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. In the event of a Nonpayment under this Section 3.3, the Paying Partner, in its sole discretion, may, in lieu of the procedure provided in paragraph (c) above, and without limiting or waiving any other rights that it may have hereunder or otherwise, at law or in equity, (i) withhold or withdraw all or any part of its Additional Capital Contribution and make a loan to the Partnership in an amount up to the aggregate amount of the Additional Capital Contributions required of both Partners, such loan to be secured by a mortgage on the Properties (to the extent allowed under any other mortgages or security instruments then encumbering the Properties), or (ii) without withholding or withdrawing all of any part of its Additional Capital Contribution, make a recourse loan to the Nonpaying Partner (which loan repayment obligation shall survive liquidation of the Partnership) without the approval of the Nonpaying Partner by advancing for the benefit of (and as an Additional Capital Contribution by) the Nonpaying Partner directly to the Partnership all or any part of the amount of the Additional Capital Contribution that the Nonpaying Partner is required to make hereunder. Any such loan made by a Paying Partner in accordance with the provisions of this paragraph (d) shall be referred to hereinafter as a "DEFAULT LOAN." Such Default Loans shall accrue interest, which shall be compounded monthly, at a per annum rate equal to the Default Rate. The principal balance of the Default Loan plus the accrued and unpaid interest thereon shall be due and payable as set forth in Article 5 hereof. Notwithstanding anything contained herein to the contrary, if a Default Loan is made directly to the Partnership as provided in clause (i) above, then the Nonpaying Partner may cure its default hereunder only by remitting to the Partnership, as an Additional Capital Contribution, an amount equal to the amount necessary to discharge the Default Loan in full (including, without limitation, the remaining outstanding principal of, and all interest accrued on, such Default Loan), in which case such amount remitted will be immediately paid to the Paying Partner as a full repayment of the Default Loan. If a Default Loan is made to a Partner, then (A) the Default Loan (both principal and interest) shall be immediately due and payable from the Nonpaying Partner to the Paying Partner upon demand by the Paying Partner, (B) the Paying Partner shall have and is hereby granted a first and prior lien ...
Default Loans a. In the event that any Member (a “Defaulting Member”) shall be in material breach as a result of its failure to contribute its share of working capital, any other Member, provided such other Member shall have advanced the full amount of its capital contribution (the “Non-Defaulting Member”), shall have the right and option at any time thereafter, but not the obligation, to lend (any such loan being herein referred to as a “Default Loan”) to the Company all or any portion of the capital contribution required of the Defaulting Member (herein referred to as the “Defaulted Amount”). If more than one Non-Defaulting Member shall desire to make a Default Loan, such Non-Defaulting Members shall loan the Defaulted Amount in such proportions as they shall decide; if they cannot decide, each Non-Defaulting Member’s Default Loan shall be made in the proportion that its Percentage Interest bears to the Percentage Interests of all Non-Defaulting Members desiring to make a Default Loan. Default Loans shall (i) earn interest on the outstanding principal amount thereof at a rate equal to the lessor from time to time of (1) 10% per annum, and (2) the maximum rate then permitted by applicable law as to the Defaulting Member in respect to whom the Default Loan is made, from the date the Default Loan is deemed to have been made until the same is repaid in full, (ii) unless repaid sooner pursuant to any other provision of this agreement, be repaid by the Company on the fifth anniversary of the due date of the Defaulted Amount in respect of which such Default Loan was made, (iii) be reflected on the books of the Company, (iv) be entitled to distribution in the order of priority provided in Article 10 hereof, and (v) as contributed from time to time, have priority vis-à-vis other Default Loans based upon the inverse order of the date of contribution of the same.
b. If the Defaulting Member shall fail to advance the full amount of any capital contribution due from such Member hereunder (whether or not a Default Loan shall have been made), such Defaulting Member shall have no right to take any actions or to vote on any matters as a Member and the Non-Defaulting Members shall have the sole and full right to exercise all of the powers of the Members; provided, however, that the disability of the Defaulting Member shall immediately cease and the other rights of the Defaulting Member shall be reinstated upon (i) if no Default Loan was made, the advance by the Defaulting Member to the...
Default Loans. 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.
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. 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. 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. If any General Partner fails or refuses to make any additional capital contribution when required to do so under this Agreement (any such General Partner and its Affiliated Limited Partner being collectively referred to in this Section 2.2(e) as a “Defaulting Partner”), the Non-Defaulting Partner, may, in its sole discretion at any time and from time to time thereafter during the continuance of any such default, upon seven (7) day’s prior written notice to the Defaulting Partner, elect to advance all or any portion of the amount of the contribution that the Defaulting Partner has failed to advance (the “Default Amount”) directly to the Partnership on behalf of the Defaulting Partner. The Partner making any such advance on behalf of a Defaulting Partner is herein sometimes referred to as the
Default Loans. The following shall apply to each Default Loan:
