Default Contribution Sample Clauses

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.
Sample 1
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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

Related to Default Contribution

  • 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.

  • 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 $____________.

  • Right of Contribution Each Guarantor hereby agrees that to the extent that a Guarantor shall have paid more than its proportionate share of any payment made hereunder, such Guarantor shall be entitled to seek and receive contribution from and against any other Guarantor hereunder which has not paid its proportionate share of such payment. Each Guarantor’s right of contribution shall be subject to the terms and conditions of Section 2.3. The provisions of this Section 2.2 shall in no respect limit the obligations and liabilities of any Guarantor to the Administrative Agent and the Lenders, and each Guarantor shall remain liable to the Administrative Agent and the Lenders for the full amount guaranteed by such Guarantor hereunder.

  • Additional Contributions The Member is not required to make any additional capital contribution to the Company. However, the Member may at any time make additional capital contributions to the Company in cash or other property.

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