Default in Making Required Loans Sample Clauses

Default in Making Required Loans. (a) If either Member fails to make any required loan pursuant to Section 6.8 (an “Additional Funding Obligation”), the other Member may send a notice to such Member who failed to make the required Additional Funding Obligation, notifying such Member of its failure to make such Additional Funding Obligation, the amount to be funded and demanding that such Additional Funding Obligation be made immediately. (b) If the Member who receives such notice fails to make the required Additional Funding Obligation within five (5) Business Days after the receipt of such notice, then the other Member shall have the following rights: (i) Such Member may loan the required funds to the Company (which funds shall then be immediately contributed by Company to the T1 Subsidiary), which amount so loaned shall bear interest and be payable in the same manner as the loan described in Section 4.1.5(d)(i); or (ii) Such Member may make an Additional Capital Contribution to the Company in the amount of the required Additional Funding Obligation (which amounts shall then be immediately contributed by the Company to the T1 Subsidiary), in which event the Distribution Percentages shall be adjusted in the manner set forth in Section 4.1.5(d)(ii).