Default Loan. The Contributing Member may advance to the Company, in cash, within thirty (30) days following the Contribution Date, an amount equal to the Delinquent Contribution, and such advance by the Contributing Member shall be treated as a non-recourse loan by the Contributing Member to the Non-Contributing Member (a “Member Loan”), bearing interest at a rate equal to the lesser of the then current prime rate as most recently reported by the Western Edition of the Wall Street Journal, plus five percentage points, adjusted and compounded concurrently with any adjustments to such prime rate, or the maximum, nonusurious rate then permitted by applicable law for such loans. Each Member Loan shall be due and payable upon the earlier of six (6) months from the date such Member Loan is advanced or the dissolution of the Company. If Paladin is the Contributing Member, then both Members shall take all actions and execute all documents (including a written promissory note evidencing the obligation of the Non-Contributing Member) necessary to ensure that the obligation meets the “straight debt safe harbor” described in Section 856(m) of the Code. As of the Effective Date of any advance of a Member Loan, the Non-Contributing Member shall be deemed to have contributed an amount equal to the principal amount of such Member Loan to the capital of the Company, and the Capital Account and Unrecovered Contribution Account of the Non-Contributing Member shall be credited with a like amount. Notwithstanding the provisions of Articles 5 and 8, until any and all Member Loans are repaid in full, the Non-Contributing Member shall draw no further distributions from the Company, and all cash or property otherwise distributable with respect to the Non-Contributing Member’s Interest (or fees payable to the Non-Contributing Member or any of its Affiliates, excluding, however, any fees payable under Section 2.12) shall be distributed to the Contributing Member in repayment of the outstanding balance of the Member Loan, with such funds being applied first to reduce any and all interest accrued on such Member Loan and then to reduce the principal amount thereof. Any amounts so applied shall be treated, for all purposes under this Agreement, as having actually been distributed to the Non-Contributing Member and applied by the Non-Contributing Member to repay the outstanding Member Loan. If, upon the maturity of a Member Loan (taking into account any agreed upon extensions thereof), any principal ...
Default Loan. The term "
Default Loan. On the effective date of any Transfer pursuant to this Article III, each Member shall pay in full the entire unpaid principal balance of any Default Loan made to such Member plus all accrued and unpaid interest thereon.
Default Loan. The Non-Defaulting Member may advance funds to the Company in an amount equal to the Capital Contribution that is in default, with the effect that such advance shall constitute a loan (a “Default Loan”) to the Defaulting Member by the Non- Defaulting Member, any such Default Loan to bear interest at the Default Rate, calculated on the number of days elapsed, compounded monthly, in addition to any other remedies hereunder. For so long as any Default Loan remains unpaid, all distributions from the Company that otherwise would be made to the Defaulting Member (whether before or after the Dissolution of the Company) instead shall be paid to the Non-Defaulting Member until the Default Loan and all interest accrued thereon have been paid in hill to the Non-Defaulting Member. Payments in respect of any Default Loan will be applied in the order that such Default Loan was made, and all payments will be applied first to accrued but unpaid interest and then to reduce the outstanding principal amount of such Default Loan. A Default Loan shall become automatically immediately due and payable by the Defaulting Member, and shall constitute a general obligation of the Defaulting Member upon the Dissolution of the Company. Any Default Loan shall be prepayable in whole or in part by the Defaulting Member at any time without penalty, and full payment of the Default Loan shall cure the default; and
Default Loan. 6 4.41 Defaulting Partner................................................................... 6 4.42 Depreciation......................................................................... 6 4.43
Default Loan. The Contributing Shareholders shall be entitled, but not required, to provide a shareholders loan to the Company up to the amount of the Defaulting Shareholders' unpaid portion of the Additional Funding (the "Unpaid Contribution"). Any loan funded by a Contributing Shareholder in lieu of a Defaulting Shareholder (a “Default Loan”) shall bear interest at a rate equal to the CHF SWAP rate plus 8%, but in any event not less than ten percent (10%) per annum. Interest shall accrue on any Default Loans from the date the funds are actually received by the Company until the date that the Default Loans are repaid in full. Outstanding Default Loans shall be repaid by the Company prior to repayment of shareholder loans or distribution of dividends by the Company.
Default Loan. A Default Loan (i) shall have a term of one year, (ii) shall bear interest at the prime rate as announced by Citibank, N.A., plus four (4%) percent age points, (iii) shall mature one year from the making of the Default Loan, (iv) shall be convertible into Percentage Interests at a rate that would result in the Percentage Interest that would have been issued for an Additional Capital Contribution made as of the date of the Default Loan pursuant to Section 3.2(b)(i), and (v) shall be prepaid to the extent and out of any distributions of Net Available Cash made to the Defaulting Member pursuant to Article IV hereof. The Default Loan shall be evidenced by a promissory note in the form attached hereto as EXHIBIT C. If a Member makes one or more Default Loans which in the aggregate, equal or exceed 100% of the aggregate Capital Contributions then made by each of the Members, the Voting Member making such Default Loans shall automatically be given the right to appoint an additional Manager to the Board of Managers until the earlier of the repayment of the Default Loan in full or the conversion of the Default Loan into Percentage Interests. If the Defaulting Member is a Voting Member, such Defaulting Member agrees to vote its Percentage Interest to elect as a Manager the nominee of the Voting Member who made a Default Loan.
Default Loan. Offer the other Partners the opportunity to ------------ make a Default Loan on the terms provided under Section 5.8 equal to the amount of the additional capital requested of the Defaulting Partner.
Default Loan. The General Partner shall have the right to loan the Unpaid Assessment to the Partnership (a “Default Loan”). A Default Loan shall bear interest until paid at a fixed annual rate equal to the lesser of the maximum rate allowed by law at the time of such loan or fifteen percent (15%) per annum and shall be paid out of available cash flow of the Partnership prior to any distributions to Partners with respect to their Percentage Interests. Interest on the Default Loan shall be charged solely against the Defaulting Partner’s Percentage Interests. The General Partner shall have a security interest in the Percentage Interests of the Defaulting Partner and all of the rights of a secured party under the Delaware Uniform Commercial Code. For purposes of such security interest, the Defaulting Partner shall be the debtor and the General Partner shall be the secured party, and their addresses shall be their respective addresses as set forth on Exhibit A.
Default Loan. In addition to any other repurchase obligations within this Agreement, Non Delegated Correspondent shall repurchase a Loan at the Repurchase price set forth in section 7 within five (5) Business Days following receipt of notice from Lender of the occurrence of any of the following events with respect to such Loan: (a) For any Loan that is eligible to be sold to or insured by any Agency: Any of the first four (4) scheduled monthly payments due Lender on the Loan becomes ninety (90) days delinquent; or
