Examples of Additional Assessment in a sentence
If a Venturer fails to contribute his or her entire proportionate share of an Additional Assessment called for by the Joint Venture with respect to any particular Subsequent Operation, within the time specified in any request therefor, such Venturer shall be deemed a Non-Participating Venturer with respect to such Subsequent Operation.
The amount of the Additional Assessment so called shall be due and payable on or before such date as the General Partner may set in such call, which in no event will be earlier than thirty (30) days after the date of mailing of the call.
If a Venturer agrees to pay any portion of an Additional Assessment with respect to any particular Subsequent Operation and fails to contribute his or her entire proportionate share of all Additional Assessments called for by the Joint Venture with respect to such Subsequent Operation, within the time specified in any request therefore, such Venturer shall thereby be deemed a Non-Participating Venturer with respect to such Subsequent Operation only.
If a Venturer agrees to pay any portion of an Additional Assessment with respect to any particular Subsequent Operation, however, and fails to contribute his or her entire proportionate share of such Additional Assessment called for by the Joint Venture with respect to such Subsequent Operation within the time specified in any request therefor, such Non-Participating Venturer shall be subject to a penalty of 500% of the unpaid portion of the assessment.
Each Participating Venturer in such Subsequent Operation shall share Profits and Losses that are allocated to the Venturers pursuant to Section 8.3.2 in the proportion that such Participating Venturer's Additional Assessment Contributions bears to the Additional Assessment Contributions of all such Participating Venturers and in accordance with the provisions of Article II of this Agreement.