Election not to Contribute to Budgets Sample Clauses

Election not to Contribute to Budgets. (1) Each Joint Venture Participant (the “Non-Contributing Participant”) will be entitled to elect to contribute to the costs of a budget in some lesser amount than its Participating Interest, or not to contribute at all. (2) If the Non-Contributing Participant elects to contribute to the costs of a budget in some lesser amount than its Participating Interest, or not to contribute at all, and the other Joint Venture Participant (the “Contributing Participant”) contributes to the costs of such budget in proportion to its Participating Interest, the Participating Interest of such Non-Contributing Participant will be reduced effective as of the date the budget (the “Diluting Date”) in accordance with Section 1.08. (3) If each Joint Venture Participant elects or fails to contribute to the costs of a budget in some lesser amount than its Participating Interest, or elects or fails to contribute at all, then the proposed budget will be deemed to be withdrawn, subject to the right of the Management Committee to prepare a new budget for approval.
Sample 1
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Related to Election not to Contribute to Budgets

  • Am I Eligible to Contribute to a Traditional IRA?

  • FAILURE TO CONTRIBUTE Pursuant to Section 00-00-000 of the Act, any contribution must be satisfied by the Member within sixty (60) days from the date of the call for capital. If a Member fails to make its required contributions to the Company, then the other Members may seek enforcement of the obligation to contribute capital. Any remedy under the Act may be pursued, including allowing the individual to become a Member without a transferable interest, provided there is unanimous consent from all Members who have satisfied their contribution obligations.

  • Compensation to Contractor The terms related to the price of the goods and/or services to be provided under this Agreement and the terms of payment to the Contractor are described in more detail in Attachment “B” to this Agreement: Price and Payment Information.

  • Notice to Contractor The Contractor is required to submit Certificates of Insurance acceptable to the State as evidence of insurance coverage requirements prior to commencing work under this Contract. Contractor shall not commence work under the contract until they have obtained all the insurance described below and the State has approved such insurance. Contractor shall maintain such insurance in force and effect throughout the term of this Contract, unless otherwise specified in this Contract The failure of the Contractor to provide a Certificate of Insurance, for the policies required under this Contract or renewals thereof, or failure of the insurance company to notify the State of the cancellation of policies required under this Contract shall not constitute a waiver by the State to the Contractor to provide such insurance. The State reserves the right to immediately terminate this Contract if the Contractor is not in compliance with the insurance requirements and retains all rights to pursue any legal remedies against the Contractor. All insurance policies must be open to inspection by the State, and copies of policies must be submitted to the State’s Authorized Representative upon written request.

  • Agreement to Continue in Force Both Parties shall adhere fully to the terms of this Agreement during the period of bona fide collective bargaining.

  • No Contribution Each Designated Shareholder waives, and acknowledges and agrees that he shall not have and shall not exercise or assert (or attempt to exercise or assert), any right of contribution, right of indemnity or other right or remedy against the Surviving Corporation in connection with any indemnification obligation or any other liability to which he may become subject under or in connection with this Agreement or the Designated Shareholders' Closing Certificate.

  • Condition to Contract As a condition to this Agreement, Contractor shall execute the “Chapter 12B Declaration: Nondiscrimination in Contracts and Benefits” form (form HRC-12B-101) with supporting documentation and secure the approval of the form by the San Francisco Human Rights Commission.

  • No Consideration Absent Execution of this Agreement Employee understands and agrees that Employee would not receive the monies and/or benefits specified in paragraph “2” above, except for Employee’s execution of this Agreement and the fulfillment of the promises contained herein.

  • Initial Contribution The member agrees to make an initial contribution to the Company of $____________.

  • Payment to Contractor The TOWN agrees to pay at the rates specified for SERVICES satisfactorily performed in accordance with this contract. Unless otherwise specified, the CONTRACTOR shall submit an itemized invoice to the TOWN by the end of the month during which SERVICES are performed. Payment will be processed promptly upon receipt and approval by the TOWN of the invoice.

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