Failure to Make Contributions. If a member fails to make a required capital contribution within the time agreed for a member's contribution, the remaining members may, by unanimous vote, agree to reschedule the time for payment of the capital contribution by the late-paying member, setting any additional repayment terms, such as a late payment penalty, rate of interest to be applied to the unpaid balance, or other monetary amount to be paid by the delinquent member, as the remaining members decide. Alternatively, the remaining members may, by unanimous vote, agree to cancel the membership of the delinquent member, provided any prior partial payments of capital made by the delinquent member are refunded promptly by the LLC to the member after the decision is made to terminate the membership of the delinquent member.
Failure to Make Contributions. If a partner fails to make a required capital contribution within the time agreed for a partner's contribution, the remaining partners may, by unanimous vote, agree to reschedule the time for payment of the capital contribution by the late-paying partner, setting any additional repayment terms, such as a late payment penalty, rate of interest to be applied to the unpaid balance, or other monetary amount to be paid by the delinquent partner, as the remaining partners decide. Alternatively, the remaining partners may, by unanimous vote, agree to cancel the partner status of the delinquent partner, provided any prior partial payments of capital made by the delinquent partner are refunded promptly by the General Partnership to the partner after the decision is made to terminate the partner status of the delinquent partner.
Failure to Make Contributions. If a Member does not timely contribute capital when required, that Member shall be in default under this Agreement. In such event, a non-defaulting Member shall send the defaulting Member written notice of such default, giving such Member fourteen (14) days from the date such notice is given to contribute the entire amount of its required Capital Contribution. If the defaulting Member does not contribute its required capital to the Company within said fourteen (14)-day period, those non-defaulting Members who hold a majority of the Percentage Interests held by all non-defaulting Members may elect any one or more of the following remedies:
Failure to Make Contributions. If either Partner fails in its obligation to make any payment or contribution of any amount required hereunder to the Partnership, such obligation shall constitute Indebtedness from such Partner to the Partnership and shall bear interest payable to the Partnership from the date any such amount was due until the earlier of the date on which such Partner pays such indebtedness in full or the other Partner elects to make payment as described in the fourth sentence of this Section, at a rate equal to the sum of the Prime rate plus four percent (or at such other rate as shall be established by an Act of the Partners), provided, that the rate of interest shall in no event exceed the maximum amount permitted by applicable law. Such interest shall not be treated as a capital contribution by either Partner. In addition, the Partnership may receive reasonable attorneys' fees incurred in recovering the amount of such debt and interest from the defaulting Partner and any other damages suffered as a result of such Failure to make such payment or contribution. In addition to the right of the Partnership to recover such indebtedness and interest, the other Partner may, but shall not be required to, make such payment or contribution (without any interest thereon) to the Partnership on behalf of the defaulting Partner. Any such payment or contribution shall constitute a loan to the defaulting Partner from the Partner and shall bear interest from the date such payment was made at a rate equal to the sum of the Prime Rate plus four percent (or at such other rate as shall be established by an Act of the Partners), provided that the rate of interest shall in no event exceed the maximum amount permitted by applicable law. Such loan shall be payable on demand, together with accrued interest, and may be prepaid, in whole or in part, together with interest accrued on the portion so prepaid, Xxx any time without penalty and the Partner making such loan may at any time recover from the defaulting Partner reasonable attorneys' fees and any other damages suffered as a result of the defaulting Partner's failure to make any payment or contribution.
Failure to Make Contributions. If a Member fails to timely contribute all or any portion of an Additional Capital Contribution (such Member, a “Non-Funding Member”) and such default is not cured within 10 days notice of the date such Additional Capital Contribution was due, then the other Members shall have the option, in proportion to their Capital Sharing Ratios or in such other percentages as they may agree (the “Funding Members”) to advance that portion of the Additional Capital Contribution that the Non-Funding Member has failed to timely contribute (a) as an Additional Capital Contribution by such Funding Members, with a corresponding dilution to the Non-Funding Member’s Capital Sharing Ratio (such dilution to be on a 1.25:1 basis), or (b) as a loan (each, a “Member Loan”) in accordance with the provisions of this Article. Any amounts funded by a Funding Member on behalf of a Non-Funding Member as a Member Loan shall be made directly to the Company, but shall be treated as a non-recourse (except to the extent of the Non-Funding Member’s Interest) demand loan made by the Funding Member to the Non-Funding Member, bearing interest at the Interest Rate, and a Capital Contribution of the amount of such loan from the Non-Funding Member to the Company. Any such non-recourse loan shall be repaid in full directly by the Company on behalf of the Non-Funding Member to the Funding Member from Net Cash Flow and Capital Proceeds otherwise distributable to the Non-Funding Member under Article 8 prior to any amount being distributed to such Non-Funding Member. Amounts paid directly by the Company to the Funding Member on account of a Member Loan shall be deemed distributions to the Non-Funding Member. Any Amounts used to repay such Member Loan shall be applied first to accrued interest therein and then to repay principal of such Member Loan.
Failure to Make Contributions. If a Member does not timely contribute capital when required, that Member shall be in default under this Agreement. In such event, the Manager shall send the defaulting Member written notice of such default, giving the Member fourteen (14) days from the date such notice is given to contribute the entire amount of his, her or its required capital contribution (if the defaulting Member did not make a required contribution of property or services, the Company may instead require the defaulting Member to contribute cash equal to that portion of the fair market value of the contribution that has not been made). If the defaulting-Member does not contribute its required capital to the Company within said fourteen (14)-day period, the Manager or the non-defaulting Member may elect any or all of the following remedies:
Failure to Make Contributions. The failure of Patriot or TPL to make Working Capital Contributions when due pursuant to Section 5.3 shall result in the following adjustments to that Member’s Percentage Interest:
Failure to Make Contributions. (a) If any Member fails to make its Member contribution to the Trust within thirty
Failure to Make Contributions. (a) If any Member fails to make its Member contribution to the Trust within thirty (30) business days after the date on which they are due, such contributions shall bear interest from the date due at the rate of return for the current Prime rate set on the date when such contribution was first due plus one percent (1%), compounded monthly.
Failure to Make Contributions. (a) If any Partner fails to make any required cash contribution when due pursuant to Section 6.1 (a "Nonfunding Partner"), the other Partner may, in its discretion, elect to make a cash contribution in the amount of all or a portion of the unfunded portion of the required contribution, in which event the funding Partner's ("Funding Partner") Capital Account shall be adjusted as follows: for every $1.00 of the unfunded portion of such required contribution funded by the Funding Partner, the Funding Partner shall receive an increase of $1.00 in its Capital Account.
