Examples of Active Partner in a sentence
To be an Active Partner a Partner must, in addition, meet and continue to fulfill the following qualifications: (i) the Partner, or its Partner Affiliate, must own a Project, and (ii) the Partner or its Partner Affiliate must have executed and be in full compliance with the Technical Use Agreement with the Partnership.
Notwithstanding the foregoing, if a Class B2 Limited Partner is an Active Partner through the closing of a Change of Control, all of his or her Class B2 Units shall become one hundred percent (100%) vested upon the occurrence of such Change of Control.
Individuals and entities in control of a project are subject to a previous participation review as set forth in 24 C.F.R. Part 200, as the same may be amended from time to time, and must submit information regarding previous participation in governmental housing transactions either via the electronic Active Partner Participation System (APPS) or on Form HUD-2530, or any successor system or form, for approval for participation in any mortgage insurance program.
Each Class B Limited Partner or Class B2 Limited Partner that is an Active Partner, for so long as he or she is an Active Partner and unless otherwise approved by the General Partner, shall devote substantially all of his or her business time and attention to the business and affairs of the Partnership and its Affiliates.
In addition, the General Partner may from time to time, without the consent of any Limited Partner, adjust any Active Partner’s Carry Percentage by allocating additional Carry Percentage to such Active Partner and correspondingly reducing the Carry Percentage of the General Partner.