Active Partners definition
Examples of Active Partners in a sentence
Unless otherwise determined by the General Partner, the amount of any such reduction shall be reallocated to the remaining Active Partners with respect to which an Adjustment Event has not occurred, pro rata in accordance with the relative percentage of the Class B Units held by each such Class B Limited Partner on the date of the Adjustment Event.
The Partnership has established the Class B2 Units which were issued to Active Partners as compensation for services rendered or to be rendered to or for the benefit of the Partnership or its Affiliates.
The Manager shall maintain a list of the Partners who are Active Partners.
Partners who meet the foregoing qualifications shall be Active Partners, and Active Partners, or their Partner Affiliates, shall be entitled to make use of the Transmission Line for transmitting electricity from said Partner's, or from said Partner Affiliate's, Project to SCE and shall be entitled to participate more fully in the management of the Partnership than Inactive Partners.
Distributions not described in paragraph (i) or (ii) of this Section 6.3(b) shall be distributed to the Active Partners in such proportions as shall be determined by the General Partner.
The Partners acknowledge that certain Active Partners (including former Active Partners) will receive compensation for services, and such compensation may, for U.S. federal income tax purposes, be treated as a guaranteed payment for services under Code section 707(c).
Upon the conclusion of the Temporary Period, each of the above-named Partners shall cease to be Active Partners (and the temporary use of the Transmission Line permitted pursuant to this Section shall terminate).
The prior approval of a Majority in Interest of the Active Partners shall be required for any expenditure on behalf of the Partnership in excess of $50,000.
Each Operating Budget shall be approved by a Majority in Interest of the Active Partners, as that term is defined in the Partnership Agreement.
Each Active Partner or its Partner Affiliate or a lessee described in Section 10 is entitled to use, without charge or fee, the Transmission Line to the extent of such Active Partner's Percentage Interest.