by the Exchange on behalf of the Defaulting Clearing Member for its customer).

  • The Dedicated Capital Contribution for the Own Contribution in the event of a Member Default (pursuant to clause 13.1) and the Own Contribution in the event of a Non- Default Loss (pursuant to clause 13.2) is financed in both cases from the reserves of SIX x-clear.

  • A Holdings Member Default shall not relieve the Holdings Member of its obligation to make any Accordion Capital Contributions subsequent thereto.

  • SIX x-clear shall make a Dedicated Capital Contribution for the entire amount (totalling at least 25%) only once in a period of one month following any Member Default which necessitated the use of such contribution ("Cooling-off Period of SIX x-clear").

  • When non-fulfilling by a Clearing Member Default Funds Margin Call and/or Collateral for Stress Margin Call, procedure for calling for and fulfilling of which is defined in the Common part of the Clearing Rules.• to a Clearing Member of the category “B” is assigned the category “C”;• to a Clearing Member of the category “O” under all Trade Accounts of a Clearing Member is set the feature “prohibition of non-secured buy” and the feature “prohibition of short sale”.

  • Not only can overwhelming stress lead to serious mental and physical health problems, it can also take a toll on your relationships at home.


More Definitions of Member Default

Member Default means only a default by a Member, attributable solely to the act or omission of such Member, resulting in the Company not acquiring the Property scheduled to be acquired from CenterPoint or its Affiliates at Tranche I Closing, Tranche II Closing, Tranche III Closing or Tranche IV Closing, and (i) in the case of JF US, shall include only a willful and intentional default in the making of Capital Contributions required to fund the purchase of Properties in Tranche I, Tranche II, Tranche III or Tranche IV as provided hereunder or a failure to comply with Section 3.8; and (ii) in the case of CenterPoint, shall include only a willful and intentional default prohibiting the sale of any Property in Tranche I, Tranche II, Tranche III or Tranche IV to the Company as contemplated by the Purchase Agreement or a failure to comply with Section 3.8.
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Member Default has the meaning provided in Section 16(a).
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Member Default means, an NSAM Member Default or an Island Member Default, as applicable. Annex I - Page 13
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Member Default has the meaning set forth in Section 9.02.
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Member Default shall have the meaning set forth in Section 9.3.
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Member Default with respect to any Member, (i) any representation and warranty made by such Member in this Agreement shall fail to have been correct in any material respect and is not corrected by such Member within 30 days of its becoming aware of, or its receipt of notice from the Company or another Member of, such failure, (ii) the occurrence of a Bankruptcy Event with respect to such Member, (iii) the failure by such Member to fund, when due, any portion of a Capital Contribution required to be funded by it pursuant to Section 4 or Section 10.3(c), or (iv) the failure by such Member, as and when required to do so, to acquire an Offered Interest which it has agreed to acquire pursuant to Section 10.1(d).
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Related to Member Default

  • Major Default means any Event of Default occurring under Sections 4.1(a), 4.1(c), 4.1(l), or 4.1(p).

  • Minor Default means any Event of Default that is not a Major Default.

  • Purchaser Default has the meaning set forth in Section 11.2(a).

  • Employer default means having an outstanding balance or liability to the old fund or to the uninsured employers' fund or being in policy default, as defined in W. Va. Code § 23-2c-2, failure to maintain mandatory workers' compensation coverage, or failure to fully meet its obligations as a workers' compensation self-insured employer. An employer is not in employer default if it has entered into a repayment agreement with the Insurance Commissioner and remains in compliance with the obligations under the repayment agreement.

  • Seller Default has the meaning set forth in Section 12.1.

  • Buyer Default refers to nonpayment of the Xxxxxxx Money in accordance with the provisions of this Agreement (including nonpayment or dishonor of any check delivered for the Xxxxxxx Money) and/or the failure of this transaction to close due to nonperformance, breach and/or default with respect to the Buyer’s obligation(s) under this Agreement. In the event of a Buyer Default, the following provisions shall apply:

  • Senior Default means any Senior Payment Default or Senior Covenant Default.

  • MI Default has the meaning given to it in paragraph 6.1 of Framework Schedule 9 (Management Information);

  • Material Event of Default means the occurrence of an Event of Default (as defined in the Senior Unsecured Loan Agreement) under any of the following sections of the Senior Unsecured Loan Agreement:

  • Customer Default has the meaning set out in clause 8.3.

  • Default means any event which is, or after notice or passage of time or both would be, an Event of Default.

  • Special Default means (i) the failure by Owner to pay any amount of principal of or interest on any Equipment Note when due or (ii) the occurrence of any Default or Event of Default referred to in Section 5.01(v), (vi) or (vii).

  • Lender Default means (a) the refusal or failure (which has not been cured) of a Lender to make available its portion of any Borrowing or to fund its portion of any Unpaid Drawing under Section 3.4 that it is required to make hereunder, (b) a Lender having notified the Administrative Agent and/or the Borrower that it does not intend to comply with its funding obligations under this Agreement or has made a public statement to that effect with respect to its funding obligations under this Agreement, (c) a Lender has failed to confirm (within one Business Day after a request for such confirmation is received by such Lender) in a manner reasonably satisfactory to the Administrative Agent, the Borrower and, in the case of a Revolving Credit Lender, each Revolving Letter of Credit Issuer that it will comply with its funding obligations under this Agreement, (d) a Lender being deemed insolvent or becoming the subject of a bankruptcy or insolvency proceeding or has admitted in writing that it is insolvent; provided that a Lender Default shall not be deemed to have occurred solely by virtue of the ownership or acquisition of any Stock in the applicable Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide the applicable Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit the applicable Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with the applicable Lender, or (e) a Lender that has, or has a direct or indirect parent company that has, become the subject of a Bail-In Action.

  • Material Default means a material breach of this Framework Agreement and/or, breach by the Supplier of any of the following Clauses: Clause 8 (Warranties and Representations), Clause 9 (Prevention of Bribery and Corruption), Clause 13 (Statutory Requirements and Standards), Clause 14 (Non-Discrimination), Clause 15 (Provision of Management Information), Clause 16 (Management Charge), Clause 17 (Records and Audit Access), Clause 22 (Data Protection), Clause 23 (Freedom of Information) and Clause 31 (Transfer & Sub-contracting);

  • Potential Event of Default means any event which, with the giving of notice or the lapse of time or both, would constitute an Event of Default.

  • Triggering Event of Default means (i) any Event of Default with respect to an obligation of the Mortgage Loan Borrower to pay money due under the Mortgage Loan or (ii) any non-monetary Event of Default as a result of which the Mortgage Loan becomes a Specially Serviced Mortgage Loan (which, for clarification, shall not include any imminent Event of Default (i.e., subclause (vii) of the definition of Special Servicing Loan Event)).

  • Servicer Default means an event specified in Section 8.01.

  • Guarantor Default means any condition or event that with the giving of notice or lapse of time or both would, unless cured or waived, become a Guarantor Event of Default.

  • Event of Default has the meaning specified in Section 8.01.

  • Swap Default Any of the circumstances constituting an “Event of Default” under the Swap Agreement.

  • Default Event means an event or circumstance which leads Operator to determine that a Venue User is or appears to be unable or likely to become unable to meet its obligations in respect of an Order or Transaction or to comply with any other obligation under an Agreement or Applicable Law.

  • Lease Default means any event or condition which, with the lapse of time or the giving of notice, or both, would constitute a Lease Event of Default.

  • PTC Event of Default means, with respect to each Trust Agreement, the failure to pay within 10 Business Days after the due date thereof: (i) the outstanding Pool Balance of the applicable Class of Certificates on the Final Legal Distribution Date for such Class or (ii) interest due on such Certificates on any Distribution Date (unless the Subordination Agent shall have made an Interest Drawing or a withdrawal from the Cash Collateral Account relating to a Liquidity Facility for such Class, with respect thereto in an aggregate amount sufficient to pay such interest and shall have distributed such amount to the Trustee entitled thereto).

  • Note Event of Default means any “Event of Default” specified in Section 5.1 of the Indenture.

  • Bank Default means (i) the refusal (which has not been retracted) of a Bank to make available its portion of any Borrowing or to fund its portion of any unreimbursed payment under Section 2.03(c) or (ii) a Bank having notified in writing the Borrower and/or the Agent that it does not intend to comply with its obligations under Section 1.01 or Section 2, in the case of either clause (i) or (ii) as a result of any takeover of such Bank by any regulatory authority or agency.

  • Acceleration Event of Default means an Event of Default under Section 5.1(a), (d), (e) or (f), whatever the reason for such Acceleration Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body.