Failure to Meet Cash Calls. A Participant that fails to meet cash calls in the amount and at the times specified in section 12.2 shall deemed to be in default of its obligations under this Agreement and the amounts of the defaulted cash call shall bear interest from the date due at an annual rate equal to two percentage points over the Prime Rate, but in no event shall the rate of interest exceed the maximum permitted by law. The non-defaulting Participant shall have those rights, remedies and elections specified in section 8.4.
Appears in 2 contracts
Samples: Agreement, Agreement (Richmont Mines Inc)
Failure to Meet Cash Calls. A Participant Member that fails to meet cash calls in the amount and at the times specified in section 12.2 Section 11.2 shall deemed to be in default of its obligations under this Agreement default, and the amounts of the defaulted cash call shall bear interest from the date due at an annual rate equal to two percentage points over the Prime Interest Rate, but in no event shall the said rate of interest exceed the maximum permitted by law. The non-defaulting Participant shall have those rights, remedies and elections specified in section 8.4Law.
Appears in 2 contracts
Samples: Technical Services Agreement (U S Gold Corp), Operating Agreement (U S Gold Corp)
