Non-Payment of Capital Contributions Sample Clauses

Non-Payment of Capital Contributions. In the event any Partner fails to pay its share of a Capital Contribution called for under any provision of this Article 4 on the date on which such Capital Contribution is due, such unpaid Capital Contributions shall automatically accrue interest from the date due at the Prime Plus Rate (which interest, once paid, shall not increase the Capital Account of such Partner). In addition, if such default is not cured within 5 days after written notice thereof given by the General Partner has been received by such Partner (a “Defaulting Partner”), all or any part of the following provisions shall apply:
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Non-Payment of Capital Contributions. The Partnership shall have the right to pursue any remedy existing at law or in equity for the collection of the unpaid amount of the Capital Contributions agreed to be made in SECTIONS 3.1 and 3.2 or hereafter elected or agreed to be made in accordance with SECTION 3.3, including without limitation the prosecution of a suit against a defaulting Partner.
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Non-Payment of Capital Contributions. (a) Except as otherwise provided in the following sentence, the Partnership shall have the right to pursue the remedies described in this Section 3.6 and any remedy existing at law or in equity for the collection of the unpaid amount of the Capital Contributions agreed to be made in Sections 3.1 and 3.2 or hereafter agreed to be made in accordance with Section 3.3, including the prosecution of a suit against a defaulting Partner. In the event of a default by a Partner of its obligation to make Capital Contributions with respect to its allocable share hereunder of Hedge Costs, the provisions of subsection (d) below and any guaranty of GE Capital Corporation under Section 5.7 shall be the exclusive remedies of the Partnership and the other Partner.
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Non-Payment of Capital Contributions. In the event any Class A Member (a "Defaulting Member") fails to pay the full amount of a capital contribution called for under Section 2.7 on the date on which such capital contribution is due and such default is not cured by such Class A Member within 10 days after written notice by the Manager, the following provisions shall apply:
Sample 1
Non-Payment of Capital Contributions. (a) Except as otherwise provided in the following sentence, the Partnership shall have the right to pursue the remedies described in this Section 3.6 and any remedy existing at law or in equity for the collection of the unpaid amount of the Capital Contributions agreed to be made in Sections 3.1 and 3.2 or hereafter agreed to be made in accordance with Section 3.3, including the prosecution of a suit against a defaulting Partner.
Sample 1
Non-Payment of Capital Contributions. The Partnership shall have the right to pursue any remedy existing at law or in equity for the collection of the unpaid amount of the Capital Contributions agreed to be made in SECTIONS 3.1 and 3.2 or hereafter elected or agreed to be made in accordance with SECTIONS 3.3, 3.4 and 3.5, including the prosecution of a suit against a defaulting Partner. Notwithstanding anything in this ARTICLE III or elsewhere herein to the contrary, in no event shall any Limited Partner have any obligation to make a Capital Contribution to the Partnership except to the extent that it has agreed to make a Capital Contribution to the Partnership pursuant to SECTION 3.3, SECTION 3.4 or SECTION 3.5 (and provided all conditions precedent to an agreement to make such Capital Contribution have been satisfied).
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Non-Payment of Capital Contributions. In the event any Member agrees to make a Capital Contribution to the Company (a “Required Capital Contribution”) but fails to pay its share of such Required Capital Contribution on the date on which such Capital Contribution is due, such unpaid Required Capital Contribution shall automatically accrue interest from the date due at the Prime Plus Rate (which interest, once paid, shall not increase the Capital Account of such Member). In addition, if such Default is not cured within five days after written notice thereof given by the Company has been received by such Member (a “Defaulting Member”), all or any part of the following provisions shall apply:
Sample 1
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Non-Payment of Capital Contributions. (a) Except as otherwise provided in the following sentence, the Partnership shall have the right to pursue the remedies described in this Section 3.6 and any remedy existing at law or in equity for the collection of the unpaid amount of the Capital Contributions agreed to be made in Sections 3.1 and 3.2 or hereafter agreed to be made in accordance with Section 3.3, including the prosecution of a suit against a defaulting Partner. In the event of a default by a Partner of its obligation to make Capital Contributions with respect to its allocable share hereunder of Hedge Costs, the provisions of subsection (d) below shall be the exclusive remedy of the Partnership and the other Partner.
Sample 1
Non-Payment of Capital Contributions. In the event any Class A Member (a "Defaulting Member") fails to pay the full amount of a capital contribution called for under Section 2.7 on the date on which such capital contribution is due and such default is not cured by such Class A Member within 10 days after written notice by the Manager, the following provisions shall apply: Whenever the vote or consent of the Defaulting Member would otherwise be required or permitted under this Agreement, the Defaulting Member shall not be entitled to participate in such vote or consent, and such vote or consent shall be calculated as if such Defaulting Member were not a Member. The Manager may commence legal proceedings against the Defaulting Member to collect the due and unpaid amount of capital contributions, together with interest thereon from the date due at the Default Rate, plus the costs and expenses of collection (including reasonable attorneys' fees and expenses). For purposes of this Agreement, the "Default Rate" means a rate per annum that is equal to the lesser of (i) a rate that is five percent above the prime rate of interest of the Company's primary bank, as announced or published by such bank from time to time (adjusted from time to time to reflect any changes in such rate determined hereunder), or (ii) the maximum rate from time to time permitted by applicable law. The Manager may, but shall not be obligated to, advance all or a portion of the Defaulting Member's unpaid capital contribution to the Company on behalf of the Defaulting Member, and such advance shall be repaid by the Defaulting Member to the Manager with interest commencing on the date of the advance at the Default Rate. To the extent the Manager advances funds to the Company on behalf of a Defaulting Member, all Company distributions that would otherwise be made to the Defaulting Member shall be paid to the Manager (with any such amounts being applied first against accrued but unpaid interest and then against principal) until all amounts payable by the Defaulting Member to the Manager under this Section 2.10.3 (including interest) have been paid in full. The Manager may elect, upon notice to the Defaulting Member, to reduce the Defaulting Member's (i) capital account balance and Undistributed Capital (as defined in Exhibit B) by an amount equal to 50 percent of the respective amount existing as of the date of the default and (ii) Capital Commitment to an amount equal to the amount of capital contributions theretofore made by such ...
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Related to Non-Payment of Capital Contributions

  • Return of Capital Contributions No Partner shall be entitled to withdraw any part of its Capital Contribution or its Capital Account or to receive any distribution from the Partnership, except as specifically provided in this Agreement. Except as otherwise provided herein, there shall be no obligation to return to any Partner or withdrawn Partner any part of such Partner’s Capital Contribution for so long as the Partnership continues in existence.

  • Status of Capital Contributions (a) No Member shall receive any interest, salary or drawing with respect to its Capital Contributions or its Capital Account, except as otherwise specifically provided in this Agreement.

  • Return of Capital Contribution From time to time the Partnership may have cash in excess of the amount required for the conduct of the affairs of the Partnership, and the General Partner may, with the Consent of the Special Limited Partner, determine that such cash should, in whole or in part, be returned to the Partners, pro rata, in reduction of their Capital Contribution. No such return shall be made unless all liabilities of the Partnership (except those to Partners on account of amounts credited to them pursuant to this Agreement) have been paid or there remain assets of the Partnership sufficient, in the sole discretion of the General Partner, to pay such liabilities.

  • Interest on and Return of Capital Contributions No Member shall be entitled to interest on its Capital Contribution or to return of its Capital Contribution, except as otherwise specifically provided for herein.

  • Capital Contributions Distributions 17 TABLE OF CONTENTS (continued)

  • Members Capital Contributions Each Member shall contribute the amount as pledged, or as determined by the Manager and the Member, as the Member’s Initial Capital Contribution upon not less than 48 hours’ notice by the Manager. An Exhibit A may be amended from time to time by the Manager in its sole discretion to represent the current state of Capital Contributions by Members who may join to this Operating Agreement during the course of the business of the Company. The Manager may instead maintain the Capital Contributions, capital accounts and names of Members using its own office systems and personnel without updating or attaching an Exhibit A to this Operating Agreement.

  • Subsequent Capital Contributions Without creating any rights in favor of any third party, each Member shall contribute to the Company, in cash, on or before the date specified as hereinafter described, that Member's Sharing Ratio of all monies that in the unanimous judgment of the Management Committee are necessary to enable the Company to acquire the Project from the Seller and to cause the assets of the Company to be properly operated and maintained and to discharge its costs, expenses, obligations, and liabilities, including without limitation its Sharing Ratio of the purchase price set forth in the Asset Sale Agreement, and its Sharing Ratio of Working Capital Requirements in order to bring current Company bank accounts to an amount equal to the Working Capital Requirements, as more particularly described in Section 5.01 below. The Management Committee shall notify each other Member of the need for Capital Contributions pursuant to this Section 4.02 when appropriate, which notice must include a statement in reasonable detail of the proposed uses of the Capital Contributions and a date (which date may be no earlier than the fifth Business Day following each Member's receipt of its notice) before which the Capital Contributions must be made. Notices for Capital Contributions must be made to all Members in accordance with their Sharing Ratios.

  • 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.

  • Limitations on Return of Capital Contributions Notwithstanding any of the provisions of this Article 5, no Partner shall have the right to receive and the General Partner shall not have the right to make, a distribution that includes a return of all or part of a Partner’s Capital Contributions, unless after giving effect to the return of a Capital Contribution, the sum of all Partnership liabilities, other than the liabilities to a Partner for the return of his Capital Contribution, does not exceed the fair market value of the Partnership’s assets.

  • No Interest on Capital Contributions Members are not entitled to interest or other compensation for or on account of their capital contributions to the Company except to the extent, if any, expressly provided in this Agreement.

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