Failure to Make Additional Capital Contributions. (a) If a Partner (a “Non-Contributing Partner”) shall fail to contribute its portion of any Additional Capital Contributions called pursuant to Section 3.4, the General Partner (or if the General Partner is a Non-Contributing Partner, then any other Partner) shall promptly give notice (such notice, a “Non Contributing Partner Notice”) to each Partner that has timely contributed its portion of such Additional Capital Contribution (each such Partner, a “Contributing Partner”) of such failure and specify the amount of the Non-Contributing Partner’s unfunded Additional Capital Contributions, and each Contributing Partner may elect, by written notice of such election to the Non-Contributing Partner and the other Partners at any time within 30 days after the Non-Contributing Partner Notice in question, and provided that the failure specified in the Non-Contributing Partner Notice in question shall be continuing, any Contributing Partner may elect, by notice to the Partners, to advance to the Partnership the unfunded portion of such Additional Capital Contribution required of the Non-Contributing Partner (or its pro rata share thereof calculated on the basis of all Contributing Partners electing to fund the Non-Contributing Partner’s unfunded Additional Capital Contribution). The General Partner shall promptly inform each Partner of the amount of each electing Partner’s pro-rata share of the Non-Contributing Partner’s unfunded portion of the Additional Capital Contribution, whereupon each such electing Partner shall advance to the Partnership such pro-rata share (each such Partner so advancing being hereinafter referred to as an “Electing Partner”). Each advance by an Electing Partner to the Partnership shall be deemed to constitute a loan (a “Contribution Loan”) by each Electing Partner to the Partnership. Each such Contribution Loan (i) shall bear interest at the rate equal to the lesser of (A) fourteen percent (14%) per annum on the outstanding balance from the date made until repaid in full or (B) the highest rate permitted by law, and (ii) shall be prepayable at any time without premium or penalty.
Failure to Make Additional Capital Contributions. 3.1.4.1.The Company shall be entitled to enforce the obligations of each Member required to make Additional Capital Contributions pursuant to Section 3.1.3. of this Agreement and the Company shall have all remedies available at law or in equity in the event any such Additional Capital Contribution is not so made.
Failure to Make Additional Capital Contributions. In the event a Member fails to make all of its Additional Capital Contribution (“Defaulting Member”) as required in Section 6.05(e)(i), Section 8.04(a), Section 8.04(b), Section 8.04(e) or Section 8.04(f) on the due date (the “Contribution Default Date”), the following shall apply (noting, however, that any failure to meet any required Mandatory Cost Overrun Funding Obligation is separately addressed under Section 8.04(d) below):
Failure to Make Additional Capital Contributions. If any of the Xxxxxx Members (a “Non-Contributing Member”) fails to timely contribute some or all of the funds requested in a Capital Call (the “Failed Contribution”), then the Managing Member may in its sole discretion, elect one of the following options by written notice to the Non‑Contributing Member (if such Non‑Contributing Member shall fail to fund its required Additional Capital Contribution within five (5) Business Days after receipt of such notice):
Failure to Make Additional Capital Contributions. (a) A Member which fails to timely contribute all or any portion of any required Additional Capital Contribution shall be considered a "
Failure to Make Additional Capital Contributions. If any Partner (herein called the "Failing Partner") shall fail or refuse to make any Additional Capital Contribution when required, and such failure or refusal shall have continued for a period of five (5) days following the due date therefor, then after the expiration of this five (5) day grace period (herein called the "Failure Date") the other Partners, in proportion to the Partnership Interests of such Partners who exercise the following election (collectively the "Curing Partners") may, at their sole discretion do either or any combination of the following, in addition to any other remedies available at law:
Failure to Make Additional Capital Contributions. (a) If a Member determines that another Member has failed to make an additional Capital Contribution required pursuant to this Article XIV, such Member shall send a written notice (the "Contribution Default Notice") to such other Member, notifying such other Member of its failure to make such additional Capital Contribution, the amount of such additional Capital Contribution, the date such additional Capital Contribution was due, and requesting that such additional Capital Contribution be paid immediately.
Failure to Make Additional Capital Contributions. (a) In the event that any Partner fails to pay any amount (the "Amount Due") which it is required to pay to the Partnership on or before the datc (the "Due Date") when such amount is due and payable, it shall be deemed to be in default hereunder (a "Defaulting Partner") and a notice of default shall be given to it.
Failure to Make Additional Capital Contributions. If any Member fails to make an additional capital contribution within the time required by this Agreement, and such failure is not cured within the time specified in Section 3.02, then such failure shall be a material default under this Agreement. Upon the occurrence of such material default, the nondefaulting Member may elect, by written notice to the Company and without the need for further notice to or consent of the defaulting Member, to make an additional capital contribution by the nondefaulting Member to the Company in exchange for the immediate issuance of an additional interest in the Company. The additional interest to the nondefaulting Member will be determined from the following formula: increased by the percentage equivalent of a fraction having as its numerator the amount of such additional capital contribution required of the defaulting Member that is made by the nondefaulting Member and having as its denominator the aggregate amount of the value of the assets as set out on the books of the Company for financial reporting purposes of the Members determined immediately after such contribution. If the nondefaulting Member does not elect to reduce the defaulting Member's Percentage Interest under Section 3.03A, the contribution of the nondefaulting Member on behalf of the defaulting Member shall be treated as a loan to the defaulting Member payable from any distributions, or expense reimbursements made to the defaulting Member until such time as the loan shall be repaid. If the loan is not repaid by the time the defaulting Member liquidates such Member's interest in the Company, the defaulting Member shall pay the amount in cash to the nondefaulting Member. The loan shall bear interest at ten percent (10%) per annum compounded annually or the maximum rate allowed by law if less.
Failure to Make Additional Capital Contributions. If a Partner fails to make a required Additional Capital Contribution pursuant to Section 3.2 when due, the General Partner shall notify the Partner of such failure. If the required Additional Capital Contribution is not made within five (5) days after the date such notice is given by the General Partner, the Partner shall be deemed a “Defaulting Partner” and the nondefaulting Partners may, in proportion to their Sharing Ratios or as otherwise agreed, as their sole remedy against a Defaulting Partner (subject to Section 7.6(d)) either (a) make a capital contribution to the Partnership in an amount equal to their proportion of the amount that equals the Additional Capital Contribution that such Partner failed to contribute (such amount, the “Default Amount”) on the terms set forth in Section 3.4, or (b) advance a loan to the Partnership in an amount equal to the Default Amount on the terms set forth in Section 3.5.
