Default in Making Contributions. In the event a Participant defaults in making a contribution or cash call required by operations, the non-defaulting Participant(s) may advance the defaulted contribution on behalf of the defaulting Participant. Any Participant(s) who advances a defaulted contribution on behalf of a defaulting Participant shall be reimbursed by the defaulting Participant in an amount equal to two (2) times the amount advanced, said reimbursement to be paid from any cash standing to the credit of the defaulting Participant in the Joint Account pursuant to Section 5.6 (ii).
Appears in 2 contracts
Sources: Mining Venture Agreement (New Jersey Mining Co), Mining Venture Agreement (Silverstar Mining Corp.)