Failure to Make Required Contributions. If any Venturer fails or refuses to contribute its share of required funds when and as the funds are required as set forth herein, time being of the essence of this requirement,
Failure to Make Required Contributions. Any Guarantor who fails or refuses to make any payment to the Construction Lender required under such Guarantor's Guaranty by any applicable due date (including all extensions and cure periods) shall forfeit its Partnership Interest (but in the cases of Langdale and Xxxx Xxxxxxxx, only the portion of their respective Partnership Interest received as consideration for their Guaranty) to the remaining Guarantors, who shall be entitled to receive such interest pro rata based upon the amount of such Guarantors' Guaranties. Such forfeiture will occur automatically upon such failure or refusal to pay without necessity of any further action.
Failure to Make Required Contributions. If all of the requirements set forth immediately above have been satisfied and a Member fails to make a required contribution, the following provisions shall apply:
Failure to Make Required Contributions. In the event any ------------ -------------------------------------- General Partner should fail to make any contribution to the Partnership which is required by this Agreement when and as required, the Partnership shall give notice of such failure to make the required contribution to the General Partner failing to make such contribution (hereinafter referred to as the "Non- Contributing Partner") as well as to the General Partners making their required contributions. If the Non-Contributing Partner does not make the required contribution within thirteen (13) days of the receipt of such notice, then the General Partners who have made their required contribution may either institute an appropriate action in the name of the Partnership against the Non- Contributing Partner for specific performance of this Agreement or they may contribute to the Partnership the amount of the required contribution and the amount so contributed shall be deemed a loan from the General Partner or Partners contributing such funds to the General Partner or Partners who have failed to make their required contribution. Such advances shall be due on demand and shall bear interest at the Prime Rate (as defined in Section 14.15) from time to time from the date advanced until paid. In the event the amounts so advanced are not paid within thirty (30) days of the date of demand, the General Partner or Partners who advanced such contributions shall have the option of purchasing the Partnership interest of the Non-Contributing Partner in such proportions as they advanced such contribution and on the following terms and conditions:
Failure to Make Required Contributions. If any Party fails or refuses to contribute its share of required funds when and as the funds are required as set forth herein, time being of the essence of this requirement,
