Common use of Default in Making Contributions Clause in Contracts

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 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 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 OperatorManager, 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 (when paid, 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 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 OperatorManager, 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 Payment shall be aggregated and the rights and remedies described herein pertaining to an individual Cover Payment shall be made read 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.