Defaulting Limited Partner. (a) Any Limited Partner that fails to make, when due, any portion of the Capital Contributions required to be made by such Limited Partner pursuant to this Agreement and the Subscription Agreement to which such Limited Partner is a party may, in the discretion of the General Partner, be charged an additional amount on the unpaid balance of any such Capital Contribution at the Default Rate from the date such balance was due and payable through the date full payment for such balance is actually made, and to the extent such additional amount is not otherwise paid such additional amount may be deducted from any distribution otherwise payable to such Limited Partner.
Defaulting Limited Partner. (a) Subject in all events to the provisions of Section 3.2, any Limited Partner that fails to make, when due, any portion of the Capital Contribution required to be contributed by such Limited Partner pursuant to this Agreement or to make any other payment required to be made by it hereunder when required to be made may, in the discretion of the General Partner, be charged an Additional Amount on the unpaid balance of any such Capital Contributions or other payments at 8.0% per annum from the date such balance was due and payable through the date full payment for such balance is actually made, and to the extent any of the foregoing amounts is not otherwise paid such amount may be deducted from any distribution to such Limited Partner. Any such Additional Amount owed to the Partnership shall be allocated and distributed to the other Partners funding such Capital Contribution or other payment pro rata to their fundings thereof (and, if there are no fundings in respect of any such Capital Contribution or other payment, pro rata to their Capital Commitments).
Defaulting Limited Partner. (a) Any Limited Partner that fails to make, when due, any portion of the Capital Contribution required to be contributed by such Limited Partner pursuant to this Agreement or any other payment required to be made by it hereunder when required to be made may, in the discretion of the General Partner, be charged an additional amount on the unpaid balance of any such Capital Contributions or other payments at the Prime Rate plus 2.0% from the date such balance was due and payable through the date full payment for such balance is actually made, and to the extent any of the foregoing amounts is not otherwise paid such amount may be deducted from any distribution to such Limited Partner. Any such additional amount owed to the Partnership shall be allocated and distributed to the other Partners pro rata to their Capital Commitments.
Defaulting Limited Partner. (a) If any Limited Partner fails to make, when due, any portion of a Capital Contribution required to be contributed by such Limited Partner pursuant to this Agreement or to make any other payment required to be made by it hereunder when required to be made, then the Partnership shall promptly provide written notice of such failure to such Limited Partner. If such Limited Partner fails to make such Capital Contribution or such other payment within five Business Days after receipt of such notice, then the Partnership shall promptly provide a subsequent written notice of such failure to such Limited Partner. If such Limited Partner fails to make such Capital Contribution or such other payment within 20 Business Days after receipt of such subsequent written notice, then, for so long as such Limited Partner fails to make such Capital Contribution or such other payment, such Limited Partner shall be deemed a “Defaulting Limited Partner” and the remaining provisions of this Section 3.4 shall apply.
Defaulting Limited Partner. (a) If any Limited Partner fails to contribute, in a timely manner, any portion of the Capital Commitment required to be contributed by such Limited Partner pursuant to this Agreement and such failure continues for five Business Days after delivery by the General Partner to such Limited Partner of notice, confirmed by telephone, of such failure, then such Limited Partner shall be deemed a “Defaulting Limited Partner”, and the following Sections 9.6(b)-(k) shall apply.
Defaulting Limited Partner. (a) Subject in all events to the provisions of Section 3.2, any Limited Partner that fails to make, when due, any portion of the Capital Contribution required to be contributed by such Limited Partner pursuant to this Agreement or to make any other payment required to be made by it hereunder when required to be made may, in the discretion of the General Partner, be charged an additional amount on the unpaid balance of any such Capital Contributions, Direct Payments or other payments at an annual rate equal to the lesser of (i) (A) eight percent (8%) from the date such balance was due and payable through the date that is 45 days thereafter, and (B) sixteen percent (16%) from the date that is 45 days after such balance was due and payable through the date full payment for such balance is actually made, and (ii) the highest rate permitted by applicable law. To the extent such additional amount is not otherwise paid, such additional amount may be deducted from any distribution or other payment to such Limited Partner. Any such additional amount owed to the Partnership shall first be applied to offset costs to the Partnership created by the default and thereafter shall be allocated and distributed to the other Partners pro rata to their Capital Commitments. Each Partner agrees that payment of its required Capital Contributions or other payments required to be made by it hereunder when due is of the essence, that any default by any Limited Partner would cause irreparable injury to the Partnership, the General Partner and the other Limited Partners and that the amount of damages caused by any such injury would be extremely difficult to calculate.
Defaulting Limited Partner. The Partners severally hereby agree and acknowledge their mutual obligation to make Capital Contributions to the Partnership in an aggregate amount equal to their total Capital Commitments. Accordingly, the Partners agree to the default and penalty provisions of this Section 3.6 for their mutual assurance and to promote the purposes of the Partnership. The Partners agree that the damages to the Partnership from any default by a Partner in respect of its Capital Commitment cannot be determined or estimated with reasonable accuracy, and, accordingly, agree that the penalty provisions of this Section 3.6 provide reasonable liquidated damages on default.
Defaulting Limited Partner. (a) Subject in all events to the provisions of Section 3.1, any Limited Partner (excluding any Limited Partner required or permitted to withdraw from the Partnership pursuant to Section 8.6 or 8.7) that fails to make, when due, any portion of the Capital Contribution required to be contributed by such Limited Partner pursuant to this Agreement or to make any other payment required to be made by it hereunder when required to be made may, in the discretion of the General Partner and in addition to any other remedy contained herein, be charged an additional amount on the unpaid balance of any such Capital Contributions or other payments at a rate of 8% per annum, calculated from the date such balance was due and payable through the date full payment for such balance is actually made, and to the extent such additional amount is not otherwise paid such additional amount may be deducted from any distribution to such Limited Partner; provided that the General Partner shall notify a Limited Partner upon a failure to make a payment, and provided, further, that, in the event that such Limited Partner cures such failure to make a payment within five (5) Business Days of such notice, interest shall not accrue during such time. Any such additional amount owed to the Partnership shall be allocated and distributed to the other Limited Partners pro rata to their Capital Commitments.
Defaulting Limited Partner. (a) If any Limited Partner fails to make, when due, any portion of the Capital Contribution required to be contributed by such Limited Partner pursuant to this Agreement or such Limited Partner's Subscription Agreement or to make any other payment required to be made by such Limited Partner hereunder or thereunder when required to be made, then the General Partner may provide written notice of such failure to such Limited Partner. If such Limited Partner fails to make such Capital Contribution or other payment within ten (10) Business Days after receipt of such notice, then, (i) such Limited Partner shall be deemed a "Defaulting Limited Partner" and (ii) the following Sections 6.4(b) through (e) shall apply; PROVIDED that the General Partner in its sole discretion may choose not to designate a Limited Partner as a Defaulting Limited Partner and may agree to waive or permit the cure of any default by a Defaulting Limited Partner, subject to such conditions as the General Partner and the Defaulting Limited Partner may agree on.
Defaulting Limited Partner. (a) Subject in all events to the provisions of Section 3.2, any Limited Partner that fails to make, when due, any portion of the Capital Contribution required to be contributed by such Limited Partner pursuant to this Agreement or any other payment required to be made by it hereunder when required to be made may, in the discretion of the General Partner, be charged an additional amount on the unpaid balance of any such Capital Contributions or other payments at the Prime Rate plus 5.0% from the date such balance was due and payable through the date full payment for such balance is actually made, and to the extent any of the foregoing amounts is not otherwise paid such amount may be deducted from any distribution to such Limited Partner. Any such additional amount owed to the Partnership will be allocated and distributed to the non-defaulting Partners pro rata to their Capital Commitments.
