Defaulting Limited Partner definition
Examples of Defaulting Limited Partner in a sentence
In addition to the foregoing, the General Partner may in its 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.
The provisions of this Section 4.02(h) shall operate successively until either all Partners able to participate in such Investment are subject to the constraint set forth above or the full amount of Capital Contribution of the Defaulting Limited Partner has been provided for.
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 4.02(g) 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.
A Defaulting Limited Partner shall have no voting rights with respect to its Units, and the General Partner may in its discretion cause the forfeiture of up 75% of such Defaulting Limited Partner’s Units and/or the cancellation of such Defaulting Limited Partner’s Undrawn Commitment.
If the General Partner elects to require such an increase, the General Partner shall deliver to each non-defaulting Partner written notice of such default as promptly as practicable after its occurrence and, thereafter, with respect to each Investment, the General Partner shall as promptly as practicable deliver to each such non-defaulting Partner a Payment Notice in respect of the Capital Contribution which the Defaulting Limited Partner failed to make.