Default Contribution Sample Clauses

Default Contribution. The Contributing Member(s) may contribute to the capital of the Company, in cash, within thirty (30) days following the Contribution Date and in proportion to their respective Percentage Interests (or in such different proportion as such Contributing Member(s) may otherwise determine), an amount equal to the Delinquent Contribution, which shall be credited to such Contributing Member’s Capital Account and Unreturned Contribution Account on the date any such contribution is made. If a Default Loan is not fully repaid on or before the one hundred eightieth (180th) day following the date such Default Loan was advanced, the Contributing Member(s) advancing such Default Loan(s) also may elect to contribute to the capital of the Company, in accordance with the provisions of Section 3.03(a) above, all or any portion of the outstanding principal of and/or accrued interest on such Default Loan(s) previously advanced by such Contributing Member(s). Following any such contribution, (i) the amount of such outstanding principal and/or interest so contributed shall be deemed repaid and satisfied; (ii) the Non-Contributing Member’s Capital Account and Unreturned Contribution Account shall be decreased, but not below zero (0), by the amount of such outstanding principal and/or interest so contributed; and (ii) the Capital Account and Unreturned Contribution Account of each such Contributing Member shall be increased by the amount of the outstanding principal and/or interest so contributed.
Sample 1
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Default Contribution. 5.2.1 In the event that the Owners cannot comply with clause 5.1.1, then with the prior written approval of the Council, the Owners may rent the Discounted Rental Rooms other than in accordance with clause 5.1.1 and the Council can require the Owners to pay a cash contribution equal to 25% of the Current Market Rental for each Discounted Rental Room for the period during which it is not rented to an Eligible Person. 5.2.2 Council must apply any funds collected pursuant to clause 5.2.1 to a Public Purpose. Contribution for a Change of Use of Boarding Houses 5.3.1 The Owners may at any time after the date on which Development Consent is granted to the Project Development Application, lodge a Development Application with Council for a change of use of any Boarding House provided that any such Development Application is accompanied by an offer to enter into a planning agreement within the meaning of section 7.4 of the Act, if Development Consent is granted to that Development Application, under which the Owners agree: (a) To pay an amount equal to the Commencing Contribution if the Development Application for the change of use is lodged during the Core Commitment Period; (b) To pay an amount equal to the. Remaining Contribution if the Development Application for the change of use is lodged in any other year of the Commitment Period, and (c) To continue to comply with clause 5.1 in relation to any Boarding Houses which continue to be used as Boarding Houses during the Core Commitment Period. 5.3.2 The Core Commitment Period and the Commitment Period shall terminate with respect to any Boarding House on the date that Development Consent is granted to the change of use of that Boarding House and the number of Bedrooms to be rented to Eligible Persons at the Discounted Rental Rate pursuant to clause 5.1.1 will be reduced by one (1) for each Boarding House that is granted Development Consent for a change of use pursuant to clause 5.3. 5.3.3 Nothing herein shall preclude the Owners and Council from agreeing that the whole or part of a monetary Development Contribution payable pursuant to clause 5.3.1 shall be met wholly or in part by the transfer of any Dwelling or Dwellings in or comprising a Boarding House free of cost to Council. 5.3.4 Council must apply any funds collected pursuant to clause 5.3 to a Public Purpose.
Sample 1

Related to Default Contribution

  • Payment of Contributions The College and eligible academic staff members of the plan shall each contribute one-half of the contributions to the Academic and Administrative Pension Plan.

  • Contribution Payment To the extent the indemnification provided for under any provision of this Agreement is determined (in the manner hereinabove provided) not to be permitted under applicable law, the Company, in lieu of indemnifying Indemnitee, shall, to the extent permitted by law, contribute to the amount of any and all Indemnifiable Liabilities incurred or paid by Indemnitee for which such indemnification is not permitted. The amount the Company contributes shall be in such proportion as is appropriate to reflect the relative fault of Indemnitee, on the one hand, and of the Company and any and all other parties (including officers and directors of the Company other than Indemnitee) who may be at fault (collectively, including the Company, the "Third Parties"), on the other hand.

  • The Contribution Prior to the Effective Time, and subject to the terms and conditions set forth in the Distribution Agreement, Grace intends to cause the transfer to a wholly owned subsidiary of Grace-Conn. ("Packco") of certain assets and liabilities of Grace and its subsidiaries predominantly related to the Packaging Business (the "Contribution"), as contemplated by the Distribution Agreement and the Other Agreements.

  • Catch-Up Contributions In the case of a Traditional IRA Owner who is age 50 or older by the close of the taxable year, the annual cash contribution limit is increased by $1,000 for any taxable year beginning in 2006 and years thereafter.

  • Employer Contribution (a) An Employer contribution for health and dental benefits will only be made for each active employee who has at least eighty (80) paid regular hours in a month and who is eligible for medical insurance coverage, unless otherwise required by law. (b) It is understood that the administrative intent of this Article is that the Employer contribution is made for individuals who are participants in the medical insurance coverages. Participation will mean that eligible less-than-full-time employees who drop out of coverage will be considered to participate. Additionally, employees who elect to opt out of coverage for a cash incentive will be considered to participate.

  • Allocation of Contributions You may place your contributions in one fund or in any combination of funds, although your employer may place restrictions on investment in certain funds.

  • Initial Contribution The member agrees to make an initial contribution to the Company of $____________.

  • Retirement Contribution 1. The State shall, as permitted by 5 M.R.S.A. §17702 §§s5 and 6, pay its cost of the 6.5% or 7.5% retirement contribution for employees in the bargaining unit who are covered under special Law Enforcement retirement plans. 2. The State shall, as permitted by 5 M.R.S.A. §17702 §§s5 and 6, pay the cost of the 6.5% or 7.5% retirement contribution for employees in the following classifications.

  • Maximum Contribution The total amount you may contribute to an IRA for any taxable year cannot exceed the lesser of 100 percent of your compensation or $6,000 for 2019 and 2020, with possible cost- of-living adjustments each year thereafter. If you also maintain a Xxxx XXX (i.e., an IRA subject to the limits of Internal Revenue Code Section (IRC Sec.) 408A), the maximum contribution to your Traditional IRAs is reduced by any contributions you make to your Xxxx IRAs. Your total annual contribution to all Traditional IRAs and Xxxx IRAs cannot exceed the lesser of the dollar amounts described above or 100 percent of your compensation.

  • Contribution Allocation The Advisory Committee will allocate deferral contributions, matching contributions, qualified nonelective contributions and nonelective contributions in accordance with Section 14.06 and the elections under this Adoption Agreement Section 3.04. PART I. [OPTIONS (a) THROUGH (d)].

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