Failure to Contribute Additional Contributions Sample Clauses

Failure to Contribute Additional Contributions. In the event that a Member does not contribute his, her or its portion of the additional Capital Contribution provided for in Section 5.2(a) when due, then such Member's Membership Interest shall be reduced pro-rata by the proportion of the unpaid additional Capital Contribution of such Member to the aggregate of all Capital Contributions actually made by such Member pursuant to Section 5.1 and 5.2.
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Failure to Contribute Additional Contributions. (a) In the event that either (i) the Fortune Partners fail to make any Additional Capital Contribution required to be made by them pursuant to Section 5.2 (each, an "ADDITIONAL CAPITAL CONTRIBUTION DEFAULT") (excluding amounts required to be advanced by a Partner pursuant to Subsection 5.2(d) which in all events, must be made by the Responsible Partner), or (ii) either Sonesta or the Hotel Manager fail to pay and discharge all expenses, claims or amounts required to be paid by them pursuant to Section 8.7 below or the Interim Lease (the Partner failing to make the required Additional Capital Contribution or payment referred to as the "DEFAULTING PARTNER" and the other Partner referred to as the "NON-DEFAULTING PARTNER"; for this purpose, the Fortune Partners shall be treated as one Partner) and such failure remains unremedied for thirty (30) days following the date of receipt of written notice from the Non-Defaulting Partner, then in addition to the other rights and/or remedies as provided elsewhere in this Agreement, the amount which the Defaulting Partner failed to contribute shall be referred to as the "UNCONTRIBUTED AMOUNT" and the Non-Defaulting Partner shall provide written notice (the "DEFAULT NOTICE") to the Defaulting Partner of such default and of the Uncontributed Amount. In such event, the Non-Defaulting Partner shall decide by providing written notice to the Defaulting Partner whether or not to contribute the Uncontributed Amount. In all events, the amount so contributed by the Non-Defaulting Partner shall be treated initially as a recourse, demand loan by the Non-Defaulting Partner to the Defaulting Partner(a "DEFAULT FINANCING"), which Default Financing shall bear interest at the rate of fifteen percent (15%) per annum compounded annually from the date advanced until repaid. The interest shall accrue thereon from the date of the Non-Defaulting Partner's advance of the Default Financing until the occurrence of the earliest of the following events: (1) the Default Financing is eliminated due to the payment by the Defaulting Partner to the Non-Defaulting Partner of an amount equal to the Default Financing plus interest accrued thereon to the date of payment; (2) the satisfaction of the Default Financing plus interest accrued thereon as the result of distributions made pursuant to Section 7.4 hereof; or (3) the Non-Defaulting Partner elects to purchase the Defaulting Partner's Partnership Interests pursuant to Subsection 5.3(b) below. Upon the o...
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Related to Failure to Contribute Additional Contributions

  • Additional Contributions The Member is not required to make any additional capital contribution to the Company. However, the Member may at any time make additional capital contributions to the Company in cash or other property.

  • No Additional Capital Contributions Except as otherwise provided in this Article V, no Partner shall be required to make additional Capital Contributions to the Partnership without the consent of such Partner or permitted to make additional capital contributions to the Partnership without the consent of the General Partner.

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

  • Initial Contributions The Members initially shall contribute to the Company capital as described in Schedule 2 attached to this Agreement.

  • Allocation of Contributions You may place your contributions in one fund or in any combination of funds, although your employer may place restrictions on investment in certain funds.

  • The Contribution Prior to the Effective Time, and subject to the terms and conditions set forth in the Distribution Agreement, Grace intends to cause the transfer to a wholly owned subsidiary of Grace-Conn. ("Packco") of certain assets and liabilities of Grace and its subsidiaries predominantly related to the Packaging Business (the "Contribution"), as contemplated by the Distribution Agreement and the Other Agreements.

  • Extent of Liability; Contribution (a) Notwithstanding anything herein to the contrary, each Borrower’s liability under this Section 5.11 shall be limited to the greater of (i) all amounts for which such Borrower is primarily liable, as described below, and (ii) such Borrower’s Allocable Amount. (b) If any Borrower makes a payment under this Section 5.11 of any Obligations (other than amounts for which such Borrower is primarily liable) (a “Guarantor Payment”) that, taking into account all other Guarantor Payments previously or concurrently made by any other Borrower, exceeds the amount that such Borrower would otherwise have paid if each Borrower had paid the aggregate Obligations satisfied by such Guarantor Payments in the same proportion that such Borrower’s Allocable Amount bore to the total Allocable Amounts of all Borrowers, then such Borrower shall be entitled to receive contribution and indemnification payments from, and to be reimbursed by, each other Borrower for the amount of such excess, pro rata based upon their respective Allocable Amounts in effect immediately prior to such Guarantor Payment. The “Allocable Amount” for any Borrower shall be the maximum amount that could then be recovered from such Borrower under this Section 5.11 without rendering such payment voidable under Section 548 of the Bankruptcy Code or under any applicable state fraudulent transfer or conveyance act, or similar statute or common law. (c) Nothing contained in this Section 5.11 shall limit the liability of any Borrower to pay Loans made directly or indirectly to that Borrower (including Loans advanced to any other Borrower and then re-loaned or otherwise transferred to, or for the benefit of, such Borrower), LC Obligations relating to Letters of Credit issued to support such Borrower’s business, and all accrued interest, fees, expenses and other related Obligations with respect thereto, for which such Borrower shall be primarily liable for all purposes hereunder. Agent and Lenders shall have the right, at any time in their discretion, to condition Loans and Letters of Credit upon a separate calculation of borrowing availability for each Borrower and to restrict the disbursement and use of such Loans and Letters of Credit to such Borrower.

  • Catch-Up Contributions In the case of a Traditional IRA Owner who is age 50 or older by the close of the taxable year, the annual cash contribution limit is increased by $1,000 for any taxable year beginning in 2006 and years thereafter.

  • Contribution Allocation The Advisory Committee will allocate deferral contributions, matching contributions, qualified nonelective contributions and nonelective contributions in accordance with Section 14.06 and the elections under this Adoption Agreement Section 3.04. PART I. [OPTIONS (a) THROUGH (d)].

  • Annual Contributions □ Check enclosed in the amount of $ representing current contribution for tax year 20 .

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