Defaulting Limited Partner definition

Defaulting Limited Partner means a Limited Partner that has failed to pay any amount owed to the Partnership under a Partnership Loan within 15 days after demand for payment thereof is made by the Partnership.

Defaulting Limited Partner has the meaning provided in Section 5.2(c) hereof.

Defaulting Limited Partner has the meaning set forth in Section 5.02(c) hereof.

Examples of Defaulting Limited Partner in a sentence

• Without limitation, the General Partner shall have the right to receive any distributions that otherwise would be made by the Partnership to the Defaulting Limited Partner until such time as the General Partner Loan has been paid in full, and any such distributions so received by the General Partner shall be treated as having been received by the Defaulting Limited Partner and immediately paid to the General Partner.

• In such event, on the date of payment, the General Partner shall be deemed to have extended a loan (a “General Partner Loan”) to the Defaulting Limited Partner in the amount of the payment made by the General Partner and shall succeed to all rights and remedies of the Partnership against the Defaulting Limited Partner as to that amount.

• In the event that a Limited Partner (a “Defaulting Limited Partner”) fails to pay any amount owed to the Partnership with respect to the Partnership Loan within 15 days after demand for payment thereof is made by the Partnership on the Limited Partner, the General Partner, in its sole and absolute discretion, may elect to make the payment to the Partnership on behalf of such Defaulting Limited Partner.

• In the event that a Limited Partner (a “Defaulting Limited Partner”) fails to pay any amount owed to the Partnership with respect to the Partnership Loan within fifteen (15) days after demand for payment thereof is made by the Partnership on the Limited Partner, the General Partner, in its sole and absolute discretion, may elect to make the payment to the Partnership on behalf of such Defaulting Limited Partner.

• In such event, on the date of payment, the General Partner shall be deemed to have extended a loan (a "General Partner Loan") to the Defaulting Limited Partner in the amount of the payment made by the General Partner and shall succeed to all rights and remedies of the Partnership against the Defaulting Limited Partner as to that amount.

More Definitions of Defaulting Limited Partner

Defaulting Limited Partner shall have the meaning specified in Section 7.3(b) hereof.

Defaulting Limited Partner. As defined in Section 8.3(b).

Defaulting Limited Partner is defined in Section 3.6(a) hereof.

Defaulting Limited Partner means a Limited Partner who fails to pay all or any portion of any installment of his Investor Note for a period of 10 days after the date such installment was due.

Defaulting Limited Partner has the meaning provided in Section 5.2(c) of this Agreement.

Defaulting Limited Partner shall have the meaning assigned to such term in Section 3.3.5 of the Partnership Agreement.

Defaulting Limited Partner means any Limited Partner that fails to make a Capital Contribution required under this Agreement within ten (10) days after receiving notice from the General Partner that the Limited Partner has failed to make its required Capital Contribution on the date such contribution was due.