Family Entities definition

Family Entities means, with respect to any individual, any trust, corporation, limited liability company, or partnership for which (1) all the beneficiaries, shareholders, members, or partners, as the case may be, are Family Members of such individual, and (2) such individual or a Family Member of such individual is the controlling trustee, shareholder, member, or partner of such entity.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedBook a Demo

Family Entities means, with respect to any individual, any trust, corporation, limited liability company, or partnership for which (i) all of the beneficiaries, shareholders, members, or partners, as the case may be, are Family Members of such individual, and (ii) such individual or a Family Member of such individual is the controlling trustee, shareholder, member, or partner of such entity.

Family Entities means a family’s wholly owned companies or family trusts

Examples of Family Entities in a sentence

• The Corporation, on the one hand, and the ▇▇▇▇▇▇ Family Entities (through GPC L.P.), on the other hand, hereby agree to treat any payments made under this Agreement as additional consideration for the applicable exchanged Partnership Interests.

• The parties to this Agreement agree that (i) the ▇▇▇▇▇▇ Family Entities are expressly made third party beneficiaries to this Agreement and (ii) the parties to the Existing Stockholders Tax Receivable Agreement are expressly made third party beneficiaries of the provisions of Section 3.03 and the first sentence of Section 4.01(b) of this Agreement.

• The Corporation shall provide evidence of such payment to the ▇▇▇▇▇▇ Family Entities (through GPC L.P.), to the extent that such evidence is available.

• It is also intended that the provisions of this Agreement provide that 85% of the Corporation’s Realized Tax Benefit and Interest Amount be paid to the ▇▇▇▇▇▇ Family Entities pursuant to this Agreement, and that with respect to any Taxable Year, the Corporation will not make payments pursuant to the Tax Receivable Agreements exceeding 85% of the Overall Realized Tax Benefit.

• To the extent that amounts are so withheld and paid over to the appropriate Taxing Authority by the Corporation, such withheld amounts shall be treated for all purposes of this Agreement as having been paid to the ▇▇▇▇▇▇ Family Entities.

• Within five Business Days of a Tax Benefit Schedule delivered to GPC L.P. becoming final in accordance with Section 2.04(a), the Corporation shall pay to the ▇▇▇▇▇▇ Family Entities for such Taxable Year an aggregate amount equal to the Tax Benefit Payment determined pursuant to Section 3.01(b), subject to reduction pursuant to Section 3.03.

• Each such Tax Benefit Payment shall be made by wire transfer of immediately available funds to a bank account of the ▇▇▇▇▇▇ Family Entities previously designated by the ▇▇▇▇▇▇ Family Entities to the Corporation or as otherwise agreed by the Corporation and the ▇▇▇▇▇▇ Family Entities.

• GPC L.P. is hereby appointed to act as the sole representative, agent and attorney-in-fact for the ▇▇▇▇▇▇ Family Entities and their successors and assigns for all the purposes specified under this Agreement, and GPC L.P., by its signature below, agrees to serve in such capacity.

• The Expert shall finally determine any Reconciliation Dispute and the determinations of the Expert pursuant to this Section 7.09 shall be binding on the Corporation and the ▇▇▇▇▇▇ Family Entities and may be entered and enforced in any court having jurisdiction.

• Such payment shall be made by wire transfer of immediately available funds to a bank account designated by the ▇▇▇▇▇▇ Family Entities or as otherwise agreed by the Corporation and the ▇▇▇▇▇▇ Family Entities.

More Definitions of Family Entities

Family Entities means entities, including companies, partnerships, limited liability partnerships, other bodies corporate, trusts, associations of persons, body of individuals, etc., which are directly or indirectly Controlled by the Trust, and shall include DRL and DRHL and the investee companies of DRHL. It is clarified that the Family Entities mayor may not be related in any manner to the pharma industry. For the purpose of this definition, Control (including with correlative meaning, the terms “Controlling” and “Controlled by”) shall mean the power and ability to direct the management and policies of the controlled entity (including trusts) through direct or indirect ownership of shares, partnership interest or beneficial interest/trusteeship of the controlled entity or by any contract, agreement or otherwise; and shall include with respect to any entity: (a) the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies and trusteeship of such entity whether through the ownership of securities, partnership interest or beneficial interest, or by agreement, or by trusteeship or otherwise, or (b) the power to elect or constitute half of the directors, partners, trustees or other individuals exercising similar authority with respect to such entity or the right to be represented on the management body of such entity or control the management body of such entity, including a trustee, or (c) the possession, directly or indirectly, of more than 50% voting rights and/or a contractual shareholder’s or director’s veto right in management matters which leads to being in the management control of such entity or entities Controlled by such entity.

Family Entities means ▇▇▇▇ ▇. ▇▇▇▇▇, his wife, any lineal descendants and --------------- adopted children, and any family partnership, family trust or similar estate planning vehicle solely for the benefit of any such persons.