Default Loans Sample Clauses

Default Loans. If a Lender becomes a Defaulting Lender, the other Lenders may (pro rata based on the Commitment Percentages of the Lenders exercising such right), but are not obligated to, make advances to the Agent in the aggregate amount that the Defaulting Lender is obligated to advance under this Agreement. Such advances shall be treated as loans made to the Defaulting Lender, shall bear interest at the Default Rate (payable on demand), shall be due and payable upon demand, and shall be paid prior to any payment being made to the Defaulting Lender.

Default Loans. (a) If the Non-Defaulting Member shall elect to advance a Default Loan as contemplated by Section 5.08 (the Default Loans ), the amount of such advance shall be made to the Company but shall, for all purposes, be deemed a loan made to and on behalf of the Defaulting Member to enable the Defaulting Member to make its required Additional Capital Contribution. Default Loans shall bear interest at the Default Rate, and, if not sooner paid, the outstanding principal amount thereof, together with accrued and unpaid interest thereon, shall be due and payable in full on the Liquidation Date in accordance with the priorities set forth in Article XIII. In order to secure the payment of the Default Loans, and interest thereon, the Defaulting Member shall be deemed to have granted to the Non-Defaulting Member a security interest in the Membership Interest of the Defaulting Member and shall be deemed to have constituted and appointed the Non-Defaulting Member, or any officer, agent, employee, or Affiliate of the Non-Defaulting Member designated by the Non- Defaulting Member, as the true and lawful agent and attorney-in-fact for the Defaulting Member with full power of substitution and with the full right, power and authority to execute such financing statements, continuation statements and other similar instruments and documents reasonably necessary in order to perfect the security interest herein granted. (b) The making of a Default Loan by the Non- Defaulting Member shall not relieve the Defaulting Member of its obligation to make the Additional Capital Contribution, or the portion thereof as to which it is in default. The Non-Defaulting Member shall have the right at any time that a Default Loan is outstanding, to elect the remedies set forth in Section 5.08(b), in which event the recovery shall first be applied in payment of outstanding Default Loans and interest thereon. In addition, the Non-Defaulting Member shall have the right, at its election and without further action of the Management Committee, to contribute to the Company, at any time or from time to time, an amount not to exceed the principal amount of the Default Loans outstanding, together with any accrued and unpaid interest thereon, the amount thereof to be treated as though an Additional Capital Contribution had been made to the Company pursuant to Section 5.08(c) with an adjustment to the Sharing Ratios of the Members with respect to the amount so contributed as contemplated by Section 5.08(c), in w...

Default Loans. 5.1 No Upfront Commission or Loyalty Bonus will be payable by Aussie to you pursuant to this Schedule or otherwise in respect of a Default Loan. 5.2 If a Default Loan ceases to be a Default Loan, Aussie may, but is under no obligation to, make Upfront Commission or Loyalty Bonus payments to you pursuant to this Schedule.

Default Loans. (a) If any Member fails to make (in whole or in part) its Capital Contribution pursuant to SECTION 4.1(D) and/or SECTION 4.4 (any such Member is herein referred to as a "Noncontributing Member"), then any Member that has made its Capital Contribution (any such Member is herein referred to as a "Contributing Member") shall have the option to make a Default Loan to the Company on behalf of the Noncontributing Member equal to the Capital Contribution not made by the Noncontributing Member (a "Default Loan"), on the terms and conditions set forth in SECTION 4.5(B) below. In the event that more than one Contributing Member desires to make a Default Loan on account of the Noncontributing Member, such Contributing Members shall be permitted to participate in proportion to their respective Interests exclusive of the Interest of the Non-Contributing Member. (b) A Default Loan (which for all purposes of this Agreement shall include all accrued and unpaid interest thereon) made on behalf of a Member due to its failure to make its Capital Contribution shall bear interest from the date such Capital Contribution is due at an annual rate equal to the rate announced from time to time in The Wall Street Journal as the "prime rate" plus four (4) percentage points, and shall mature upon the liquidation of the Company if not otherwise paid in full pursuant to the terms of this Agreement. In the event that The Wall Street Journal shall no longer be published, then the Member entitled to payments of interest shall be entitled to select, in its reasonable discretion, an alternative publication or institutional "prime" or "base" rate (and, if there is more than one such Member, then the Member with the greatest Interest shall be entitled to make such selection). Any Default Loan and interest thereon shall be required to be repaid by the Noncontributing Member only to the extent distributions are made to such Member as set forth in SECTION 6.2 and SECTION 6.3, and no Noncontributing Member shall have any personal liability for the repayment of same or any interest thereon. In the event that there shall be more than one Default Loan during the term of this Agreement, then the application of the various rights set forth in this SECTION 4.5 shall be applied separately to each such Default Loan.

Default Loans. In the event that a Member fails or refuses for any reason to make any Capital Contributions required of it pursuant to Section 5.2(A) (a “Non-Funding Member”), another Member or one of its Affiliates may make a loan to the Non-Funding Member by transferring directly to the Company, on behalf of such Non-Funding Member, an amount not to exceed the unpaid portion of such Non-Funding Member’s Capital Contribution, and each such loan (each, a “Default Loan”), shall accrue interest as of the date such Default Loan is made at the annual rate of eighteen percent (18%) compounded quarterly. Each Default Loan (together with all accrued, unpaid interest thereon) shall be repaid to such Member (or its Affiliate(s), as the case may be) out of any amounts otherwise distributable to the relevant Non-Funding Member pursuant to Article VI below, prior to making any subsequent distributions to such Non-Funding Member pursuant to Article VI. For purposes of this Agreement, any repayment of all or a portion of any Default Loan pursuant to the immediately preceding sentence shall be deemed to be, and treated as, a distribution to the Non-Funding Member followed by a re-payment by the Non-Funding Member to such other Member or its Affiliate(s). If, at any time during which a Default Loan remains outstanding, the Company receives from the Non-Funding Member all or any portion of such unpaid Capital Contributions (together with all accrued by unpaid interest on such Default Loan or portion thereof), the Company shall promptly deliver all such amounts to the Member who made such loan (or its Affiliates, as the case may be). ​

Default Loans. If a Limited Partner fails to make a Capital Contribution to the Partnership as the same is due and payable hereunder (“Defaulting Partner”) in accordance with Sections 3.2, upon written notice to the Defaulting Partner from the General Partner or any Limited Partner who is not a Defaulting Partner (the Limited Partners who are not Defaulting Partners being referred to collectively as the “Non-Defaulting Partners”), the Non-Defaulting Partners may, but shall not be obligated to, make a loan (“Default Loan”) to the Defaulting Partner in the amount of such Capital Contribution, the proceeds of which are to be paid to the Partnership in satisfaction of the Defaulting Partner‟s Capital Contribution obligation. The Default Loan shall bear interest on the outstanding balance at the rate of the lesser of (i) fourteen percent (14%) per annum, or (ii) the maximum rate of interest permitted by applicable law. If more than one Non-Defaulting Partner elects to make a Default Loan, the Non-Defaulting Partners shall agree as to the proportions of the Default Loan to be made by each Non-Defaulting Partner; provided, however, in the absence of such agreement, the Default Loan shall be made pro rata in accordance with the relative Percentage Interests of the Non-Defaulting Partners electing to make such Default Loan. Notwithstanding the provisions of Sections 4.1 and 12.3, in the event a Partner has a Default Loan outstanding to another Partner, all distributions to the Partner owing the Default Loan shall be applied to the repayment of the Default Loan prior to any distributions or other payments to such Partner pursuant to this Agreement.

Default Loans. If a Lender becomes a Defaulting Lender, the other Lenders may (pro rata based on the Commitment Percentages of the Lenders exercising such - 76- Loan Agreement (KBS REIT II) right), but are not obligated to, make advances to the Agent in the aggregate amount that the Defaulting Lender is obligated to advance under this Agreement. Such advances shall be treated as loans made to the Defaulting Lender, shall bear interest at the Default Rate (payable on demand), shall be due and payable upon demand, and shall be paid prior to any payment being made to the Defaulting Lender.

Default Loans. 3.1. No Commission will be payable by CSC to the Contractor and/or the CSC Credit Representative pursuant to this Schedule or otherwise in respect of a Default Loan. 3.2. If a Default Loan ceases to be a Default Loan, CSC may, but is under no obligation to, make Commission payments to the Contractor and/or the CSC Credit Representative pursuant to this Schedule.

Default Loans. Each Default Loan shall be a loan by Investor to the Company, shall bear interest at the Default Rate and shall be repaid as set forth in Section 8.1(e) hereof and as set forth below. The Capital Account of Investor and the Investor's Capital Contribution Accounts shall not include a credit for the amount of the Default Loan. The making of a Default Loan by Investor shall not constitute a cure of the Shortfall Loan Default of the AIMCO Members. If a Default Loan is so made by Investor, then the AIMCO Members may cure any such Shortfall Loan Default and satisfy the Default Loan by the AIMCO Members (a) issuing a Shortfall Loan to the Company in the amount of the original balance of such Default Loan and (b) paying to the Company the remaining amounts due under the Default Loans, including, without limitation, the total amount of any unpaid accrued interest thereon and other expenses thereunder or in connection with the Default Loan. Such Shortfall Loan and such payment by the AIMCO Members to the Company shall not constitute Capital Contributions and shall not be credited to the AIMCO Members' Capital Account or other Accounts. Thereafter, the Company shall pay to Investor the remaining balance due to (1) satisfy the Default Loan, including payment of all unpaid accrued interest thereon, and (2) satisfy or otherwise pay the other expenses thereunder or in connection with the Default Loan. The repayment of the Default Loan and payment or reimbursement of any interest or expenses thereunder shall not constitute a distribution to Investor, shall not be debited against Investor's Capital Account or other Accounts, and shall not be considered as a distribution for purposes of determining Investor's Internal Rate of Return hereunder.

Default Loans. The Lending Eligible Partner shall have the right, but not the obligation, to make a loan (a “Default Loan”) to such Defaulting Partner in an amount equal to the Open Call Amount at any time within forty-five (45) days after the funding date set forth on the applicable Call Notice, provided that such Defaulting Partner has not funded the entire Open Call Amount prior to the making of such Default Loan. If a Default Loan shall be made in accordance with this Section 2.2(d)(ii), the Lending Partner shall notify the Defaulting Partner of the amount and date of the Default Loan, which, subject to Section 2.2(d)(vi) below, shall be deemed to be a Capital Contribution (a “Defaulting Partner Contribution”) made by the Defaulting Partner, and the Capital Account of the Defaulting Partner shall be credited to reflect the payment of the proceeds of the Default Loan to the Partnership. Each Default Loan shall be deemed to be made to the Defaulting Partner, with the proceeds of each Default Loan being delivered to the Partnership by the Lending Eligible Partner making same in immediately available funds on such Defaulting Partner’s behalf. A Default Loan shall be deemed to have been advanced on the date actually advanced. Default Loans shall earn interest on the outstanding principal amount thereof at a rate equal to the lesser of (i) the Default Loan Rate or (ii) the Maximum Rate, from the date actually advanced until the same is repaid in full.