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 any Partner (the "Defaulting Partner") shall fail to advance the full amount of its share of any Capital Contribution on or before the Drawdown Date therefor, distributions of Distributable Proceeds to the Defaulting Partner shall be immediately suspended, the General Partner shall immediately notify the other Partners of such default and the amount thereof and each of the other Partners (a "Non-Defaulting Partner") shall have the right, but not the obligation, to advance to the Partnership on behalf of such Defaulting Partner, within fifteen (15) Business days after the Drawdown Date, an amount of money equal to its proportionate share (based upon the ratio of the Capital Commitment Percentages of those Non- Defaulting Partners to each other or in such other proportion as they may agree) of the amount of the Capital Contribution the Defaulting Partner was required to but did not make, which advance shall be considered a loan (a "Default Loan") from the Non-Defaulting Partner to the Defaulting Partner and shall bear interest on the outstanding principal amount thereof at an annual rate equal to the lesser of (x) the Prime Rate plus 3% (but in no event less than the rate provided in Section 6.2), and (y) the maximum rate permitted by law, for the period commencing on the date of the advance by the Non-Defaulting Partner to, but not including, the date of repayment thereof. Each Non-Defaulting Partner which has made the maximum Default Loan permitted hereunder shall also have the right but not the obligation to make an additional Default Loan within thirty (30) Business Days after the Drawdown Date, corresponding to its proportionate share (based upon the ratio of the Capital Commitment Percentages of those Non-Defaulting Partners to each other or in such other proportion as they may agree) of any amount not contributed by any other Non-Defaulting Partner. The amount of each Default Loan (excluding interest) shall be reflected on the books of the Partnership as, and shall be deemed for the purposes of this Agreement, a Capital Contribution by the Defaulting Partner.
Default Loans. Whether or not the Company has or shall institute suit against the Defaulting Member having failed to make a required Initial Capital Contribution or Additional Contribution, any other Member may, at its election, make a loan (a “Default Loan”) to the Defaulting Member of all of the amount which the Defaulting Member was obligated to contribute to the Company. The Defaulting Member hereby irrevocably authorizes and directs any other Member to advance the proceeds of each Default Loan to the Company. Receipt by the Company of such proceeds shall constitute a capital contribution of, and consideration received by, the Defaulting Member and such Default Loan shall be legally enforceable to the same extent and in the same manner, subject to the terms of this Agreement, as if such proceeds were paid directly to the Defaulting Member. The making of a Default Loan to the Defaulting Member shall not cure the default by the Defaulting Member. Each Default Loan shall bear interest on the unpaid principal amount thereof from time to time remaining from the date advanced until repaid in an amount equal to the aggregate for each month that the Default Loan is outstanding of the interest for each month calculated by multiplying the balance of the Default Loan during said month by the sum of the rate on the 10 Year Treasury as of the first day of the applicable month plus 600 basis points; provided, however, that in no event shall such interest rate exceed the maximum rate permitted by law. All payments made thereon shall be applied first toward payment of unpaid accrued interest and then (if any remains) toward payment of principal. At any time following the expiration of the applicable Grace Period, each Default Loan, both principal and interest, shall be due and payable from the Defaulting Member to the Member who advanced such Default Loan upon demand by said lending Member. The lending Member shall have and is hereby granted a first and prior lien and security interest upon the interest of the Defaulting Member in the Company and all amounts, payments and proceeds becoming distributable or payable to such Defaulting Member to secure repayment of a Default Loan. If suit or other proceedings in any court shall be instituted for collection of a Default Loan or enforcement of the lien and security interest securing payment of same, the Defaulting Member shall also be liable for all court costs and reasonable attorneys' fees thereby incurred, payment of which shall likew...
Default Loans. 6.1 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.
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. (a) Without limitation on any other rights and remedies of the Partners, if a Noncontributing Party shall have failed to timely pay its portion of the Closing Funding Requirement as provided in Section 2.2 or to make any Additional Capital Contributions as required pursuant to this Agreement, and fails to cure such default after receiving notice thereof within the applicable cure period provided under Section 5.14(a) hereof, the Contributing Party may advance the amount of such delinquency to the Partnership and direct the Partnership to pay the party or parties (which party or parties may be a Partner (or Affiliate of a Partner) hereunder, including the Contributing Party (or an Affiliate of the Contributing Party) making such advance, if such amount is owed to such Person) to whom the same is owed. Any such advance shall be treated as a loan (a "Default Loan") by such Contributing Party to the Partnership, payable on demand, and shall bear interest at the Base Rate plus three percent (3%) per annum (compounded monthly as of the last day of each calendar month) from the date of such loan to the date of payment in full. In addition and without limitation on the foregoing, the making of such Default Loan shall also create an obligation on the part of the Noncontributing Party to contribute to the Partnership an amount equal to the amount of the Default Loan (together with interest at the aforesaid rate) made by the Contributing Party to the Partnership. As used herein, the term "
Default Loans. The following shall apply to each Default Loan:
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
