Withholding of Capital Contribution Upon Default Sample Clauses

Withholding of Capital Contribution Upon Default. In the event that: (a) the General Partner, or any successor General Partner shall not have substantially complied with any material provisions under this Agreement, after Notice from the Investment Partnership of such noncompliance and failure to cure such noncompliance within a period of thirty (30) days from and after the date of such Notice, or (b) Lender shall have declared the Partnership to be in default under the Mortgage Loan, or (c) foreclosure proceedings shall have been commenced against the Apartment Complex, or (d) the Partnership shall not have satisfied the post-closing conditions described on Exhibit A attached hereto within the timeframes designated therein, then the Partnership and the Investment Partnership, at its sole election, may cause the withholding of payment of any Installment otherwise payable to the Partnership. Notwithstanding the provisions herein, in the event that an Installment payment becomes due during the cure period stated in this Section 5.03(a), the Investment Partnership, at its sole election, may cause the withholding of any payment of any such Installment otherwise payable to the Partnership until the termination of such cure period, and then, according to the provisions herein. All amounts so withheld by the Investment Partnership under this Section 5.03 shall be promptly released to the Partnership only after the General Partner or the Partnership has cured the default justifying the withholding, as demonstrated by evidence reasonably acceptable to the Investment Partnership.
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Withholding of Capital Contribution Upon Default. (a) In the event: (i) the General Partner, or any successor General Partner, shall not have complied with any material provision of this Agreement (including, without limitation, the representations, warranties and covenants of the General Partner set forth in Article IV and the obligations of the General Partner under Article VI and Article XII of this Agreement), or (ii) any commitment of the ADFA/HOME to provide financing, or any agreement entered into by the Partnership to provide financing related to the completion of construction of the Apartment Development, shall have terminated prior to its respective termination date and not been reinstated in a timely manner as determined solely by counsel for the Investment Corporation, or (iii) the Construction Lender shall not make a disbursement under the Construction Loan and such disbursement is not made or the Construction Lender is not replaced within 60 days, or (iv) less than 60% of the dwelling units in the Apartment Development remain qualified under the 40-60 Set-Aside Test during the Compliance Period, or (v) foreclosure proceedings shall have been commenced by the Construction Lender or the ADFA/HOME against the Apartment Development, or (vi) any required ADFA/HOME approvals to the admission of the Investment Corporation into the Partnership and the execution of the Partnership Agreement have not been obtained within 90 days of such admission, then the Partnership and the General Partner shall be in default of this Agreement and the Investment Corporation, at its sole election, may withhold payment of any one substantially cured, or (ii) there is a final arbitration decision under Section 13.01 to the effect that (A) the General Partner and/or the Partnership have substantially cured the default giving rise to the withholding under this Section 5.03 or (B) the General Partner and/or the Partnership were not in fact in default hereunder. Any interest earned thereon, except in the case of clause (ii)(B) above, shall be paid to the Investment Corporation.
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Withholding of Capital Contribution Upon Default. In the event that: (i) the Managing Member has not substantially complied with any material provisions of this Agreement, or (ii) any financing commitment of the Lender or any other lender, or any agreement entered into by the Company for financing related to the Property, has terminated, or (iii) foreclosure proceedings have been commenced against the Property, then the Company and the Managing Member shall be in default under this Agreement, and the Investor Member, at its sole election, may withhold payment of any Installment otherwise payable to the Company; provided, however, that if a payment of all or any portion of the then due Installment will cure the event justifying the withholding, then the Investor Member shall pay such Installment otherwise payable if it is applied to cure such event. At the sole election of the Investor Member, it may directly apply all or any part of any unpaid Installment to cure the event justifying the withholding, including, but not limited to, the failure of the Managing Member to make payments required under Sections 5.01(c), 5.04, 8.09 and/or 11.01(a). Unless applied as set forth above, all amounts so withheld by the Investor Member under this Section 5.03 shall be promptly released to the Company only after the Managing Member or the Company has cured the default justifying the withholding, as demonstrated by evidence reasonably acceptable to the Investor Member.
Sample 1
Withholding of Capital Contribution Upon Default. 31 5.04 Return of Partners' Capital Contributions..........31
Sample 1
Withholding of Capital Contribution Upon Default. In the event that: (a) the General Partner or any successor General Partner shall not have substantially complied with any material provisions under this Agreement, or (b) any financing commitment of the Lender or any other lender, or any agreement entered into by the Partnership for financing related to the Apartment Complex shall have terminated prior to their respective termination date(s), or (c) foreclosure proceedings shall have been commenced against the Apartment Complex or any portion thereof, then the Partnership and the General Partner shall be in default of this Agreement, and BCTC 94, at its sole election, may cause the withholding of payment of any Installment otherwise payable to the Partnership. All amounts so withheld by the Investment Partnerships under this Section 5.03 shall be promptly released to the Partnership only after the General Partner or the Partnership has cured the default justifying the withholding, as demonstrated by evidence reasonably acceptable to BCTC 94.
Sample 1
Withholding of Capital Contribution Upon Default. If (a) Wichita GP shall not have substantially complied with any of the provisions under this Agreement, (b) a Project Lender has declared the Partnership to be in default under the related Project Loan, or (c) foreclosure proceedings have been commenced against the Apartment Complex, then Wichita GP shall be in default of this Agreement, and AHF, without limiting any of its other rights, at its sole election, may cause the withholding of payment of any Capital Contribution that would be used to pay Development Fee that is otherwise payable to the Partnership. All amounts so withheld by AHF under this Section 5.4 shall be promptly released to the Partnership only after Wichita GP has cured or caused to be cured such default, as demonstrated by evidence reasonably acceptable to AHF.
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Withholding of Capital Contribution Upon Default. In the event that: (a) the General Partner, or any successor General Partner shall not have substantially complied with any material provisions under this Agreement or the partnership agreement as to an Affiliated Limited Partnership, after Notice from the Investment Partnership of such noncompliance and failure to cure such noncompliance within a period of thirty (30) days from and after the date of such Notice, or (b) the Permanent Lender shall have declared the Partnership to be in default under the Permanent Loan or under any of the mortgage loans as to an Affiliated Partnership, or (c) foreclosure proceedings shall have been commenced against the Apartment Complex or against the apartment complex owned by an Affiliated Limited Partnership, then the Partnership and the Investment Partnership, at its sole election, may cause the withholding of payment of any Installment otherwise payable to the Partnership. All amounts so withheld by the Investment Partnership under this Section 5.03 shall be promptly released to the Partnership only after the General Partners or the Partnership has cured the default justifying the withholding, as demonstrated by evidence reasonably acceptable to the Investment Partnership.
Sample 1
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Withholding of Capital Contribution Upon Default. In the event that: (a) either General Partner, or any successor General Partner shall not have substantially complied with any material provisions under this Agreement, after Notice from the Investment Partnership of such noncompliance and failure to cure such noncompliance within a period of sixty (60) days from and after the date of such Notice, or (b) Lender shall have declared the Partnership to be in default under the Mortgage Loan or (c) foreclosure proceedings shall have been commenced against the Apartment Complex, then the Partnership and the Investment Partnership, at its sole election, may cause the withholding of payment of any Installment otherwise payable to the Partnership. Notwithstanding the provisions herein, in the event that an Installment payment becomes due during the cure period stated in this Section 5.03(a), the Investment Partnership, at its sole election, may cause the withholding of any payment of any such Installment otherwise payable to the Partnership until the termination of such cure period, and then, according to the provisions herein. All amounts so withheld by the Investment Partnership under this Section 5.03 shall be promptly released to the Partnership only after the General Partner or the Partnership has cured the default justifying the withholding, as demonstrated by evidence reasonably acceptable to the Investment Partnership.
Sample 1
Withholding of Capital Contribution Upon Default. In the event that: (a) the General Partners, or any successor General Partners shall not have substantially complied with any material provisions under this Agreement, after Notice from the Investment Limited Partner of such noncompliance and failure to cure such noncompliance within a period of thirty (30) days from and after the date of such Notice, or (b) the Lender shall have declared the Partnership to be in default under the Construction Mortgage or the Permanent Mortgage, or (c) foreclosure proceedings shall have been commenced against the Apartment Complex, then the Partnership and the Investment Limited Partner, at its sole election, may cause the withholding of payment of any Installment otherwise payable to the Partnership. All amounts so withheld by the Investment Limited Partner under this Section 5.3 shall be promptly released to the Partnership only after the General Partners or the Partnership has cured the default justifying the withholding, as demonstrated by evidence reasonably acceptable to the Investment Limited Partner.
Sample 1

Related to Withholding of Capital Contribution Upon Default

  • 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.

  • 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.

  • Additional Funds and Capital Contributions .. 22 Section 4.4 Stock Option Plan................................... 23 Section 4.5 No Interest; No Return.............................. 24 Section 4.6 Conversion or Redemption of Preferred Shares........ 24

  • Interest on Capital Contributions No Member shall be entitled to any interest on its capital contribution.

  • 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.

  • 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.

  • Capital Contributions Distributions 17 TABLE OF CONTENTS (continued)

  • 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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