Common use of Default in Making Contributions Clause in Contracts

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. 6.3.1 (a) If a Participant elects to contribute to an approved Program and Budget Program’s budget and then defaults in making a contribution or cash call under an approved Program and Budget Program, 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 9.10subparagraph 7.5(c). The failure to repay said loan within ten (10) days following upon demand shall be a default.

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 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 9.109.9. The failure to repay said loan within ten thirty (1030) days following demand shall be a default.