Noncontributing definition
Examples of Noncontributing in a sentence
An example of the operation of this Section 7.3 with respect to a re-allocation of Interests upon the first failure of a Noncontributing Member to make an Additional Contribution, is set forth in Schedule B attached hereto.
In the event that more than one Contributing Member desires to make an Additional Contribution, or is permitted to make a Default Loan, on account of the Noncontributing Member, each such Contributing Member shall be permitted to participate in proportion to their respective Interests.
Coverage for the additional insureds shall apply as Primary and Non-contributing Insurance before any other insurance or self-insurance, including any deductible or self-insured retention, maintained by, or provided to, the additional insured’s.
If the General Partner makes such a request, no Partner shall be required to make such Additional Capital Contribution, provided that if any Partner elects not to make the Additional Capital Contribution (a "Noncontributing Partner"), the other Partners (the "Contributing Partners") shall have the right to contribute to the Partnership the amount of cash that the Noncontributing Partner or Partners failed to contribute.
All Distributions to the Noncontributing Partner hereunder shall be applied first to payment of any interest due under any Default Loan and then to principal until all amounts due thereunder are paid in full.
Any such Default Loans shall be with full recourse to the Noncontributing Partner and shall be secured by the Noncontributing Partner’s Interest including, without limitation, such Noncontributing Partner’s right to Distributions.
In furtherance thereof, upon the making of such Default Loan, the Noncontributing Partner hereby pledges, assigns and grants a security interest in its Interest to the Contributing Partner and agrees to execute such documents and statements reasonably requested by the Contributing Partner to further evidence and secure such security interest.
All such insurance shall be Primary and Noncontributing with any other insurance held by City's Department where liability arises out of or results from the acts or omissions of Licensee, its agents, employees, officers, assigns, or any person or entity acting for or on behalf of Licensee.
For purposes hereof, each Partner’s Base Amount shall be equal to the sum of (1) the amount of cash contributed to the Partnership by such Partner in respect of the current call for capital (including amounts contributed on behalf of any Noncontributing Partner or Partners), plus (2) the product of (x) the Partner’s Sharing Percentage (as in effect immediately before the capital call in question) multiplied by (y) the “Value of the Partnership” of the date of such capital call.
All such insurance shall be Primary and Noncontributing with any other insurance held by LADWP where liability arises out of or results from the negligent acts, errors, or omissions of Licensee, its agents, employees, officers, assigns, or any person or entity acting for or on behalf of Licensee.