Withholding of Capital Contributions Upon Default TC Sample Clauses

Withholding of Capital Contributions Upon Default TC. 5.03. Withholding of Capital Contributions Upon Default" \f C \l "2" . 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 BCTC 94 of such noncompliance and failure to cure such noncompliance within a period of thirty (30) days (or such longer period of time as shall be reasonably necessary to effect such cure, if such cure cannot be effected within thirty (30) days and the General Partners are diligently pursuing such cure) from and after the date of such Notice, or (b) the Construction Lender or the Lender shall have declared the Partnership to be in default under the Construction Loan or the Mortgage Loan, as applicable, or (c) foreclosure proceedings shall have been commenced against the Apartment Complex, then the Partnership and the General Partners shall be in default of this Agreement, and the Investment Partnership, at its sole election and upon written Notice to the General Partners, may withhold 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 have cured the default justifying the withholding, as demonstrated by evidence reasonably acceptable to BCTC 94.
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Related to Withholding of Capital Contributions Upon Default TC

  • 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.

  • 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.

  • 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.

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

  • Dividends, Distributions, Redemptions, and Repurchases Notwithstanding any other provisions of this Declaration of Trust, including, without limitation, Article VI, no dividend or distribution including, without limitation, any distribution paid upon dissolution of the Trust or of any Series with respect to, nor any redemption or repurchase of, the Shares of any Series or class shall be effected by the Trust other than from the assets held with respect to such Series, nor, except as specifically provided in Section 7 of this Article III, shall any Shareholder of any particular Series otherwise have any right or claim against the assets held with respect to any other Series or the Trust generally except to the extent that such Shareholder has such a right or claim hereunder as a Shareholder of such other Series. The Board of Trustees shall have full discretion, to the extent not inconsistent with the 1940 Act, to determine which items shall be treated as income and which items as capital; and each such determination and allocation shall be conclusive and binding upon the Shareholders.

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

  • Capital Contributions Distributions 17 TABLE OF CONTENTS (continued)

  • Capital Contributions and Distributions The Member may make such capital contributions (each a “Capital Contribution”) in such amounts and at such times as the Member shall determine. The Member shall not be obligated to make any Capital Contributions. The Member may take distributions of the capital from time to time in accordance with the limitations imposed by the Statutes.

  • Member Capital Contributions (Check One)

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