Examples of Mandatory Capital Contribution in a sentence
Upon a Capital Call, provided such Capital Call is with respect to a Mandatory Capital Contribution or an additional Capital Contribution agreed upon by the Members in accordance with Section 3.5, each Member shall contribute as a Capital Contribution such Member’s pro rata portion of the aggregate amount specified in the Capital Call based on such Member’s Percentage Interest set forth on Schedule 6.1 hereto, other than payments for costs and expenses to be paid by a Member pursuant to Section 4.3(b).
Each Member authorizes Campus Crest to apply its Mandatory Capital Contribution to the payment of all charges, costs and expenses incurred by the Company in connection with the construction of a Development Project, and the payment of any fees pursuant to the Development Agreement all subject to and in accordance with the Development Budget.
In such event, the Executive Board will send the Defaulting Member written notice of such Funding Default, giving the Defaulting Member two (2) Business Days from the date such notice is given to contribute the entire remaining amount of such Defaulting Member’s Mandatory Capital Contribution (the “Default Amount”).
Each Member shall be obligated to fund as a Mandatory Capital Contribution the amount owed, if any, within four (4) Business Days after the receipt of such Acquisition Termination Notice.
Those conditions set forth in Exhibit E that must be satisfied in order for HSRE to be obligated to make a Mandatory Capital Contribution for a Development Project or the acquisition of a Property.
If any Member fails to timely make all or a portion of any Mandatory Capital Contribution to the Company, whether directly, or in the case of a Second Capital Contribution by Simon or a Third Capital Contribution by Simon, both directly by Simon and indirectly by Yucaipa (a “Funding Default”), such Member will be in default under this Agreement (a “Defaulting Member”).
In the case of a remediable breach or a failure to fund a Mandatory Capital Contribution, the Dissolution Event will be deemed to occur upon the expiration of the cure period for such breach or failure, as the case may be.
At any time prior to the delivery of a notice from a non-Defaulting Member of its election to invoke the remedies set forth in Section 10.3.2.1 above, the Defaulting Member may cure by contributing its delinquent Mandatory Capital Contributions plus interest at the per annum rate equal to the Bank of America reference rate, as of the date such cure payment is made, plus 2% (the "Effective Rate"), accruing from the date each such delinquent Mandatory Capital Contribution was originally due.
A Member shall indemnify the Company and each of the other Members, and their respective Affiliates, each officer, director, employee and legal representative thereof, for any costs or damages (including reasonable attorneys’ fees) incurred by such Person as a result of any action by such Member in violation of this Agreement, including the failure of a Member to make a Mandatory Capital Contribution.
A failure by any Member to make any Mandatory Capital Contribution to the extent required hereunder shall constitute an Event of Default by such Member, and the consequences of a failure by any Member to fund any Mandatory Capital Contributions shall be as set forth in Section 4.03 and Section 12.01.