Default Loan. (i) The Non-Defaulting Member may, within five Business Days following the last day of the cure period, elect to pay the Defaulted Amount to Nevada JV and have such payment deemed to be a loan from the Non-Defaulting Member to the Defaulting Member (a “Default Loan”). The Default Loan shall be due and payable on demand upon 30 days’ notice given no sooner than 90 days after the advance or assumption is made, and shall bear interest from the date advanced at an annual rate equal to 6% over the LIBOR Rate as the same shall change from time to time or at the maximum rate permitted by law, whichever is less, computed monthly in arrears and compounded (at the same interest rate as is applicable to principal) at the end of each Calendar Year until repaid in full. If more than one Default Loan is made by a Non-Defaulting Member to the Defaulting Member, all such Default Loans shall be aggregated, and the rights and remedies described herein pertaining to an individual advance shall apply to the aggregated amount. Upon the making of a Default Loan, the Non-Defaulting Member may require the Defaulting Member to, and the Defaulting Member shall, execute promissory notes or other documents evidencing the Default Loan reasonably requested by the Non-Defaulting Member. Notwithstanding the foregoing, each Member irrevocably agrees that as a Defaulting Member it shall pay the amount of the Default Loan together with accrued interest to the Non-Defaulting Member when due. If the aggregate amount payable is not discharged by the Defaulting Member when due, the Non-Defaulting Member, without waiver of other remedies, may exercise the remedies set forth below to the extent permitted by applicable Legal Requirements.
Default Loan. The term “
Default Loan. On the date of any Transfer pursuant to this Article II, each Member shall pay in full the entire unpaid balance of any Default Loan made to such Member plus all accrued and unpaid interest thereon.
Default Loan. In addition to any other repurchase obligations within this Agreement, Broker 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 (b) For any other Loan: Any of the first four (4) scheduled monthly payments due Lender on the Loan becomes thirty (30) days delinquent.
Default Loan. 6 4.41 Defaulting Partner................................................................... 6 4.42 Depreciation......................................................................... 6 4.43
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. 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. If the default by the Delinquent Member is the second or any subsequent default during the period of any adopted Budget, the Non-Defaulting Member has the option, but not the obligation, to elect under this Section 3.5(c) to pay the entire Default Amount to the Company on behalf of the Delinquent Member within such 10 Business Day period and the Default Amount will be treated as a loan (a “Default Loan”) from the Non-Defaulting Member to the Delinquent Member, and a Capital Contribution of that amount to the Company by the Delinquent Member, with the following results:
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. (a) The Partners, other than the Defaulting Partner, will have the option, but not the obligation, to accept an offer made by the General Partner under Section 5.4(d) to advance to the Partnership an amount of money equal to the amount requested of the Defaulting Partner under Section 5.4, which advance will be deemed to be a Capital Contribution by the Defaulting Partner and will be considered a loan (a "Default Loan") from the Partner or Partners making the ------------ advance (the "Lending Partners") to the Defaulting Partner, payable ---------------- upon demand and bearing interest at the lesser of the maximum rate permitted by applicable law or the rate of 18% per annum. If the Lending Partners make a Default Loan, upon written request by the Lending Partners, the Defaulting Partner will execute and deliver a promissory note payable to the Lending Partners as evidence of that Default Loan; provided that the failure by the Defaulting Partner to execute such a promissory note will not affect the validity of the Default Loan in question or the obligation of the Defaulting Partner to repay the Default Loan in accordance with the terms of this Agreement. If the Defaulting Partner fails upon demand to repay with interest any Default Loan made by the Lending Partners, the Partners will have the right to enforce the security interest granted to the Partners in Section 5.8(b).
