Failure to Make Required Contributions Clause Samples

Failure to Make Required Contributions. If any Venturer fails or refuses to contribute its share of required funds when and as the funds are required as set forth herein, time being of the essence of this requirement, a. the other Venturer shall have the right, at its sole option, to pay the required sum, and upon payment, the non-paying Venturer shall reimburse that Venturer for the amount paid together with interest on such sum from the date of payment to the date of reimbursement, at a rate equal to Prime plus 2% per annum; and, b. Any distributions payable to the non-paying Venturer pursuant to this Agreement or otherwise shall not be paid to the non-paying Venturer and shall instead be used to pay any and all outstanding contributions and/or to repay all debts associated with the payment of said contributions; and, c. subject to the notice and cure period set forth in subsection 9.1(b) the non-paying Venturer shall be deemed to be in default, and the rights of the non-defaulting Venturer pursuant to subsection 9.2 shall apply.
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Failure to Make Required Contributions. Any Guarantor who fails or refuses to make any payment to the Construction Lender required under such Guarantor's Guaranty by any applicable due date (including all extensions and cure periods) shall forfeit its Partnership Interest (but in the cases of Langdale and ▇▇▇▇ ▇▇▇▇▇▇▇▇, only the portion of their respective Partnership Interest received as consideration for their Guaranty) to the remaining Guarantors, who shall be entitled to receive such interest pro rata based upon the amount of such Guarantors' Guaranties. Such forfeiture will occur automatically upon such failure or refusal to pay without necessity of any further action.
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Failure to Make Required Contributions. If any Party fails or refuses to contribute its share of required funds when and as the funds are required as set forth herein, time being of the essence of this requirement, a) the other Party shall have the right, at its sole option, to pay the required sum, and upon payment, the non-paying Party shall reimburse that Party for the amount paid together with interest on such sum from the date of payment to the date of reimbursement, at a rate equal prime plus 2% per annum; and, b) subject to the notice and cure period set forth herein, the non-paying Party shall be deemed to be in default, and the non-defaulting Party rights in section 7 shall apply.
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Failure to Make Required Contributions. In the event any ------------ -------------------------------------- General Partner should fail to make any contribution to the Partnership which is required by this Agreement when and as required, the Partnership shall give notice of such failure to make the required contribution to the General Partner failing to make such contribution (hereinafter referred to as the "Non- Contributing Partner") as well as to the General Partners making their required contributions. If the Non-Contributing Partner does not make the required contribution within thirteen (13) days of the receipt of such notice, then the General Partners who have made their required contribution may either institute an appropriate action in the name of the Partnership against the Non- Contributing Partner for specific performance of this Agreement or they may contribute to the Partnership the amount of the required contribution and the amount so contributed shall be deemed a loan from the General Partner or Partners contributing such funds to the General Partner or Partners who have failed to make their required contribution. Such advances shall be due on demand and shall bear interest at the Prime Rate (as defined in Section 14.15) from time to time from the date advanced until paid. In the event the amounts so advanced are not paid within thirty (30) days of the date of demand, the General Partner or Partners who advanced such contributions shall have the option of purchasing the Partnership interest of the Non-Contributing Partner in such proportions as they advanced such contribution and on the following terms and conditions: a. The purchase price for such interest shall be an amount equal to the lesser of (i) fifty percent (50%) of the amounts previously contributed to the Partnership by the Non-Contributing Partner, or (ii) seventy- five percent (75%) of the current balance in the Non-Contributing Partner's capital account; b. Such purchase price shall be paid in cash at closing; and c. Such option may be exercised by giving written notice within one hundred and eighty (180) days of the occurrence of the act or event giving rise to such option to purchase and the notice shall specify the time where such purchase shall be closed. The place where such purchase shall be closed shall be the registered office of Partnership. In no event shall the closing be more than thirty (30) days after the date such notice is given. Each General Partner hereby nominates, constitutes and appoints each o...
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Failure to Make Required Contributions. If any Venturer fails or refuses to contribute its share of required funds when and as the funds are required as set forth herein, time being of the essence of this requirement, a. the other Venturer shall have the right, at its sole option, to pay the required sum, and upon payment, the non-paying Venturer shall reimburse that Venturer for the amount paid together with interest on such sum from the date of payment to the date of reimbursement, at a rate equal to Prime plus 2% per annum; and, b. subject to the notice and cure period set forth in subsection 9.1(b) the non-paying Venturer shall be deemed to be in default, and the rights of the non-defaulting Venturer pursuant to subsection 9.2 shall apply.
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Failure to Make Required Contributions. If all of the requirements set forth immediately above have been satisfied and a Member fails to make a required contribution, the following provisions shall apply: (i) Maple shall notify each Member in writing as to the identity of the defaulting Member and the amount of the contribution that is in default (such notice being herein referred to as the "Default Notice"); (ii) the portion of such defaulting Member's Commitment that has not been paid shall bear interest until paid at a rate per annum equal to the Default Rate; (iii) if such default continues for a period of 15 Days following the date on which such defaulting Member received the Default Notice, the Management Committee shall so notify the non-defaulting Members and, without prejudice to any other rights and remedies available to the Company and the non-defaulting Members, the non-defaulting Members shall have the pro rata right (but not the obligation), exercisable by the delivery of written notice to every other non-defaulting Member on or before the 15th Day following the date of such notice from the Management Committee, to fund the amount of such defaulted payment (excluding any interest owed thereon as provided in clause (ii) immediately above) by purchasing newly issued Units at a price per Unit equal to 50% of the Buy-In Price (or 25% of the Buy-In Price if Maple is the defaulting Member and the Qualifying Security Arrangement provided by Maple is of the type described in clause (iii)(A) of such definition); and (iv) upon the receipt by the Company of funds from any non-defaulting Members pursuant to the provisions of clause (iii) immediately above, the Commitment of the defaulting Member shall be deemed to have been reduced by an amount equal to the aggregate amount of such proceeds; provided, however, that such defaulting Member shall continue to remain liable to the Company for the interest referenced in clause (ii) immediately above and to the Company and the non-defaulting Members for any damages suffered by them as a result of such default.
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Related to Failure to Make Required Contributions

  • Failure to Make Payments If the Company fails to make any payment of interest on this Subordinated Note when such interest becomes due and payable and such default continues for a period of 30 days, or if the Company fails to make any payment of the principal of this Subordinated Note when such principal becomes due and payable, the Company will, upon demand of the Trustee, pay to the Trustee, for the benefit of the Holder, the whole amount then due and payable with respect to this Subordinated Note, with interest upon the overdue principal, any premium and, to the extent permitted by applicable law, upon any overdue installments of interest at the rate or respective rates, as the case may be, provided for or with respect to this Subordinated Note or, if no such rate or rates are so provided, at the rate or respective rates, as the case may be, of interest borne by this Subordinated Note. Upon an Event of Default, the Company may not declare or pay any dividends or distributions on, or redeem, purchase, acquire, or make a liquidation payment with respect to, any of the Company’s capital stock, make any payment of principal or interest or premium, if any, on or repay, repurchase or redeem any debt securities of the Company that rank equal with or junior to this Subordinated Note, or make any payments under any guarantee that ranks equal with or junior to this Subordinated Note, other than: (i) any dividends or distributions in shares of, or options, warrants or rights to subscribe for or purchase shares of, any class of Company’s common stock; (ii) any declaration of a dividend in connection with the implementation of a shareholders’ rights plan, or the issuance of stock under any such plan in the future, or the redemption or repurchase of any such rights pursuant thereto; (iii) as a result of a reclassification of Company’s capital stock or the exchange or conversion of one class or series of Company’s capital stock for another class or series of Company’s capital stock; (iv) the purchase of fractional interests in shares of Company’s capital stock in accordance with the conversion or exchange provisions of such capital stock or the security being converted or exchanged; or (v) purchases of any class of Company’s common stock related to the issuance of common stock or rights under any benefit plans for Company’s directors, officers or employees or any of Company’s dividend reinvestment plans.

  • Required Contract Provisions Private service provider contracts paid in whole or part with grant funds shall include the following provisions in the contract between the Grantee and the service provider:

  • Post-Closing Requirements Borrowers shall complete each of the post-closing obligations and/or provide to Agent each of the documents, instruments, agreements and information listed on Schedule 7.4 attached hereto on or before the date set forth for each such item thereon, each of which shall be completed or provided in form and substance satisfactory to Agent.

  • Can I Roll Over or Transfer Amounts from Other IRAs or Employer Plans If properly executed, you are allowed to roll over a distribution from one Traditional IRA to another without tax penalty. Rollovers between Traditional IRAs may be made once every 12 months and must be accomplished within 60 days after the distribution. Beginning in 2015, just one 60 day rollover is allowed in any 12 month period, inclusive of all Traditional, ▇▇▇▇, SEP, and SIMPLE IRAs owned. Under certain conditions, you may roll over (tax-free) all or a portion of a distribution received from a qualified plan or tax-sheltered annuity in which you participate or in which your deceased spouse participated. In addition, you may also make a rollover contribution to your Traditional IRA from a qualified deferred compensation arrangement. Amounts from a ▇▇▇▇ ▇▇▇ may not be rolled over into a Traditional IRA. If you have a 401(k), ▇▇▇▇ 401(k) or ▇▇▇▇ 403(b) and you wish to rollover the assets into an IRA you must roll any designated ▇▇▇▇ assets, or after tax assets, to a ▇▇▇▇ ▇▇▇ and roll the remaining plan assets to a Traditional IRA. In the event of your death, the designated beneficiary of your 401(k) Plan may have the opportunity to rollover proceeds from that Plan into a Beneficiary IRA account. In general, strict limitations apply to rollovers, and you should seek competent advice in order to comply with all of the rules governing rollovers. Most distributions from qualified retirement plans will be subject to a 20% withholding requirement. The 20% withholding can be avoided by electing a “direct rollover” of the distribution to a Traditional IRA or to certain other types of retirement plans. You should receive more information regarding these withholding rules and whether your distribution can be transferred to a Traditional IRA from the plan administrator prior to receiving your distribution.

  • Failure to Make Payment In the event a participating Authorized User fails to make payment to the Contractor for Products delivered, accepted and properly invoiced, within thirty calendar days of such delivery and acceptance, the Contractor may, upon five business days advance written notice to both the Commissioner and the Authorized User’s purchasing official, suspend additional shipments of Product or provision of services to such entity until such time as reasonable arrangements have been made and assurances given by such entity for current and future Contract payments.