Failure to Make Required Capital Contributions Sample Clauses

Failure to Make Required Capital Contributions. The Partnership is entitled to enforce the obligations of each Partner to make the contributions to capital specified in this Agreement. The Partnership has all rights and remedies available at law or equity if any such contribution is not so made.
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Failure to Make Required Capital Contributions. (a) The --- ==================================================== Partnership shall be entitled to enforce the obligations of each Partner to make the contributions to Capital specified in the Agreement, and the Partnership shall have all rights and remedies available at law or equity in the event any such contribution is not so made.* (b) The Partnership shall give the SBA prompt written notice of any default by a Private Limited Partner in making any capital contribution to the Partnership required under the Agreement which continues beyond any applicable grace period specified in the Agreement. (c) The Partnership shall not enter into any agreement (whether oral or written), release or settlement with any Partner or take any action under any provision of the Agreement, which defers, reduces, or terminates the obligations of any such Partner to make contributions to the capital of the Partnership, or commence any legal proceeding or arbitration, which seeks any such deferral, reduction or termination of such obligation, and no such agreement, release, settlement or action taken under any provision of the Agreement shall be effective with respect to the Partnership or any such Partner, without the prior written (except as provided in Section 5.2(d)) consent of the SBA. (d) If the Partnership has given the SBA thirty (30) days prior written notice of any proposed legal proceeding, arbitration or other action under the provisions of the Agreement with respect to any default by a Private Limited Partner in making any capital contribution to the Partnership required under the Agreement and for which SBA consent is required as provided in Section 5.2(c), and the Partnership shall not have received written notice from the SBA that it objects to such proposed action within such thirty (30) day period, then SBA shall be deemed to have consented to such proposed Partnership action. (e) Section 5.2(c) shall be in effect at any time that the Partnership has Outstanding Leverage and shall not be in effect at any time the Partnership has no Outstanding Leverage.
Sample 1
Failure to Make Required Capital Contributions. The Partnership is entitled to enforce the obligations of each Special Limited Partner to make the contributions to capital specified in this Agreement. The Partnership has all rights and remedies available at law or equity if any such contribution is not so made and in the event that the Partnership incurs any attorneys’ fees or other costs or expenses in connection with such failure to make a Capital Contribution, the defaulting Special Limited Partner shall be obligated to immediately reimburse the Partnership for such fees, costs and expenses. In the event that any Special Limited Partner fails to make a Capital Contribution required under this Agreement within ten (10) days after the date such contribution is due, then the General Partner may, in its sole discretion, elect to accelerate the unpaid Commitment of that Special Limited Partner which shall be payable in full not later than the fifth (5th) business day following the date notice of such acceleration has been sent to that defaulting Special Limited Partner.
Sample 1
Failure to Make Required Capital Contributions. If at any time or times any Member shall fail to timely make any Capital Contribution which such Member is obligated to make under SECTION 5.1., and such failure shall continue for a period of thirty (30) business days after notice of such failure from the President or any non-defaulting Member (the "Cure Period"), the rights and remedies set forth in this SECTION 5.2. shall apply. A Member that fails to cure its default within the Cure Period shall be a "Defaulting Member." The failure to make a required Capital Contribution by a Member shall be an "Event of Default." If any Member is a Defaulting Member as to any required Capital Contribution, each other Member that is not then a Defaulting Member shall be a "Non-Defaulting Member."
Sample 1
Failure to Make Required Capital Contributions. 5 5.2.1. Loan by Non-Defaulting Members to Defaulting Member.....................5 5.2.2. Other Remedies........................8 5.3.
Sample 1
Failure to Make Required Capital Contributions. A. Upon any Limited Partner's failure to make any installment of its Capital Commitment or any Additional Capital Contributions when due, the Advisory Committee members appointed by the non-defaulting Limited Partner may cause the General Partner to cause the Partnership to exercise, on notice to that defaulting Limited Partner (the "Delinquent Limited Partner"), one or more of the following remedies: (1) taking such action (including court proceedings), at the cost and expense of the Delinquent Limited Partner, as the General Partner may deem appropriate to obtain payment by the Delinquent Limited Partner of the portion of the Delinquent Limited Partner's Capital Commitment and/or Additional Capital Contribution that is in default, together with interest thereon from the date that the payment was due until the date that it is made, at a rate per annum equal to the lesser of (A) the maximum rate permitted by applicable law and (B) the Prime Rate plus five percent (5%), plus costs incurred by the Partnership or the General Partner in collecting or attempting to collect amounts due, including reasonable attorney's fees and expenses; (2) exercising the rights of a secured party under the Uniform Commercial Code of Delaware, as more fully set forth in Section 3.3.B below; or (3) exercising any other rights and remedies available at law or in equity or under this Agreement. B. Each Limited Partner hereby grants to the Partnership, as security for the payment of all Capital Contributions and Additional Capital Contributions that such Limited Partner is required to make, a security interest in and a general lien on such Limited Partner's Partnership Interest and the proceeds thereof, all under the Uniform
Sample 1
Failure to Make Required Capital Contributions. (a) Each Partner agrees that time is of the essence with respect to the payment of its required Capital Contributions when due. The Partnership is entitled to enforce the obligations of each Partner to make the contributions to capital specified in this Agreement. The Partnership has all rights and remedies available at law or equity if any such contribution is not so made. (b) In the event that any Limited Partner fails to make a Capital Contribution required under this Agreement, subject at all times to Section 4.04, within ten (10) days after the date such Capital Contribution is due, then the General Partner may, in its sole discretion, elect to charge such Limited Partner interest at an annual rate equal to the Prime Rate plus six percent (6%) on the amount due from the date such amount became due until the earlier of (i) the date on which such payment is received by the Partnership or (ii) the date of any notice given to such Limited Partner by the General Partner pursuant to Section 4.04(c) or 4.04(d). Any distributions to which such Limited Partner is entitled shall be reduced by the amount of such interest, and such interest shall be reallocated among the remaining Partners participating in the respective distribution. The amount of interest charged as provided in this Section 4.04(b) shall not exceed the amount of such Limited Partner’s Capital Account. (c) In addition to the other rights provided in this Section 4.04 and to the extent not inconsistent with such other rights, in the event that any Limited Partner fails to make a contribution required under this Agreement within ten days after the date such Capital Contribution is due, the General Partner may, in its sole discretion, elect to declare, by notice to such Limited Partner, that: (i) Such Limited Partner’s Commitment shall be reduced to the amount of any Capital Contributions timely made pursuant to this Agreement for all purposes other than for purposes of continuing to make Capital Contributions of such Partner’s share of Operating Expenses; and (ii) Upon such notice such Limited Partner shall have no right or obligation to make any Capital Contribution thereafter (including the Capital Contribution as to which the default occurred and any Capital Contribution otherwise required to be made thereafter pursuant to the terms of this Agreement) other than to cover such Partner’s share of Operating Expenses of the Partnership. Limited Partnership Agreement 26 026879.0101\273496.04 (d) In ...
Sample 1
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Related to Failure to Make Required Capital Contributions

  • Capital Contributions Capital Accounts The capital contribution of the Sole Member is set forth on Annex A attached hereto. Except as required by applicable law, the Sole Member shall not at any time be required to make additional contributions of capital to the Company. The capital accounts of the members shall be adjusted for distributions and allocations made in accordance with Section 8.

  • Capital Contributions and Capital Accounts (a) The capital contributions of each party shall be all amounts paid by it pursuant to the Agreement. With respect to each oil and gas property and the related assets subject to the Agreement, each party shall be treated as having contributed to the tax partnership an amount of cash equal to such party's share of any Lease acquisition or other property costs and the tax partnership shall be treated as having purchased such property from the party to whom such amounts are paid. (b) An individual capital account shall be maintained for each party in accordance with the following: (i) The capital account of each party shall, except as otherwise provided herein, be (A) credited by the amount of cash and fair market value of any property contributed to the tax partnership (net of any liabilities assumed by the parties hereto or to which such property is subject at the time of contribution) as provided in subparagraph (a) of this paragraph 4, and (B) credited with the amount of any item of taxable income or gain and the amount of any item of income or gain exempt from tax allocated to such party. (ii) The capital account of each party shall be debited by (A) the amount of any item of tax deduction or loss allocated to such party, (B) such party's allocable share of expenditures not deductible in computing taxable income and not properly chargeable as capital expenditures, including any non-deductible book amortizations of capitalized costs, and (C) the amount of cash or the fair market value of any property (net of any liabilities assumed by such party or to which such property is subject at the time of distribution) distributed to such party (after making the adjustment provided in subparagraph (b)(iii) in this paragraph 4). (iii) Immediately prior to any distribution of property that is not pursuant to a liquidation of the tax partnership, the parties' capital accounts shall be adjusted by assuming that the distributed assets were sold for cash at their respective fair market values as of the date of distribution and crediting or debiting each party's capital account with its respective share of the hypothetical gains or losses resulting from such assumed sales determined in the same manner as gains or losses provided for under paragraphs 4(b)(iv) and 6 for actual sales of such properties. (iv) The allocation of basis prescribed by Section 613A(c)(7)(D) of the Code and provided for in paragraph 6 hereinbelow and each party's depletion deductions shall not reduce such party's capital account, but such party's capital account shall be decreased by an amount equal to the product of (A) the depletion deductions that would otherwise be allocable to the tax partnership in the absence of Section 613A(c)(7)(D) of the Code (computed without regard to any limitations which theoretically could apply to any party) and (B) such party's percentage share of the adjusted basis of the property with respect to which such depletion is claimed (herein called "Simulated Depletion"). The tax partnership's basis in any oil or gas property, as adjusted from time to time for Simulated Depletion, is herein called "Simulated Basis." No party's capital account shall be decreased, however, by Simulated Depletion deductions attributable to any depletable property to the extent such deductions exceed such party's remaining Simulated Basis in such property. Upon the sale or other disposition of an interest in a depletable property, each party's capital account shall be credited with the gain ("Simulated Gain") or debited with the loss ("Simulated Loss") determined by subtracting from its allocable share of the amount realized on such sale or disposition its Simulated Basis, as adjusted by Simulated Depletion. (v) Any adjustments of basis of property provided for under Sections 734 and 743 of the Code and comparable provisions of state law (resulting from an election under Section 754 of the Code or comparable provisions of state law) shall not affect the capital accounts of the parties, and the parties' capital accounts shall be debited or credited as if no such election had been made unless otherwise required by applicable Treasury Regulations. (vi) Capital accounts shall be adjusted, in a manner consistent with subparagraph (b) of this paragraph 4, to reflect any adjustments in items of income, gain, loss or deduction that result from amended returns filed by the tax partnership or pursuant to an agreement with the Internal Revenue Service or a final court decision. (vii) In the case of property contributed to the tax partnership by a party, the parties' capital accounts shall be debited or credited for items of depreciation, Simulated Depletion, amortization and gain or loss with respect to such property computed in the same manner as such items would be computed if the adjusted tax basis of such property were equal to its fair market value on the date of its contribution to the tax partnership, in lieu of the capital account adjustments provided above for such items, all in accordance with Section 704(c) of the Code and Treasury Regulation 1.704-1(b)(2)(iv)(g).

  • Capital Contributions Persons seeking to become a Member shall be required to purchase or acquire Shares and make capital contributions in such forms and in such amounts and at such times as the Board may require, if any, in its sole discretion (any, a “Capital Contribution”) whereupon a capital account for a new Member will be established, and, if applicable, accreted, in the amount of such Member’s Capital Contribution or based upon the fair market value of property contributed, and the new Member shall be issued a number of Class A Ordinary Shares as determined by the Board, and the Board shall update Exhibit A attached hereto accordingly. The provisions of this Section 3.1 are solely intended for the benefit of the Members and, to the fullest extent permitted by law, shall not be construed as conferring any benefit upon any creditor of the Company (and no such creditor shall be a third-party beneficiary of this Agreement). The Members shall have no duty or obligation to any creditor of the Company to make any contribution to the Company.

  • Member Capital Contributions (Check One)

  • Additional Capital Contributions No Member shall be required to make additional capital contributions. A Member may make additional capital contributions to the Company.

  • Additional Funds and Capital Contributions 30 SECTION 4.4 NO INTEREST; NO RETURN................................................................... 31 SECTION 4.5 NOTE DEFICIENCY CAPITAL CONTRIBUTION..................................................... 31

  • Initial Capital Contributions The Partners have made, on or prior to the date hereof, Capital Contributions and have acquired the number of Class A Units as specified in the books and records of the Partnership.

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

  • FINANCIAL CONTRIBUTIONS (§5.d): Owner shall use reasonable efforts to seek contributions and grants from Capital Metro Transit Authority (CMTA) and Xxxxxx County.

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