Default in Making Contributions. (a) If a Participant defaults in making a contribution or cash call required by an approved Program and Budget, the non-defaulting Participant may advance the defaulted contribution on behalf of the 164067 defaulting Participant and treat the same, together with any accrued interest, as a demand loan bearing interest from the date of the advance at the rate provided in Section 10.3. The failure to repay said loan upon demand shall be a default. Each Participant hereby grants to the other a lien upon its interest in the Properties and a security interest in its rights under this Agreement and in its participating Interest in other Assets, and the proceeds therefrom, to secure any loan made hereunder, including interest thereon, reasonable attorneys fees and all other reasonable costs and expenses incurred in recovering the loan with interest and in enforcing such lien or security interest, or both. A non-defaulting Participant may elect the applicable remedy under this Section 6.4(a) or under 6.4(b), or, to the extent a Participant has a lien or security interest under applicable law, it shall be entitled to its rights and remedies at law and in equity. All such remedies shall be cumulative. The election of one or more remedies shall not waive the election of any other remedies. Each Participant hereby irrevocably appoints the other its attorney-in-fact to execute, file and record all instruments necessary to perfect or effectuate the provisions hereof.
Default in Making Contributions. 6.3.1 If a Participant elects to contribute to an approved Program and Budget and then defaults in making a contribution or cash call under an approved Program and Budget the non-defaulting Participant may, but is not obligated to, advance the defaulted contribution on behalf of the defaulting Participant and treat the same, together with any accrued interest, as a demand loan bearing interest from the date of the advance at the rate provided in Section 9.10. The failure to repay said loan within ten (10) days following demand shall be a default.
Default in Making Contributions. (a) If a Participant elects to contribute to an approved Program and Budget and then defaults in its obligation to pay a contribution or cash call hereunder, the Operator, by notice to the defaulting Participant, may at any time, but shall not be obligated to, elect to make such contribution or meet such cash call on behalf of the defaulting Participant (a "Cover Payment"). If more than one Cover Payment is made, the Cover Payments shall be aggregated and the rights and remedies described herein pertaining to an individual Cover Payment shall be made to apply to the aggregated Cover Payments. It is specifically acknowledged that any payments due to the Operator as a result of Budget overruns as provided for in Section 7.07 are not subject to the provisions of this Section 8.04.
Default in Making Contributions. (a) If a Party defaults in making a contribution or cash call required by an adopted Program and Budget, the non-defaulting Party may advance the defaulted contribution on behalf of the defaulting Party (a "Cover Payment"). Each and every Cover Payment will constitute a demand loan bearing interest from the date of the advance at the rate provided in Section 12.3. If more than one Cover Payment is made, the Cover Payments shall be aggregated and the rights and remedies described herein pertaining to an individual Cover Payment shall apply to the aggregated Cover Payments. The failure to repay said loan upon demand shall be a default under this Agreement. Each Party hereby grants to the other a mortgage of and lien upon its right, title and interest in the Assets and a security interest in its rights under this Agreement and in its Participating Interest whenever acquired or arising, and the proceeds from and accessions to the foregoing, to secure any loan made thereby, including interest thereon, reasonable attorneys' fees and all other reasonable costs and expenses incurred in recovering the loan with interest and in enforcing such lien or security interest, or both. Each Party hereby covenants with the other that such mortgage and security interest will rank at all times prior to any and all other mortgages and security interests affecting its interests in the Assets, or its Participating Interest. Each Party hereby agrees to take all necessary action to perfect such mortgage and security interest and irrevocably appoints the non-defaulting Party as its attorney-in-fact to execute, file, and record all financing statements and any other documents necessary to perfect or maintain such mortgage and security interest or otherwise give effect to the provisions hereof. Upon default being made in the payment of the indebtedness referred to herein when due, the non-defaulting Party may exercise any or all of the rights and remedies available to it at common law, by statute or hereunder. Without limiting the generality of the foregoing, to the extent permitted by applicable law, each Party grants to the non-defaulting Party a power of sale as to its undivided interest in all parts of the Assets or Participating Interest that is subject to the mortgage and security interest granted hereunder, such power to be exercised in the manner provided by applicable law or otherwise in a commercially reasonable manner and upon reasonable notice. If the non-defaulting Partic...
Default in Making Contributions. If a Party fails to make an agreed contribution or to fund a Cash Call required by an approved Program and Budget, then such Party shall be in default hereunder. If such default is not cured within 30 days after notice to the defaulting Party of such default, then each Party’s Participating Interest shall thereafter be adjusted according to Section 6.2.
Default in Making Contributions. 6.3 In the event a Participant defaults in making a contribution or cash call required by operations, the non-defaulting Participant(s) may advance the defaulted contribution on behalf of the defaulting Participant. Any Participant(s) who advances a defaulted contribution on behalf of a defaulting Participant shall be reimbursed by the defaulting Participant in an amount equal to two (2) times the amount advanced, said reimbursement to be paid from any cash standing to the credit of the defaulting Participant in the Joint Account pursuant to Section 5.6 (ii).
Default in Making Contributions. 6.3.1 If the Limited Partner elects to contribute to an approved Expansion of Existing Operations, or acquisition of Third Party Rights and then defaults in making a contribution, or to the extent that any amounts advanced by Surgold pursuant to Section 10.7 are not repaid out of Allocations to the Limited Partner within thirty (30) days, or otherwise repaid by the Limited Partner, within thirty (30) days after the date on which they are advanced, Surgold may, but is not obligated to, advance the defaulted contribution on behalf of the Limited Partner and treat the same, together with any accrued interest, as a demand loan bearing interest from the date of the advance at the rate and on the terms provided in Section 6.2.2.
Default in Making Contributions. (1) If a Shareholder defaults in making a contribution required by an approved Program and Budget in respect of which as provided in section 10.2 it has elected, or is deemed to have elected, to contribute, the non-defaulting Shareholder may, in addition to all other rights and remedies available to it, advance the defaulted contribution on behalf of the defaulting Shareholder and treat the same, together with any accrued interest, as a demand loan to the defaulting Shareholder, bearing interest from the date of the advance at the rate provided in section 11.4. The failure to repay the loan upon demand will be a default. A non-defaulting Shareholder may elect any applicable remedy under section 8.5(2) or any other rights and remedies available to such Shareholder at law or in equity. All such remedies will be cumulative and, except as otherwise provided in this Agreement, the election of one or more remedies will not waive the election of any other remedies.
Default in Making Contributions. (a) If a Participant elects to contribute to an adopted Program and Budget and then defaults in its obligation to pay a contribution or cash call hereunder, it shall thereupon be a defaulting Participant and the non-defaulting Participant may at any time, by Notice to the defaulting Participant, elect to make such contribution or meet such cash call on behalf of the defaulting Participant (“Cover Payment”). If a non-defaulting Participant makes more than one Cover Payment, the non- defaulting Participant shall aggregate the Cover Payments and the rights and remedies described herein pertaining to an individual Cover Payment apply to the aggregated Cover Payments.
Default in Making Contributions. (a) In the event that, at any time after the Funding Completion Date, a Participant elects to contribute to an approved Program and Budget and then defaults in making some or all of its contributions under such approved Program and Budget or defaults to meet a cash call under Section 9.8, the non-defaulting Participant may, but is not obligated to, advance the defaulted contribution on behalf of the defaulting Participant and treat such advance, together with any accrued interest, as a demand loan bearing interest from the date of the advance, calculated at three percent (3%) per annum in excess of the prime rate declared from time to time by the Manager’s Canadian banker as the reference rate for Canadian dollar demand loans to its most credit-worthy customers in Canada. The failure to repay such loan upon demand shall be a default of the loan (but not a default of this Agreement).
