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Patriarch gets paid nothing if any one of many Events of Default occurs.
(2)Notice of event of default.
(3)Remediation of event of default.
Event of Default; Application for Compensation; payment.
§ 615.5280 Retirement in event of default.
when an Event of Default or "Material Even of Default" is continuing.
22 CFR § 232.08 - Event of Default; Application for Compensation; payment.
§ 232.08 Event of Default; Application for Compensation; payment.
Failure to pay "shall constitute an event of default under the operating agreement," the company stated.
That can be overcome through cash settlements in the event of default.
Jean-Pierre Durante, at Pictet Wealth Management, comments: Even in the event of default, Grexit should be avoided.
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