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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