Default in Making Capital Contributions Sample Clauses

Default in Making Capital Contributions. (a) Each Limited Partner hereby mortgages, charges, pledges and assigns and grants a security interest in its Interest to the Partnership as security for the performance of its obligations to make Capital Contributions when called for by the General Partner in accordance with Section 3.2 or 3.3 hereof (and for any other amounts required to be paid by such Limited Partner pursuant to this Section 3.5) and to make reimbursements to the Partnership pursuant to Section 5.6 hereof, and hereby grants to the Partnership all rights available to a secured party under applicable law and authorizes the General Partner to file from time to time financing statements on Form UCC-1 and any other documents in such jurisdictions as the General Partner may reasonably deem necessary or advisable to perfect the security interest granted hereunder. Each Limited Partner hereby irrevocably constitutes and appoints the General Partner as its attorney-in-fact to execute any documents necessary to carry out the terms of this Section 3.5. Each Limited Partner hereby acknowledges that such power of attorney is given by way of security for the performance of the obligations herein contained, is irrevocable for purposes of Section 17-204(c) of the Delaware Act and is transferable to any successor of the General Partner. The pledges and assignments of each Limited Partner created and perfected pursuant to this Section 3.5(a): (i) shall be prior and superior to any other pledges or assignments of Interests in the Partnership created from time to time (except in connection with any Credit Facility secured by the Capital Commitments); (ii) shall constitute a continuing lien on such Interests following any Transfers of all or a portion of such Interests or any foreclosure or other exercise of remedies pursuant to Section 3.5(b) below; and (iii) provided such Limited Partner is not a defaulting Limited Partner pursuant to Section 3.5(b) hereof, shall terminate upon such date as such Limited Partner shall have no further obligation to make any additional Capital Contributions to the Partnership or to fund or reimburse withholding obligations pursuant to Section 5.6 hereof.
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Default in Making Capital Contributions. (a) Any Limited Partner that fails to make, when due, all or any portion of the Capital Contribution required to be contributed by such Limited Partner to the Partnership pursuant to this Agreement may, in the sole discretion of the General Partner, be charged an additional amount on the unpaid balance of any such Capital Contribution at the rate of [REDACTED] from the date such balance was due and payable through the date full payment for such balance is actually made, and to the extent such additional amount is not otherwise paid such additional amount may be deducted from any distribution to such Limited Partner. Any such additional amount owed to the Partnership shall be allocated and distributed to the other Partners in accordance with their Participation Percentages. Upon the failure of a Limited Partner to make the entire Capital Contribution required to be made by such Limited Partner when called for by the General Partner in accordance with the provisions hereof, which failure is not cured within five (5) Business Days following notice from the General Partner to the defaulting Limited Partner of such failure, the General Partner may declare such Limited Partner to be in default (any such Limited Partner, a “Defaulting Limited Partner”) and may, in addition to, but without duplication of, the remedies available to the General Partner under Section 3.03(b) and Section 3.03(c) at its option (exercisable in its sole discretion):
Default in Making Capital Contributions 

Related to Default in Making Capital Contributions

  • Additional Funds and Capital Contributions .. 22 Section 4.4 Stock Option Plan................................... 23 Section 4.5 No Interest; No Return.............................. 24 Section 4.6 Conversion or Redemption of Preferred Shares........ 24

  • Interest on Capital Contributions No Member shall be entitled to any interest on its capital contribution.

  • Subsequent Capital Contributions Without creating any rights in favor of any third party, each Member shall contribute to the Company, in cash, on or before the date specified as hereinafter described, that Member's Sharing Ratio of all monies that in the unanimous judgment of the Management Committee are necessary to enable the Company to acquire the Project from the Seller and to cause the assets of the Company to be properly operated and maintained and to discharge its costs, expenses, obligations, and liabilities, including without limitation its Sharing Ratio of the purchase price set forth in the Asset Sale Agreement, and its Sharing Ratio of Working Capital Requirements in order to bring current Company bank accounts to an amount equal to the Working Capital Requirements, as more particularly described in Section 5.01 below. The Management Committee shall notify each other Member of the need for Capital Contributions pursuant to this Section 4.02 when appropriate, which notice must include a statement in reasonable detail of the proposed uses of the Capital Contributions and a date (which date may be no earlier than the fifth Business Day following each Member's receipt of its notice) before which the Capital Contributions must be made. Notices for Capital Contributions must be made to all Members in accordance with their Sharing Ratios.

  • Members Capital Contributions Each Member shall contribute the amount as pledged, or as determined by the Manager and the Member, as the Member’s Initial Capital Contribution upon not less than 48 hours’ notice by the Manager. An Exhibit A may be amended from time to time by the Manager in its sole discretion to represent the current state of Capital Contributions by Members who may join to this Operating Agreement during the course of the business of the Company. The Manager may instead maintain the Capital Contributions, capital accounts and names of Members using its own office systems and personnel without updating or attaching an Exhibit A to this Operating Agreement.

  • Capital Contributions Capital Accounts The capital contribution of the Sole Member is set forth on Annex A attached hereto. Except as required by applicable law, the Sole Member shall not at any time be required to make additional contributions of capital to the Company. The capital accounts of the members shall be adjusted for distributions and allocations made in accordance with Section 8.

  • Additional Capital Contributions No Member shall be required to make additional capital contributions. A Member may make additional capital contributions to the Company.

  • Capital Contributions and Capital Accounts (a) The value of the interests contributed by the Class A Certificateholders and the Class I Certificateholders shall equal the amount paid by such Certificateholders for such interests, respectively, and such amounts shall constitute the opening balance in their Capital Accounts (as hereinafter defined). The value of the interests contributed by the Class IC Certificateholder shall equal the fair market value of the Receivables contributed to the Tax Partnership less the value attributed to the Class A Certificateholders and the Class I Certificateholders, as described above. Such amount shall constitute the opening balance in the Class IC Certificateholder's Capital Account.

  • Additional Funding and Capital Contributions If the Board of the Company or Haimeng at any time or from time to time determines that funding and/ or capital contributions to the Company or Haimeng are necessary to conduct the Company’s or Haimeng’s business activities, then:

  • Capital Contributions and Accounts ..................................................12 4.01 Capital Contributions.............................................................12 4.02 Additional Capital Contributions and Issuance of Additional Partnership Interests.........................................................................12 4.03

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