Terminated Partner definition

Terminated Partner means (i) any Partner that becomes Bankrupt, (ii) any Partner which has been dissolved (and which has not been reconstituted within sixty (60) days thereafter) or (iii) any Partner which has committed a Major Default.
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Terminated Partner means (i) any Partner that has failed to make a Capital Contribution when required and who has become a Defaulting Partner by reason thereof under Section 2.2.2, (ii) any Partner that becomes Bankrupt, (iii) any Partner which has been dissolved (and has not been reconstituted within sixty (60) days thereafter) or, if an individual, who has died, (iv) any Partner which has committed a Major Default or (v) any Partner who has breached the restrictions on Transfer of its interest in the Partnership contained in Article 7. If any Partner in a Partner Group is a Terminated Partner, all Partners in such Partner Group shall also be deemed to be Terminated Partners, and shall be subject to all of the remedies applicable against a Terminated Partner under this Agreement, including the loss of its Approval rights and the obligation to sell its interest in the Partnership as provided in Section 7.9.
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Terminated Partner. As defined in Section 10.4(a).
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Examples of Terminated Partner in a sentence

  • The cost of such appraisal shall be borne 50% by the Partnership and 50% by the Terminated Partner.

  • The Buy-Out Price shall equal the amount the Terminated Partner would receive under Section 4.2.3, if all of the assets of the Partnership were sold to a third party for the Appraised Value and the Partnership were liquidated, after withholding therefrom any damages determined to be payable by the Terminated Partner under Section 5.5.3 by reason of the Terminated Partner's Major Default for all periods.

  • If a Purchase Notice has been given under clause (ii) above, the Electing Partner and the Terminated Partner shall attempt to agree upon the Buy-Out Price of the Terminated Partner's interest in the Partnership.

  • Any Terminated Partner shall not be entitled to continue to receive allocations of Profits and Losses and distributions of the Partnership, including distributions pursuant to Article III hereof.

  • If the remaining Partner so Approves, the interest of the Terminated Partner shall be purchased by such remaining Partner or its designee, which designee may be admitted as a Limited Partner hereunder (or if the General Partner is the Terminated Partner, as the General Partner hereunder) upon the date of the closing of the purchase of the Terminated Partner's interest in order to avoid a termination of the Partnership.

  • If the interest of the Terminated Partner is purchased by the other Partner (or its designee), and not by the Partnership, pursuant to Section 7.9.4, the Buy-Out Price for the Terminated Partner's interest as determined above shall be reduced to the extent the other Partner or its designee acquires the Terminated Partner's interest subject to (or assumes) the encumbrances on such interest at the closing.

  • If such agreement is not reached within thirty (30) days after the notice of election is given, the Terminated Partner, on the one hand, and the Electing Partner, on the other hand, shall each, within ten (10) additional days, appoint an M.A.I. accredited appraiser by notice to the others.

  • At Partnership expense, the General Partner, if it is not then a Terminated Partner, shall have the authority to hire and discharge such Partnership employees as the General Partner shall reasonably Approve.

  • Terminated Partner or Lands – A Partner or associated lands removed from enrollment in the Agreement pursuant to an amendment of the Certificate of Inclusion or termination of the Certificate of Inclusion.

  • The Electing Partner shall notify the Terminated Partner in writing of its election (exercisable at any time after a Partner becomes a Terminated Partner) under clause (ii), above, and (iii) the other provisions applicable by reason of becoming a Defaulting Partner (including Sections 7.9.5 and 8.


More Definitions of Terminated Partner

Terminated Partner means a General Partner who has been removed or who has withdrawn or resigned from the Partnership.
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Terminated Partner means a Limited Partner whose Services have been terminated for any reason (including resignation, death, Disability or retirement, whether or not by the General Partner and whether voluntary or involuntary).
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Related to Terminated Partner

  • Terminated Party As defined in Section 7.01(c) of this Agreement.

  • Terminated Participant means a person who has been a Participant, but whose employment has been terminated other than by death, Total and Permanent Disability or retirement.

  • Lead Partner means the lead partner of a joint venture, as described in Sub-Clause

  • Former Partner means (i) with respect to a Partner that is a trust, a Partner that has ceased to be a Qualified Trust, and has become a Former Partner, pursuant to the terms of Section 1.78; (ii) with respect to a Partner that is an Entity, a Partner that has ceased to be a Qualified Entity, and has become a Former Partner, pursuant to the terms of Section 1.18; (iii) a Partner that has become a Bankrupt Partner and a Former Partner, pursuant to the terms of Section 1.7; (iv) a Partner that has become a Pledgor Partner and a Former Partner, pursuant to the terms of Section 1.74; and (v) a Partner that ceases to be a Participating Stockholder with respect to the Class B Shares of each Company in which the Partnership owns Class B Shares.

  • Defaulting Partner shall have the meaning set forth in Section 9.1.

  • Section 385 Controlled Partnership has the meaning set forth in Treasury Regulation Section 1.385-1(c)(1) for a “controlled partnership”.

  • Affiliated Party means, with respect to any Purchaser, any person or entity which, directly or indirectly, controls, is controlled by or is under common control with such Purchaser, including, without limitation, any general partner, officer or director of such Purchaser and any venture capital fund now or hereafter existing which is controlled by one or more general partners of, or shares the same management company as, such Purchaser.

  • Employee Member means a member of the “Bargaining Unit”.

  • Co-licensed partner means a person who, with at least one other person, has the right to engage in

  • Designated Party means any person listed:

  • Hospital affiliate means a corporation, partnership,

  • Departing Partner means a former General Partner from and after the effective date of any withdrawal or removal of such former General Partner pursuant to Section 11.1 or 11.2.

  • Spouse or partner means a person (including same sex partners) who lives with the principal policy holder in a marital or de facto relationship.

  • Designated Employer Representative (DER) means a designated school district representative authorized to take immediate action to remove employees from safety-sensitive duties, to make required decisions in the testing and evaluation process, and to receive test results and other communications for the school district.

  • Plan Affiliate means, with respect to any Person, any employee benefit plan or arrangement sponsored by, maintained by or contributed to by such Person, and with respect to any employee benefit plan or arrangement, any Person sponsoring, maintaining or contributing to such plan or arrangement.

  • Defaulting Limited Partner means a Limited Partner that has failed to pay any amount owed to the Partnership under a Partnership Loan within 15 days after demand for payment thereof is made by the Partnership.

  • Non-Affiliate means, for any specified Person, any other Person that is not an Affiliate of the specified Person.

  • Business Partner means a legal entity that requires use of a Cloud Service in connection with Customer’s and its Affiliates’ internal business operations. These may include customers, distributors, service providers and/or suppliers of Customer.

  • Advisory Person means (i) any employee of the Fund, Manager or Adviser/Subadviser (or of any company in a control relationship to the Fund, Manager or Adviser/Subadviser) who, in connection with his or her regular functions or duties, makes, participates in, or obtains current or pending information regarding the purchase or sale of a security by the Fund, or whose functions relate to the making of any recommendations with respect to such purchases or sales; and (ii) any natural person in a control relationship to the Fund who obtains information concerning recommendations made to the Fund with regard to the purchase or sale of a security.

  • Terminated Transactions means with respect to any Early Termination Date (a) if resulting from a Termination Event, all Affected Transactions and (b) if resulting from an Event of Default, all Transactions (in either case) in effect immediately before the effectiveness of the notice designating that Early Termination Date (or, if "Automatic Early Termination" applies, immediately before that Early Termination Date).

  • Active member means a member of the pension program or the individual account program

  • Inactive member means a member of the pension program or the individual account pro-

  • Drug-dependent person means a person who is using a

  • Dependent person means a person who cannot demonstrate financial independence from parents or persons other than a spouse and who does not meet the criteria for independence established in Section 5 of this administrative regulation.

  • Terminated Transaction is defined in Section 5.2.

  • Partner Group means any legal entity that has direct or indirect Control over the Partner and only as long as that legal entity maintains direct or indirect Control (“Parent Companies”) as well as all Associated Companies of the Parent Companies.