DEFAULT IN PAYMENT TO PARTNERSHIP BY PARTNER Sample Clauses

DEFAULT IN PAYMENT TO PARTNERSHIP BY PARTNER. (i) If at any time any Partner shall breach this Agreement by failing to make its respective Required Loans, Additional Loans or Special Contributions pursuant to the call provisions of Section 4 or Section 5 (hereinafter referred to as a "Non-Contributing Partner"), such Non-Contributing Partner shall be considered in breach of this Agreement and (without otherwise limiting any other remedies which the other Partners may have against such Non-Contributing Partner) the other Partners, except Manager, shall have the right (but not the obligation) to make an excess contribution ("Excess Contribution") to the Partnership to cover such unpaid Required Loans, Additional Loans or Special Contributions of the Non-Contributing Partner. (ii) In the event that a Partner makes an Excess Contribution, such Excess Contribution shall be deemed to be a loan ("Excess Loan") to the Non-Contributing Partner by virtue of whose breach of this Agreement such Excess Contribution was required. The Excess Loan shall bear interest at a rate equal to the lesser of (a) the maximum rate permitted under applicable law or (b) the greater of (i) the Prime Rate plus two percent (2%) or (ii) ten percent (10%) per annum, and shall be due and payable upon demand and shall be secured by a lien and security interest upon any distributions to be made to the Non-Contributing Partner pursuant to this Limited Partnership Agreement. The Excess Loan shall be an obligation of such Non-Contributing Partner and, if not sooner paid by such Non-Contributing Partner, shall be due and payable out of the first available distributions to be made to the Non-Contributing Partner by the Partnership, with the application of payments thereof to principal and/or interest being at the sole discretion of the payee thereof. To the extent of any payments of Excess Loans directly by the Partnership to any Partner who made an Excess Contribution, such Partner who made the Excess Contribution shall subrogate all rights which such Partner had against the Non-Contributing Partner to the Partnership. Any interest on Excess Loans paid by the Partnership shall be charged solely to the capital account of the Non-Contributing Partner who occasioned any such Excess Loan. (iii) Without limiting any other remedies set forth herein or at law, if any Excess Loan is not repaid in full by such Non-Contributing Partner within one hundred twenty (120) days after the same has been advanced on its behalf, then the proportionate share of ...
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Related to DEFAULT IN PAYMENT TO PARTNERSHIP BY PARTNER

  • Default in Payment Any payment not made within ten (10) business days after it is due in accordance with this Agreement shall thereafter bear interest, compounded annually, at the prime rate in effect from time to time at Citibank, N.A., or any successor thereto. Such interest shall be payable at the same time as the corresponding payment is payable.

  • Delay in Payment Notwithstanding anything else to the contrary in this Agreement, the BEP, or any other plan, contract, program or otherwise, the Company (and its affiliates) are expressly authorized to delay any scheduled payments under this Agreement, the BEP, and any other plan, contract, program or otherwise, as such payments relate to the Executive, if the Company (or its affiliate) determines that such delay is necessary in order to comply with the requirements of Section 409A of the Internal Revenue Code. No such payment may be delayed beyond the date that is six (6) months following the Executive’s separation from service (as defined in Section 409A). At the end of such period of delay, the Executive will be paid the delayed payment amounts, plus interest for the period of any such delay. For purposes of the preceding sentence, interest shall be calculated using the six (6) month Treasury Xxxx rate in effect on the date on which the payment is delayed, and shall be compounded daily. If the conditions of the severance exception under Treasury Regulation Section 1.409A-1(b)(9)(iii) (or any successor Regulation thereto) are satisfied, payment of benefits shall not be delayed for six (6) months following termination of employment to the extent permitted under the severance exception.

  • ALL-IN PAYMENTS It is agreed all-in payments breach the award and this Agreement. All-in payments to employees will not be made. Where it is alleged all-in payments are being made, the provisions of the VBIA shall apply.

  • Report-In Pay An employee who reports to work on a regularly scheduled workday without previous notice not to report shall receive a minimum of four (4) hours work or four (4) hours pay in lieu thereof at the applicable hourly rate.

  • CALL-IN PAY 14.01 An employee who is called in to work outside their regularly scheduled hours shall be paid a minimum of four (4) hours pay at their applicable rate whenever there is a break between the employee's regularly scheduled hours and the work the employee is called to perform.

  • Default in Payment of Principal of Loans and Reimbursement Obligations The Borrower shall default in any payment of principal of any Loan or Reimbursement Obligation when and as due (whether at maturity, by reason of acceleration or otherwise).

  • IN PAY An employee who is called in for work outside his standard hours other than for scheduled overtime work, shall be paid either

  • Certain Payments Without the prior consent of the Dealer Manager, none of the Company, the Advisor or any of their respective affiliates will make any payment (cash or non-cash) to any associated Person or registered representative of the Dealer Manager.

  • Default in Performance (i) Any Loan Party shall fail to perform or observe any term, covenant, condition or agreement on its part to be performed or observed and contained in Section 8.4.(h) or Article IX.; or (ii) Any Loan Party shall fail to perform or observe any term, covenant, condition or agreement contained in this Agreement or any other Loan Document to which it is a party and not otherwise mentioned in this Section, and in the case of this subsection (b)(ii) only, such failure shall continue for a period of 30 days after the earlier of (x) the date upon which a Responsible Officer of the Borrower or such other Loan Party obtains knowledge of such failure or (y) the date upon which the Borrower has received written notice of such failure from the Administrative Agent.

  • Exchanges of Securities Upon receipt of Proper Instructions, the Custodian shall exchange securities held by it for the account of a Portfolio for other securities in connection with any reorganization, recapitalization, split-up of shares, change of par value, conversion or other event relating to the securities or the issuer of such securities, and shall deposit any such securities in accordance with the terms of any reorganization or protective plan. The Custodian shall, without receiving Proper Instructions: surrender securities in temporary form for definitive securities; surrender securities for transfer into the name of the Custodian, a Portfolio or a nominee of either of them, as permitted by Section 2.02(b); and surrender securities for a different number of certificates or instruments representing the same number of shares or same principal amount of indebtedness, provided that the securities to be issued will be delivered to the Custodian or a nominee of the Custodian.

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