Common use of Defaulting Partners Clause in Contracts

Defaulting Partners. (a) In the event any Partner fails to make, when due, any portion of a Capital Contribution required to be contributed by such Partner pursuant to this Agreement or any other payment required to be made by it hereunder, then the Partnership shall promptly provide written notice to such Partner, UST and SIGTARP of such failure. If such Partner fails to make such Capital Contribution or other payment within five (5) Business Days after receipt of such notice then such Partner shall be deemed a “Defaulting Partner” (the amount in respect of which a Defaulting Partner has defaulted being a “Defaulted Amount”) and the General Partner shall immediately notify UST and SIGTARP of such failure.