Common use of Payments to a Removed Limited Partner Clause in Contracts

Payments to a Removed Limited Partner. The Purchase Price, as determined under Section 9.5, shall be paid to the removed, deceased or Disabled Limited Partner, or its successor in interest as follows: (a) Ten percent (10%) in cash or immediately available funds by the ninetieth (90th) day following the date of the Removal Event, death or Disability (the "Closing Date"), and (b) The balance of principal together with interest on the unpaid principal balance at a rate of interest equal to the Prime Rate in effect on the business day prior to the Closing Date in twelve (12) equal installments, payable each March 31, June 30, September 30 and December 31, commencing on the first March 31, June 30, September 30 or December 31 following the Closing Date; provided, however, that (i) the Partnership may, at any time and from time to time at its sole option and election, without penalty or premium, repay the balance, in whole or in part, and (ii) the balance shall become immediately due and payable (A) if any installment of the balance shall not have been paid when due and the Partnership shall have failed to cure such default within ten (10) days after the Partnership's receipt of a written notice of such default or (B) if the Partnership is dissolved.

Payments to a Removed Limited Partner. The Purchase Price, as ------------------------------------------ determined under Section 9.5, shall be paid to the removed, deceased or Disabled disabled Limited Partner, or its successor in interest as follows: (a) Ten percent (10%) in cash or immediately available funds by the ninetieth (90th) day following the date of the Removal Event, death or Disability disability (the "Closing Date"), and (b) The balance of principal together with interest on the unpaid principal balance at a rate of interest equal to the Prime Rate in effect on the business day prior to the Closing Date in twelve (12) equal installments, payable each March 31, June 30, September 30 and December 31, commencing on the first March 31, June 30, September 30 or December 31 following the Closing Date; provided, however, that (i) the Partnership may, at any time and from time to time at its sole option and election, without penalty or premium, repay the balance, in whole or in part, and (ii) the balance shall become immediately due and payable (A) if any installment of the balance shall not have been paid when due and the Partnership shall have failed to cure such default within ten (10) days after the Partnership's receipt of a written notice of such default or (B) if the Partnership is dissolved.

Payments to a Removed Limited Partner. The Purchase Price, as ------------------------------------------ determined under Section 9.5, shall be paid to the removed, deceased or Disabled disabled Limited Partner, or its successor in interest as follows: (a) Ten percent (10%) in cash or immediately available funds by the ninetieth (90th) day following the date of the Removal Event, death or Disability disability (the "Closing Date"), and (b) The balance of principal together with interest on the unpaid principal balance at a rate of interest equal to the Prime Rate in effect on the business day prior to the Closing Date in twelve (12) equal installments, payable each March 31, June 30, September 30 and December 31, commencing on the first March 31, June 30, September 30 or December 31 following the Closing Date; provided, however, that (i) the Partnership may, at any time and from time to time at its sole option and election, without penalty or premium, repay the balance, in whole or in part, and (ii) the balance shall become immediately due and payable (A) if any installment of the balance shall not have been paid when due duo and the Partnership shall have failed to cure such default within ten (10) days after the Partnership's receipt of a written notice of such default or (B) if the Partnership is dissolved.