Status as "Defaulting Partner Clause Samples

Status as "Defaulting Partner. A "Defaulting Partner" shall cease to be such on the earlier to occur of (i) payment of the required capital contribution, and any required interest in full prior to any funding on behalf of the Defaulting Partner by the Contributing Partner; (ii) if a Default Loan has not been advanced by the Contributing Partner, an election by the Contributing Partner to treat its contribution on behalf of the Defaulting Partner as an additional capital contribution to the Joint Venture and to adjust the Partnership Percentages accordingly; and (iii) if a Default Loan has been advanced by the Contributing Partner, upon payment thereof, and interest thereon in full, or upon deemed payment thereof by contribution of the amount thereof to the capital of the Joint Venture by the Contributing Partner.