Major Partner definition

Major Partner means a partner having (together with its affiliates) a Partnership Interest at least equal to 25 percent.

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Major Partner means, with respect to a limited liability company or joint venture, each firm, business organization or person that has an ownership interest therein in excess of five percent, un- less the department has provided an alternate definition that applies only to a specific project or series of projects;

Major Partner means a Private Entity that has an ownership interest in excess of 25%

Examples of Major Partner in a sentence

• The minutes of such meeting, which shall be prepared by a Partner designated at such meeting, shall be, when signed by each Major Partner, the official record of the decisions made by the Executive Committee and shall be binding on the Partners.

• If all or part of a Partnership Interest is transferred, the transferor and transferee shall agree on the method of selection of the members previously appointed by such transferor, except that each Major Partner shall have the right to appoint at least one such member.

• The transferring Partner and the transferee shall bear all tax consequences and shall reimburse all other reasonable out-of-pocket expenses of any Major Partner in connection with the transfer and the transferee, as of the effective date of the transfer, shall have agreed in writing in a form satisfactory to the other Partners to be bound by this Agreement (including this Article XI) to the same extent as the transferring Partner.

• Except as otherwise provided herein, capital, whether cash or property, may not be distributed by or withdrawn from the Partnership without the consent of each Major Partner.

• Except as otherwise provided herein, capital, ------- whether cash or property, may not be distributed by or withdrawn from the Partnership without the consent of each Major Partner.

• During the twelve (12) months prior to the date of this Agreement, neither the Company nor to the Company’s Knowledge any of its Affiliates (including the Company Subsidiaries) has received any written notice from any Major Partner indicating that it intends to cancel, terminate or otherwise adversely modify in any material respect its relationship with the Company and the Company Subsidiaries.

• The transferring Partner and the transferee shall bear all tax consequences and shall reimburse all other reasonable out-of-pocket expenses of any Major Partner in connection with the transfer and the transferee, as of the effective date of the transfer, shall have agreed in writing in a form satisfactory to the other Partners to be bound by this Agreement (including this Article XI) t the same extent as the transferring Partner.

• The Mendik Group has delivered to Vornado complete and correct copies of (i) each Property Partnership Agreement, (ii) the Major Partner Agreements and (iii) the M/S Limited Partners Agreements.

• Prior to the Closing Date, Mendik/FW LLC shall cause the Major Partner Agreements to be amended to allow for the consummation of the Transactions as contemplated by this Agreement, which amendments shall be in form and substance reasonably satisfactory to Vornado.

• The minutes of such meeting, which shall be prepared by a partner designated at such meeting, shall be, when signed by each Major Partner, the official record of the decisions made by the Executive Committee and shall be binding on the Partners.

More Definitions of Major Partner

Major Partner means, with respect to a limited lia- bility company or joint venture, each firm, business organiza- tion or person that has an ownership interest therein in excess of five percent, unless the department has provided an alter- nate definition that applies only to a specific project or series of projects;

Major Partner means a Private Entity that has an ownership interest in excess of 25% in a Managing Entity, Ownership Entity, or Major Subcontractor, as applicable.

Major Partner means, with respect to a limited lia- bility company or joint venture, each firm, business organiza-

Major Partner means, with respect to a limited liability company or joint venture, each firm, business organization or person that has an ownership interest therein in excess of 5%.¶