Failure to Make Capital Contribution. In the event any Member (a "Delinquent Member") fails to make a required Capital Contribution when due, the Company shall give the Delinquent Member a notice of the default. If the Delinquent Member fails to make the required Capital Contribution (including any costs associated with the failure to make the required Capital Contribution and interest on such obligation at the interest rate specified) within ten Business Days of the giving of such notice, the Company may take such action as it deems required, including but not limited to instituting legal action. The Company may elect to allow the other Members ("Contributing Members") to contribute the amount owed by the Delinquent Member in proportion to such Members' Sharing Ratios. The Contributing Members shall be entitled to treat the amounts contributed pursuant to this section as a loan from the Contributing Members bearing interest at a rate equal to 2% over the Wilmington Trust Company National Commercial Rate in effect when the loan is made, secured by the Delinquent Member's interest in the Company. Until they are fully repaid, the Contributing Members shall be entitled to all Distributions to which the Delinquent Member would have been entitled.
Failure to Make Capital Contribution. If any Partner fails to make any Capital Contribution required to be made by such Partner under Section 3.01 or Section 3.02 within 10 days after the same becomes due and payable (the “Defaulting Partner”), one or more of the other Partners (the “Contributing Partner”) may (but without obligation to do so), within 15 days after the expiration of said 10-day period, contribute to the Company an additional amount equal to the Defaulting Partner’s unpaid Capital Contribution and elect to treat such contribution as provided in either Section 3.03(a) or Section 3.03(b). If the Contributing Partner fails to make such election within said 15-day period, it shall be deemed to have elected to treat such contribution as provided in Section 3.03(b).
Failure to Make Capital Contribution. If any Shareholder ------------------------------------ fails to contribute the capital required to be contributed by such Shareholder (a "Required Contribution") within the time specified by the Board, then the equity ownership interest of such defaulting Shareholder (a "Defaulting Shareholder") in the Company shall be reduced as provided in this Article 7, and the equity ownership interests of the remaining Shareholders who contribute both their own required capital contributions as well as all or a portion of the Defaulting Shareholder's Required Contribution shall be increased as provided in this Article 7.
Failure to Make Capital Contribution. (a) If any Partner fails to timely contribute all or any portion of any Initial Capital Contribution or Additional Capital Contribution required of such Partner, then such Partner shall be considered a "
Failure to Make Capital Contribution. (a) Notwithstanding the other provisions of Clause 14 (but subject to clause 14.6(b) below), in the event that a Joint Venturer fails to make a contribution required under Clause 11, the defaulting Joint Venturer shall not be entitled to receive any distribution or other inter-party payments (including rent, interest and licence fees) whilst and so long as such contribution remains outstanding unless the non-defaulting Joint Venturer has served a Conversion Notice in regard to that contribution in accordance with Clause 20.6.
Failure to Make Capital Contribution. If any Member or Assignee (a ------------------------------------ "Delinquent Member") fails to make a Capital Contribution required to be made hereunder, any Member who is not a Delinquent Member may give the Delinquent Member a notice of such failure. If the Delinquent Member fails to pay the Capital Contribution within ten (10) business days of receipt of such notice, the Delinquent Member shall be considered a Defaulting Member and the Defaulting Member's obligation shall thereafter bear interest at the Default Interest Rate. Members who are not a Delinquent Member may elect to satisfy all or any portion of the Delinquent Member's unsatisfied Capital Contribution (the "Unpaid Contribution"). Those Members who elect to contribute (the "Contributing Members") shall do so in the ratio of their respective Units or in such other ratio as they may agree in writing. The Contributing Members advancing such amount shall be entitled to one of the following, provided such action does not reasonably jeopardize the Company's status as a certified MBE, unless the Contributing Members otherwise agree:
Failure to Make Capital Contribution. If a Member fails to pay when due all or any portion of any Additional Contribution, the Members electing to pay an Additional Contribution (each, a "Contributing Member") shall have the option to pay the entire unpaid amount of the nonpaying Member's Additional Contribution (the "Unpaid Contribution") multiplied by a fraction the numerator of which is such Contributing Member's Percentage and the denominator of which is the Percentage of all of the Contributing Members. If any Contributing Member elects not to pay its proportion of the Unpaid Contribution, then the other Contributing Member shall have the option to pay all or part of any unfunded portion of the Unfunded Contribution. The nonpaying Member's Percentage shall be reduced and the Percentage of the Contributing Members shall be increased, so that each Member's Percentage is equal to a fraction, the numerator of which is equal to the sum of such Member's Capital Contributions including the amount of all Additional Contributions and Unpaid Contributions contributed by such Member, and the denominator of which is the sum of the total Capital Contributions of all Members including the amount of all Additional Contributions and Unpaid Contributions contributed by the Members. Exhibit A hereto shall be amended to reflect such changes.
Failure to Make Capital Contribution. In the event that either TMS or MI fails to make a capital contribution pursuant to this Section 5.2 and in accordance with Section 7.3 and the other Party does not elect to terminate the Program pursuant to Section 7.3.4 hereof, then, in addition to all other rights and remedies of the Members, the Percentage Interests in the Company shall be adjusted such that no distributions shall be made to the defaulting Member until all capital contributions have been contributed in full.
Failure to Make Capital Contribution. If the Board shall require that the Shareholders make capital contributions to the Company (a "Capital Call") in the form of equity capital contributions and if any Shareholder fails to contribute in full the capital required to be contributed by such Shareholder pursuant to such Capital Call (each, a "Required Contribution") within the time specified by the Board (the "Capital Deadline"), then the percentage equity ownership interest of such defaulting Shareholder (a "Defaulting Shareholder") in the Company shall be reduced as provided in this Article 7, and the percentage equity ownership interests of each Shareholder who contributes at least its Required Contribution (each, a "Non-defaulting Shareholder") shall be increased as provided in this Article 7. If the Board shall make a Capital Call from the Shareholders in the form of shareholder loans, and if any Shareholder fails to contribute in full its Required Contribution pursuant to such Capital Call, then such Capital Call shall automatically be converted into a Capital Call for equity capital contributions, and the percentage equity ownership interest of such Defaulting Shareholder in the Company shall be reduced as provided in this Article 7, and the percentage equity ownership interests of each Non-defaulting Shareholder shall be increased as provided in this Article 7.
Failure to Make Capital Contribution. (a) In the event that a Major Shareholder fails to make its Capital Contribution or any part thereof within the time period stipulated herein, such Major Shareholder shall be liable to pay interest to the other non-defaulting Major Shareholder on the amount of its Capital Contribution or any relevant part thereof. Interest shall accrue at the Interest Rate from the date such Capital Contribution is due until the date such Capital Contribution is actually paid into the Company. If the Capital Contribution of a Major Shareholder remains outstanding (in part or in whole) ten (10) Business Days after the date specified for such Capital Contribution, the other non-defaulting Major Shareholder shall have the right to terminate this Agreement in accordance with the terms of this Agreement.
