Default in Making Contributions. (a) If a Participant defaults in making a contribution or cash call required by an approved Program and Budget, the non-defaulting Participant may advance the defaulted contribution on behalf of the 164067 defaulting Participant and treat the same, together with any accrued interest, as a demand loan bearing interest from the date of the advance at the rate provided in Section 10.3. The failure to repay said loan upon demand shall be a default. Each Participant hereby grants to the other a lien upon its interest in the Properties and a security interest in its rights under this Agreement and in its participating Interest in other Assets, and the proceeds therefrom, to secure any loan made hereunder, including interest thereon, reasonable attorneys fees and all other reasonable costs and expenses incurred in recovering the loan with interest and in enforcing such lien or security interest, or both. A non-defaulting Participant may elect the applicable remedy under this Section 6.4(a) or under 6.4(b), or, to the extent a Participant has a lien or security interest under applicable law, it shall be entitled to its rights and remedies at law and in equity. All such remedies shall be cumulative. The election of one or more remedies shall not waive the election of any other remedies. Each Participant hereby irrevocably appoints the other its attorney-in-fact to execute, file and record all instruments necessary to perfect or effectuate the provisions hereof.
Default in Making Contributions. 6.3.1 If a Participant elects to contribute to an approved Program and Budget and then defaults in making a contribution or cash call under an approved Program and Budget the non-defaulting Participant may, but is not obligated to, advance the defaulted contribution on behalf of the defaulting Participant and treat the same, together with any accrued interest, as a demand loan bearing interest from the date of the advance at the rate provided in Section 9.10. The failure to repay said loan within ten (10) days following demand shall be a default.
Default in Making Contributions. (a) If a Participant elects to contribute to an approved Program and Budget and then defaults in its obligation to pay a contribution or cash call hereunder, the Operator, by notice to the defaulting Participant, may at any time, but shall not be obligated to, elect to make such contribution or meet such cash call on behalf of the defaulting Participant (a "Cover Payment"). If more than one Cover Payment is made, the Cover Payments shall be aggregated and the rights and remedies described herein pertaining to an individual Cover Payment shall be made to apply to the aggregated Cover Payments. It is specifically acknowledged that any payments due to the Operator as a result of Budget overruns as provided for in Section 7.07 are not subject to the provisions of this Section 8.04.
Default in Making Contributions. (a) If a Venturer Defaults in making a contribution or cash call required pursuant to Sections 5.1(b) or 5.2, the Non-Defaulting Venturer may advance the defaulted contribution on behalf of the Defaulting Venturer. The Non-Defaulting Venturer may at its election treat such advance, together with accrued interest, as a demand loan to the Defaulting Venturer bearing interest from the date of the advance at the rate provided in Section 10.2(b)(ii). The failure to repay said loan within thirty (30) days of notice of demand shall be an event of Default pursuant to Article X. Each Venturer hereby grants to the other a security interest in its rights under this Agreement and in its Participating Interest in the Assets, and the proceeds therefrom, to secure any loan made hereunder, including the interest thereon, reasonable attorney's fees and all other reasonable costs and expenses incurred in enforcing such lien or security interest, or both. Each Venturer hereby irrevocably appoints the other its attorney-in-fact to execute, file and record all instruments necessary to perfect or effectuate the provisions hereof. No later than the end of the fiscal year in which such advance was made the Non-Defaulting Venturer shall be entitled to receive the amount of such advance plus interest from the Defaulting Venturer. At its election, the Non-Defaulting Venturer may, in lieu of receiving repayment of the advance plus interest from the Defaulting Venturer, instruct the Joint Venture to make a preferential cash distribution equal to the amount of such advance plus a 10% rate of return. No distributions (other than amounts required to pay income taxes on Joint Venture income if any cash is available) shall be made to a Defaulting Venturer until such advance has been repaid. In addition, the amount of such advance, plus interest thereon, shall be credited to the Non-Defaulting Venturer's Capital Account. Upon return of such advance, the amount of such repaid advance, plus interest or other return, shall be deducted from the Non- Defaulting Venturer's Capital Account. 92
Default in Making Contributions. 6.3.1 If the Limited Partner elects to contribute to an approved Expansion of Existing Operations, or acquisition of Third Party Rights and then defaults in making a contribution, or to the extent that any amounts advanced by Surgold pursuant to Section 10.7 are not repaid out of Allocations to the Limited Partner within thirty (30) days, or otherwise repaid by the Limited Partner, within thirty (30) days after the date on which they are advanced, Surgold may, but is not obligated to, advance the defaulted contribution on behalf of the Limited Partner and treat the same, together with any accrued interest, as a demand loan bearing interest from the date of the advance at the rate and on the terms provided in Section 6.2.2.
Default in Making Contributions. 6.3 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).
Default in Making Contributions. If a Party fails to make an agreed contribution or to fund a Cash Call required by an approved Program and Budget, then such Party shall be in default hereunder. If such default is not cured within 30 days after notice to the defaulting Party of such default, then each Party’s Participating Interest shall thereafter be adjusted according to Section 6.2.
Default in Making Contributions. (a) In the event that, at any time after the Funding Completion Date, a Participant elects to contribute to an approved Program and Budget and then defaults in making some or all of its contributions under such approved Program and Budget or defaults to meet a cash call under Section 9.8, the non-defaulting Participant may, but is not obligated to, advance the defaulted contribution on behalf of the defaulting Participant and treat such advance, together with any accrued interest, as a demand loan bearing interest from the date of the advance, calculated at three percent (3%) per annum in excess of the prime rate declared from time to time by the Manager’s Canadian banker as the reference rate for Canadian dollar demand loans to its most credit-worthy customers in Canada. The failure to repay such loan upon demand shall be a default of the loan (but not a default of this Agreement).
Default in Making Contributions. (a) Subject to an election properly made under Section 6.3, if a Member defaults in making a contribution or cash call required by an approved Program and Budget, the non-defaulting Member may advance the defaulted contribution on behalf of the defaulting Member and treat the same, together with any accrued interest, as a demand loan to the defaulting Member bearing interest from the date of the advance at the rate provided in Section
Default in Making Contributions. Unless a Member makes a timely election under Article 7 and Section 4.3 to not contribute funds to an approved Program and Budget, such Member shall be in default if it fails to contribute and the provisions of Article 11 shall apply.
