Common use of Capital Contribution Defaults Clause in Contracts

Capital Contribution Defaults. If a Member fails to contribute any capital to the Company that is required to be so contributed pursuant to Section 4.1, such Member shall be considered in default (a "Defaulting Member"), but shall remain fully obligated to contribute such capital to the Company. The Company shall be entitled to pursue all remedies available at law or in equity against the Defaulting Member, including any one or more of the following: (a) the Company may take all actions, including court proceedings, as the other Members may deem appropriate, to obtain payment by the Defaulting Member of the required amount of the Capital Contribution remaining unpaid, together with interest thereon at the Default Rate from the date that the required Capital Contribution was required to be contributed to the Company until the date it is so contributed, at the cost and expense of the Defaulting Member; and (b) the non-defaulting Members may advance the portion of the Defaulting Member's Capital Contribution that is in default, in accordance with the non-defaulting Members' respective Percentage Interests, and, at the option of the non-defaulting Members, the non-defaulting Members making such advance may be deemed to have made a loan to the Defaulting Member in the amount of the Capital Contribution so advanced, which loan shall bear interest at the Default Rate from the date that such advance is made until the loan is repaid in full, and until such loan is repaid in full, the non-defaulting Members making such loan to the Defaulting Member shall be entitled to receive all distributions of Available Cash that would otherwise be payable to the Defaulting Member hereunder, in accordance with the non-defaulting Members' respective Percentage Interests.

Capital Contribution Defaults. If a Member fails to contribute any capital to the Company that is required to be so contributed pursuant to Section 4.1, such Member shall be considered in default (a "“Defaulting Member"”), but shall remain fully obligated to contribute such capital to the Company. The Company shall be entitled to pursue all remedies available at law or in equity against the Defaulting Member, including any one or more of the following: (a) the Company may take all actions, including court proceedings, as the other Members may deem appropriate, to obtain payment by the Defaulting Member of the required amount of the Capital Contribution remaining unpaid, together with interest thereon at the Default Rate from the date that the required Capital Contribution was required to be contributed to the Company until the date it is so contributed, at the cost and expense of the Defaulting Member; and (b) the non-defaulting Members may advance the portion of the Defaulting Member's ’s Capital Contribution that is in default, in accordance with the non-defaulting Members' ’ respective Percentage Interests, and, at the option of the non-defaulting Members, the non-defaulting Members making such advance may be deemed to have made a loan to the Defaulting Member in the amount of the Capital Contribution so advanced, which loan shall bear interest at the Default Rate from the date that such advance is made until the loan is repaid in full, and until such loan is repaid in full, the non-defaulting Members making such loan to the Defaulting Member shall be entitled to receive all distributions of Available Cash that would otherwise be payable to the Defaulting Member hereunder, in accordance with the non-defaulting Members' ’ respective Percentage Interests.

Capital Contribution Defaults. If a Member fails to contribute any capital to the Company that is required to be so contributed pursuant to Section 4.1, such Member shall be considered in default (a "“Defaulting Member"”), but shall remain fully obligated to contribute such capital to the Company. The Company shall be entitled to pursue all remedies available at law or in equity against the Defaulting Member, including any one or more of the following: (a) the Company may take all actions, including court proceedings, as the other Members may deem appropriate, to obtain payment by the Defaulting Member of the required amount of the Capital Contribution remaining unpaid, together with interest thereon at the Default Rate from the date that the required Capital Contribution was required to be contributed to the Company until the date it is so contributed, at the cost and expense of the Defaulting Member; and (b) the non-defaulting Members may advance the portion of the Defaulting Member's ’s Capital Contribution that is in default, in accordance with the non-defaulting Members' ’ respective Percentage Interests, and, at the option of the non-defaulting Members, the non-defaulting Members making such advance may be deemed to have made a loan to the Defaulting Member in the amount of the Capital Contribution so advanced, which loan shall bear interest at the Default Rate from the date that such advance is made until the loan is repaid in full, and until such loan is repaid in full, the non-defaulting Members making such loan to the Defaulting Member shall be entitled to receive all distributions of Available Cash that would otherwise be payable to the Defaulting Member hereunder, in accordance with the non-defaulting Members' ’ respective Percentage InterestsInterests (and the amount of distributions of Available Cash and liquidating distributions that would otherwise be payable to the Defaulting Member but that are paid to the non-defaulting Member(s) pursuant to this clause shall first be applied against interest and then against the outstanding principal due); provided that for purposes of maintaining Capital Accounts, any distributions otherwise payable to the Defaulting Member but paid to the non-defaulting Member(s) shall be deemed to have first been distributed to the Defaulting Member and then paid by it to the non-Defaulting Members(s).