Threshold for the Members Sample Clauses

The "Threshold for the Members" clause sets a minimum level or percentage of member approval or participation required for certain actions or decisions within an organization. For example, it may specify that at least 60% of members must agree before a major decision, such as amending bylaws or approving a merger, can proceed. This clause ensures that significant actions reflect a broad consensus among members, preventing a small minority from making decisions that affect the entire group.
Threshold for the Members. With respect to representations and ------------------------- warranties, the Members shall not have any liability pursuant to Section ------- 9.1 (a) hereof unless and until and only to the extent that the aggregate ------ amount of Losses accrued pursuant to Section 9.1(a) exceeds 1% of aggregate ------------- Basic Purchase Consideration; provided, however, that this threshold shall -------- ------- not apply to Losses arising out of breaches of representations or warranties contained in Sections 5.1.1, 5.1.2, 5.2 and 5.1.8 as it relates -------------- ----- --- ----- to the representations and warranties of Management, Mass PC and the Company set forth in Section 4.16, and the Members shall indemnify the ------------ CenterPoint Indemnified Parties for any Losses accruing thereunder in accordance with this Article IX without regard to such threshold. ----------
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Threshold for the Members. With respect to representations and warranties, the Members shall not have any liability pursuant to Section 5.1(a) hereof unless and until and only to the extent that the aggregate amount of Losses accrued pursuant to Section 5.1(a) exceeds 1% of aggregate Basic Purchase Consideration; provided, however, that this threshold shall not apply to Losses arising out of breaches of representations or warranties contained in Sections 1.1.1, 1.1.2, 1.2 and 1.1.9 as it relates to the representation and warranty of the Company set forth in Section 4.16 of the Merger Agreement, and the Members shall indemnify the Centerprise Indemnified Parties for any Losses accruing thereunder in accordance with this Article V without regard to such threshold.
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Related to Threshold for the Members

  • Action by Members Without a Meeting Action required or permitted to be taken at a meeting of Members may be taken without a meeting if the action is evidenced by one or more written consents describing the action taken, signed by all Members and delivered to the Secretary or any Assistant Secretary of the Company for inclusion in the minutes or for filing with the Company records. Action taken under this Section is effective when all Members have signed the consent, unless the consent specifies a different effective date.

  • Liability of the Member All debts, obligations and liabilities of the Company, whether arising in contract, tort or otherwise, shall be solely the debts, obligations and liabilities of the Company, and the Member shall not be obligated personally for any such debt, obligation or liability of the Company solely by reason of being a member.

  • The Participating Interests Each Lender (other than the Lender acting as L/C Issuer in issuing the relevant Letter of Credit), by its acceptance hereof, severally agrees to purchase from the L/C Issuer, and the L/C Issuer hereby agrees to sell to each such Lender (a “Participating Lender”), an undivided percentage participating interest (a “Participating Interest”), to the extent of its Percentage, in each Letter of Credit issued by, and each Reimbursement Obligation owed to, the L/C Issuer. Upon any failure by the Borrower to pay any Reimbursement Obligation at the time required on the date the related drawing is to be paid, as set forth in Section 1.3(c) above, or if the L/C Issuer is required at any time to return to the Borrower or to a trustee, receiver, liquidator, custodian or other Person any portion of any payment of any Reimbursement Obligation, each Participating Lender shall, not later than the Business Day it receives a certificate in the form of Exhibit A hereto from the L/C Issuer (with a copy to the Administrative Agent) to such effect, if such certificate is received before 1:00 p.m. (Chicago time), or not later than 1:00 p.m. (Chicago time) the following Business Day, if such certificate is received after such time, pay to the Administrative Agent for the account of the L/C Issuer an amount equal to such Participating Lender’s Percentage of such unpaid or recaptured Reimbursement Obligation together with interest on such amount accrued from the date the related payment was made by the L/C Issuer to the date of such payment by such Participating Lender at a rate per annum equal to: (i) from the date the related payment was made by the L/C Issuer to the date two (2) Business Days after payment by such Participating Lender is due hereunder, the Federal Funds Rate for each such day and (ii) from the date two (2) Business Days after the date such payment is due from such Participating Lender to the date such payment is made by such Participating Lender, the Base Rate in effect for each such day. Each such Participating Lender shall thereafter be entitled to receive its Percentage of each payment received in respect of the relevant Reimbursement Obligation and of interest paid thereon, with the L/C Issuer retaining its Percentage thereof as a Lender hereunder. The several obligations of the Participating Lenders to the L/C Issuer under this Section 1.3 shall be absolute, irrevocable, and unconditional under any and all circumstances whatsoever and shall not be subject to any set-off, counterclaim or defense to payment which any Participating Lender may have or have had against the Borrower, the L/C Issuer, the Administrative Agent, any Lender or any other Person whatsoever. Without limiting the generality of the foregoing, such obligations shall not be affected by any Default or Event of Default or by any reduction or termination of any Commitment of any Lender, and each payment by a Participating Lender under this Section 1.3 shall be made without any offset, abatement, withholding or reduction whatsoever.

  • Right to Convene Meetings The Warrant Agent may at any time and from time to time, and shall on receipt of a written request of the Corporation or of a Warrantholders’ Request and upon being indemnified and funded to its reasonable satisfaction by the Corporation or by the Warrantholders signing such Warrantholders’ Request against the costs which may be incurred in connection with the calling and holding of such meeting, convene a meeting of the Warrantholders. If the Warrant Agent fails to so call a meeting within seven days after receipt of such written request of the Corporation or such Warrantholders’ Request and the indemnity and funding given as aforesaid, the Corporation or such Warrantholders, as the case may be, may convene such meeting. Every such meeting shall be held in the City of Toronto or at such other place as may be mutually approved or determined by the Warrant Agent and the Corporation.

  • Claims of the Members The Members and former Members shall look solely to the Company’s assets for the return of their Capital Contributions, and if the assets of the Company remaining after payment of or due provision for all debts, liabilities and obligations of the Company are insufficient to return such Capital Contributions, the Members and former Members shall have no recourse against the Company or any other Member.