Qualifying Member definition
Examples of Qualifying Member in a sentence
Each Qualifying Member shall use good faith efforts to respond within fifteen (15) days after receipt of such written notice.
If NHI is not a Qualifying Member or declines to serve as the Manager, then the Manager shall be chosen by a majority vote of the Qualifying Members.
Notwithstanding any provision herein to the contrary (including, without limitation, Section 5.01), the Manager shall not, without the prior consent of each Qualifying Member, make any decision or take any action that would constitute a Major Decision (as defined on Exhibit E attached hereto).
After the effective date of removal as Manager, any removed Manager shall cease to be the Manager, but shall continue to be a Member (if applicable) and maintain (i) all of the same economic rights it had prior to removal as Manager, (ii) the right to approve Major Decisions (if such Person is a Qualifying Member), and (iii) its other rights as described herein.
In the event the Manager resigns as provided in this Section 5.07(a), then, so long as NHI is Qualifying Member, then NHI shall have the right to serve as the Manager if it so chooses and may not be removed as Manager except upon a Default.