Notice of Default and Interest Clause Samples

Notice of Default and Interest. (a) If a Limited Partner fails to pay when due any Subsequent Contribution (or portion thereof) that is not a Permitted Capital Call (a “Defaulting Partner”) (the due date of such Subsequent Contribution being hereinafter referred to as the “Default Date”), the General Partner shall offer to all non-defaulting Limited Partners the option, by delivering written notice to the General Partner and Defaulting Partner of such election (which shall be made on or before the Default Date) to either: (i) advance to the Investment Partnership all or any portion of the Defaulting Partner’s share of such required Subsequent Contribution (or portion thereof) that such Defaulting Partner shall have failed to make (the “Default Contribution Amount”), which advance shall be treated as (A) a loan by the non-Defaulting Partner making such advance to the Defaulting Partner (such non-Defaulting Partner hereinafter referred to as the “Contributing Partner”) (a “Priority Loan”), which Priority Loan will earn interest thereon at an annual rate, compounded monthly, equal to the lesser of (x) the maximum rate of interest allowed by applicable law, and (y) 20.0%, and (B) a Subsequent Contribution to the Investment Partnership by the Defaulting Partner, in an amount equal to such Priority Loan, and so long as a Priority Loan is outstanding, the Defaulting Partner shall have the right to repay the Priority Loan (together with all accrued and unpaid interest thereon), in whole or in part; (ii) contribute to the Investment Partnership all or any portion of the Default Contribution Amount in the form of a Capital Contribution (a “Cram-Down Contribution”), in which case the Contributing Partner’s Capital Account shall be increased by an amount equal to the Cram-Down Contribution. At the time of a Cram-Down Contribution, (A) the Percentage Interest of the Defaulting Partner shall be decreased by an amount equal to the percentage (rounded to the nearest one hundred thousandth of one percent) determined by dividing (x) the Cram-Down Contribution multiplied by 150% by (y) the total Capital Contributions made by all of the Partners to the Investment Partnership 1051492.09-NYCSR02A - MSW on or prior to such date (including the Cram-Down Contribution) (provided, that the Defaulting Partner’s Percentage Interest shall not be reduced below zero) and (B) the Percentage Interest of the Contributing Partner shall be increased by the percentage determined under clause (A) of this Section 6.2(a)(ii); o...
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Notice of Default and Interest. If a Class A Limited Partner fails to pay any installment of its Capital Commitment when due, then a notice of default shall be given to such Class A Limited Partner (a “Defaulting Partner”) by or on behalf of the General Partner. To the extent the installment is not received by the Partnership when due, then such amount shall bear interest payable to the Partnership at the lower of (i) the rate of eighteen percent (18%) per annum, compounded monthly, or (ii) the highest rate of interest permitted under applicable law, from and after the original due date of such installment until the earliest of (A) the payment of such installment, including any interest accruing under this Section 4.6(b), (B) the purchase of such Defaulting Partner’s Defaulted Interest under Section 4.6(c) or (C) the conclusion of foreclosure proceedings of the security interest granted under this Section 4.6. Any interest paid by a Defaulting Partner pursuant to this Section 4.6(b) shall not be treated as a Capital Contribution but shall be treated as Class A Capital Contribution Revenue of the Partnership. A copy of any notice of default provided to a Defaulting Partner pursuant to this Section 4.6(b) shall be transmitted promptly to all other Class A Limited Partners.
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Related to Notice of Default and Interest

  • Notice of Defaults If a Default or Event of Default occurs and is continuing and if it is known to the Trustee, the Trustee shall mail to Holders of Notes a notice of the Default or Event of Default within 90 days after it occurs. Except in the case of a Default or Event of Default in payment of principal of, premium, if any, or interest on any Note, the Trustee may withhold the notice if and so long as a committee of its Responsible Officers in good faith determines that withholding the notice is in the interests of the Holders of the Notes.

  • Notice of Default, etc Promptly after the Borrower knows that any Default or any Material Adverse Effect has occurred, a notice of such Default or Material Adverse Effect, describing the same in reasonable detail and the action the Borrower proposes to take with respect thereto.

  • Notice of Default The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of any Default or Event of Default unless the Administrative Agent has received notice from a Lender or the Borrower referring to this Agreement, describing such Default or Event of Default and stating that such notice is a “notice of default”. In the event that the Administrative Agent receives such a notice, the Administrative Agent shall give notice thereof to the Lenders. The Administrative Agent shall take such action with respect to such Default or Event of Default as shall be reasonably directed by the Required Lenders (or, if so specified by this Agreement, all Lenders); provided that unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable in the best interests of the Lenders.

  • Default and Consequences of Default 10.1 Interest on overdue invoices shall accrue daily from the date when payment becomes due, until the date of payment, at a rate of two and one half percent (2.5%) per calendar month and such interest shall compound monthly at such a rate after as well as before any judgment. 10.2 If the Customer defaults in payment of any invoice when due, the Customer shall indemnify the Creditor from and against all costs and disbursements incurred by the Creditor in pursuing the debt including legal costs on a solicitor and own client basis and the Creditor’s debt collection costs. 10.3 Without prejudice to any other remedies the Creditor may have, if at any time the Customer is in breach of any obligation (including those relating to payment), the Creditor may suspend or terminate the supply of Goods and/or Services to the Customer and any of its other obligations under the terms and conditions. The Customer acknowledges and agrees that the Creditor will not be liable to the Customer for any loss or damage the Customer suffers because the Creditor has exercised its rights under this clause. 10.4 If any account remains overdue after thirty (30) days then an amount of the greater of twenty dollars ($20.00) or ten percent (10.00%) of the amount overdue (up to a maximum of two hundred dollars ($200.00)) shall be levied for administration fees which sum shall become immediately due and payable. 10.5 Without prejudice to the Creditor’s other remedies at law the Creditor shall be entitled to cancel all or any part of any order of the Customer which remains unfulfilled and all amounts owing to the Creditor shall, whether or not due for payment, become immediately payable in the event that; (a) any money payable to the Creditor becomes overdue, or in the Creditor’s opinion the Customer will be unable to meet its payments as they fall due; or (b) the Customer becomes insolvent, convenes a meeting with its creditors or proposes or enters into an arrangement with creditors, or makes an assignment for the benefit of its creditors; or (c) a receiver, manager, liquidator (provisional or otherwise) or similar person is appointed in respect of the Customer or any asset of the Customer.

  • DEFAULT AND POSSESSION In the event that the Lessee shall fail to pay said rent, and expenses as set forth herein, or any part thereof, when the same are due and payable, or shall otherwise be in default of any other terms of said Lease for a period of more than 15 days, after receiving notice of said default, then the parties hereto expressly agree and covenant that the Lessor may declare the Lease terminated and may immediately re-enter said Premises and take possession of the same together with any of Lessee’s personal property, equipment or fixtures left on the Premises which items may be held by the Lessor as security for the Lessee’s eventual payment and/or satisfaction of rental defaults or other defaults of Lessee under the Lease. It is further agreed, that if the Lessee is in default, that the Lessor shall be entitled to take any and all action to protect its interest in the personal property and equipment, to prevent the unauthorized removal of said property or equipment which threatened action would be deemed to constitute irreparable harm and injury to the Lessor in violation of its security interest in said items of personal property. Furthermore, in the event of default, the Lessor may expressly undertake all reasonable preparations and efforts to release the Premises including, but not limited to, the removal of all inventory, equipment or leasehold improvements of the Lessee’s, at the Lessee’s expense, without the need to first procure an order of any court to do so, although obligated in the interim to undertake reasonable steps and procedures to safeguard the value of Lessee’s property, including the storage of the same, under reasonable terms and conditions at Lessee’s expense, and, in addition, it is understood that the Lessor may ▇▇▇ the Lessee for any damages or past rents due and owing and may undertake all and additional legal remedies then available. In the event any legal action has to be instituted to enforce any terms or provisions under this Lease, then the prevailing party in said action shall be entitled to recover a reasonable attorney's fee in addition to all costs of said action. Rent which is in default for more than days after due date shall accrue a payment penalty of one of the following: ☐ - Interest at a rate of percent ( %) per annum on a daily basis until the amount is paid in full. ☐ - Late fee of dollars ($ ) per day until the amount is paid in full. In this regard, all delinquent rental payments made shall be applied first toward interest due and the remaining toward delinquent rental payments.