Saracen Members definition
Examples of Saracen Members in a sentence
As a condition to the transfer by a Saracen Member of any or all of such Saracen Member's Interest, the foregoing power of attorney shall be granted by the transferee of such Saracen Member's Interest.
Vacancies on the Management Committee shall be filled by the Appointing Member, the Saracen Members or the Preferred Holders, as applicable, that appointed the Committee Representative previously holding the position which is then vacant.
Notwithstanding the foregoing, in no event shall (i) the aggregate amount of capital contributions made by all Saracen Members pursuant to this Section 5.2(d) exceed $50,000.00, and (ii) Membership Units be issued for more than $50,000.00 of capital contributions pursuant to this Section 5.2(d).
Collectively, the additional Members set forth on Schedule 1 annexed hereto shall be referred to herein as "Saracen" or the "Saracen Members".
The Company acknowledges and agrees that this Section 8.2A is a material inducement to the Saracen Members entering into this Agreement, without which the Saracen Members would be unwilling to enter into this Agreement.
Notwithstanding the foregoing, in the event of a refinancing or repayment of debt (including a repayment of debt in connection with a Sale of a Property) that is then currently allocable to the Saracen Members that could result in a Saracen Debt Reduction Event, Manager will obtain a Tax Opinion.
Xxxxxxxx, or such other Person designated by the Saracen Members, shall have the power and authority to grant any such written consent or approval, or make any such determination or decision, on behalf of, and as the duly authorized agent and representative of, such respective Persons.
In the event of a refinancing or repayment of debt that is currently allocable to the Saracen Members that could result in a Saracen Debt Reduction Event, New Manager will obtain a “Tax Opinion” (as defined in Section 3(a)(ii) below).
Whenever the consent, approval, determination or decision of Saracen is required pursuant to any of the terms of this Agreement, including to amend or waive any provisions of this Agreement, such consent, approval, determination or decision shall be deemed given by, and binding on, each of the respective Saracen Members if the Company obtains the written consent, approval or decision of Xxxx X.
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