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.
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Defaulting Limited Partner has the meaning provided in Section 5.2(c) hereof.
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Defaulting Limited Partner has the meaning set forth in Section 5.2(c).
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Examples of Defaulting Limited Partner in a sentence

  • No course of dealing between the General Partner and any Defaulting Limited Partner and no delay in exercising any right, power or remedy conferred in this Section 4.10(e) or now or hereafter existing at law or in equity or by statute or otherwise shall operate as a waiver or otherwise prejudice any such right, power or remedy.

  • The General Partner, in its sole discretion, may waive any remedy with respect to any Defaulting Limited Partner.

  • A Defaulting Limited Partner shall have no voting rights with respect to its Class B Units, and the General Partner may in its sole discretion cause the forfeiture of up to 75% of such Defaulting Limited Partner’s Class B Units and/or the cancellation of such Defaulting Limited Partner’s Undrawn Commitment.

  • In addition to the foregoing, the General Partner may in its sole discretion institute a lawsuit against any Defaulting Limited Partner for specific performance of its obligations to make Capital Contributions and to collect any overdue amounts hereunder.


More Definitions of Defaulting Limited Partner

Defaulting Limited Partner shall have the meaning specified in Section 7.3(b) hereof.
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Defaulting Limited Partner. As defined in Section 8.3(b).
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Defaulting Limited Partner shall have the meaning set forth in Section 4.10(e).
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Defaulting Limited Partner is defined in Section 3.6(a) hereof.
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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 20 days after the date such installment was due.
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Defaulting Limited Partner has the meaning provided in Section 5.2(c) of this Agreement.
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Defaulting Limited Partner shall have the meaning assigned to such term in Section 3.3.5 of the Partnership Agreement.
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