Extract to table

The JV Agreement provides for a two-tranche equity funding structure under which each member is required to contribute fifty percent (50%) of its total equity commitment in each tranche

This supermajority requirement effectively gives Pinnacle blocking power over all major decisions, because at least one Pinnacle-appointed member must concur for any such action to be approved

The non-defaulting member must elect one remedy; the remedies are not cumulative

2 does not impose a deadline by which the non-defaulting member must elect its chosen remedy

3 must be read in conjunction with §4

The receiving member must elect either to sell its interest at the stated price or to purchase the initiating member's interest at the same price