Contribution Loans. 1. If either Partner (a "Non-Contributing Partner") fails to make any additional capital contribution within the time specified in SECTION 6.4(A) and such failure continues for a period of thirty (30) days after an Initial Uncured Default, the other Partner who makes the requested contribution of additional capital (the "Contributing Partner") shall have the right but not the obligation to advance directly to the Partnership the funds required from the Non-Contributing Partner as a loan ("Contribution Loan") to the Non-Contributing Partner. If and when a Contribution Loan is made, the Non-Contributing Partner shall be deemed to have waived the right to make the requested capital contribution as of the date of such loan. Such Contribution Loan shall bear interest, compounded annually, at a rate equal to the Prime Rate plus four (4) percentage points per annum. Contribution Loans may be prepaid by the Non-Contributing Partner at any time after the date the Contribution Loan is made. If not repaid by the Non-Contributing Partner, the Contribution Loan shall be repaid pursuant to SECTION 6.4(C) or other applicable provisions of this Agreement, but otherwise shall be and remain a recourse obligation of the Non-Contributing Partner.
Contribution Loans. (a) A Contribution Loan will bear interest at an annual rate of two percent per annum above the Prime Rate in effect on the date the Contribution Loan is made, compounded annually based on a 365-day year, and will be due on the first anniversary of the making of the loan. All expenses and costs of collection, including without limitation attorneys' fees, incurred in connection with a Contribution Loan will be paid by the Defaulting Member and will also bear interest at the rate of the Contribution Loan.
Contribution Loans. 11 5.4.5 Repayment through Distributions.........................12 5.4.6 Transferees and Assignees...............................13 5.4.7 No Third Party Rights...................................13 5.4.8 Role in Management......................................13 SECTION 5.5 No Interest on Capital.....................................14 SECTION 5.6
Contribution Loans. (a) In the event any Partner (the “Non-Contributing Partner”) fails to make any additional capital contribution required of it under a particular Capital Contribution Notice pursuant to Section 2.3.2 or 2.3.3 within the time specified in Sections 2.3.2 or 2.3.3, respectively, then the General Partner (the “Contributing Partner”) shall have the right, but not the obligation, to advance directly to the Partnership as a loan to the Non-Contributing Partner (“Contribution Loan”) the funds required form the Non-Contributing Partner as an Initial Cash Capital Contribution or under such Capital Contribution Notice.
Contribution Loans. (a) Should there occur a Contribution Default as to any Member (a "Noncontributing Member"), then the Member which has made its required Capital Contributions (such Member being the "Contributing Member") shall have the right, but not the obligation, to advance such amount directly to the Company as a loan to the Noncontributing Member (a "Contribution Loan"), without prejudice to the Contributing Member's other rights hereunder, including the right to declare an Event of Default under Article 18.
Contribution Loans. 11 (f) REPAYMENT THROUGH DISTRIBUTIONS......................12 (g)
Contribution Loans. In the event any Member ("Non-Contributing Member") fails to make any additional capital contribution required of it pursuant to and within the time specified in this Agreement, the other Member ("Contributing Member") shall have the right, but not the obligation, to advance directly to the Company the funds required from the Non-Contributing Member as a loan to the Non-Contributing Member ("Contribution Loan"). Each loan shall be evidenced by a promissory note from the Non-Contributing Member in form reasonably satisfactory to the Contributing Member with reasonable personal guarantee(s) and reasonable collateral to secure payment, which collateral may include a security interest in the Non-Contributing Member's Percentage Interest in the Company.
Contribution Loans. 30 Section 3.5. Optional Initial Funding of Acquisitions. . . . . . . . . . . 31 Section 3.6. Special Warranties, Assumptions, Indemnities, Limitations and Disclaimers regarding Contributed Assets. . . . . . . . . . . 32 Section 3.7. Prior Agreements. . . . . . . . . . . . . . . . . . . . . . . 35 Section 3.8. True-up of Pre-Formation Costs. . . . . . . . . . . . . . . . 36
Contribution Loans. If any Partner defaults in making all or ------------------ any portion of its capital contributions required by Section 3.2, the Management Committee (excluding the representative and alternate of the defaulting Partner) may require each non-defaulting Partner to make a loan ("Contribution Loan") to the Partnership or such defaulting Partner in an amount equal to such non-defaulting Partner's proportionate share of such unpaid capital contribution. A non-defaulting Partner's proportionate share shall be (i) the ratio of its Partnership Share to the Partnership Shares of all non-defaulting Partners or (ii) if such default is with respect to a specific Non-Consent Area in which the Partnership Shares are not in the standard ratios provided under Section 3.1(a) as a result of a Non-Consent Operation or otherwise, the ratio of its Partnership Share with respect to such Non-Consent Area to the Partnership Shares of all non-defaulting Partners with respect to such Non-Consent Area. If any non-defaulting Partner with a Partnership Share with respect to the specific Non-Consent Area to which such capital contribution default relates defaults in its obligation to make such Contribution Loan, the other non-defaulting Partners with Partnership Shares with respect to such Non-Consent Area shall be obligated to make Contribution Loans to cover such default in the ratio of their Partnership Shares with respect to such Non-Consent Area. If all Partners with Partnership Shares with respect to such Non-Consent Area default in their obligation to make such Contribution Loans, the Management Committee (excluding the representatives and alternates of the defaulting Partners) may require each non-defaulting Partner (whether or not it has a Partnership Share in such Non-Consent Area) to make a Contribution Loan in an amount equal to its proportionate share (determined under clause (i) above) of such defaulted upon Contribution Loans. The Contribution Loans shall bear interest at the Default Rate. Subject to the priorities set forth in Section 4.2, each Partner making a Contribution Loan shall have and is hereby granted, proportionately with each other Partner making a Contribution Loan, the same rights, remedies and collateral with respect to the Contribution Loan as are granted to the Partnership under Section 3.3 with respect to the defaulted-upon capital contribution giving rise to such Contribution Loan, including (i) the right to sell its proportionate share of the defaul...
Contribution Loans. In the event that a Member (the "Non-Contributing Member") fails to make a capital contribution as and when required by the provisions of Section 6.2.1, the other Member who has made such contribution to the Company (the "Contributing Member") may fund the amount which the Non-Contributing Member failed to contribute and elect to treat the entire amount of the required capital contribution (i.e., the sum of both the Contributing Member's and Non-Contributing Member's share of the required capital contribution under Section 6.2.1) as a "Contribution Loan" to the Company. The Contributing Member may exercise this election by written notice to the Non-Contributing Member. Any Contribution Loan shall be evidenced by a written note and shall bear interest at the rate per annum of three percent (3%) above the Prime Rate. Such loan and all interest thereon shall be due and payable by the Company out of the next available Cash Flow but in any event no later than the sale or other disposition of the Property (including but not limited to foreclosure upon the Property or transfer of the Property by deed in lieu of foreclosure) or other liquidation of the Company.
