Inactive Partner definition

Inactive Partner shall have the meaning set forth in Section 8.3.
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Inactive Partner means a Partner whose Day-to-Day Responsibilities have ceased or been terminated by the General Partner.
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Inactive Partner means a Partner without active status, as described in Section 8.02;
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Examples of Inactive Partner in a sentence

  • In the case of a Limited Partner who is a natural person, such Limited Partner may not be removed as a Limited Partner or be reclassified as an Inactive Partner, except as set forth in this Agreement or in such Limited Partner’s Carry Agreement.

  • Following a designation of a Partner as an Inactive Partner and any adjustments to such Inactive Partner’s Carry Percentage pursuant to such Partner’s Carry Agreement, the General Partner shall, without the consent of any Limited Partner, reallocate any reduction in the Carry Percentage of such Inactive Partner to such Partners (including itself) as the General Partner may determine.

  • An Inactive Partner shall be a limited partner of the Partnership, but shall, except to the extent that applicable law otherwise requires, have only those rights expressly set forth in this Agreement.

  • Each Non-Managing Member who was an Inactive Member (as defined in the Company Agreement) immediately prior to the Effective Time shall be deemed an Inactive Partner hereunder, unless Oaktree determines otherwise.

  • If upon any such transfer to a Mojave Transferee, all of the terms and conditions of Section 12 have not been complied with by said Mojave Transferee, then the relevant Partner shall immediately become an Inactive Partner, and the relevant Project shall be immediately disconnected from the Transmission Line, until such time as all of the terms and conditions of Section 12 have been complied with by the Mojave Transferee.

  • The Inactive Partner shall remain liable for his share of any losses of the Partnership or contributions to the Partnership as provided herein, and shall be entitled to receive his share of Taxable Income, Tax Losses, and Net Income.

  • Each Inactive Partner is entitled to become an Active Partner upon compliance with the provisions of Section 8.1 of this Amended Agreement.

  • Following a designation of a Partner as an Inactive Partner pursuant to Section 8.2 and any adjustments to such Inactive Partner’s Carry Percentage pursuant to such Partner’s Carry Agreement, the General Partner shall, without the consent of any Limited Partner, reallocate any reduction in the Carry Percentage of such Inactive Partner to such Limited Partners as the General Partner may determine in its sole discretion.

  • Should the other Partners exercise their option to purchase the Inactive Partner’s Interest, they shall notify the Inactive Partner or his Representative of their intention to do so within this six-month period.

  • A Partner shall immediately become an Inactive Partner and its Project or the Project of its Partner Affiliate shall be immediately disconnected from the Transmission Line if the Project owned or operated by such Partner or its Partner Affiliate that utilizes the Transmission Line shall cease to be a Qualifying Facility (a "Non-Qualifying Facility").


More Definitions of Inactive Partner

Inactive Partner has the meaning set forth in SECTION 9.2.
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Related to Inactive Partner

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

  • Inactive Participant means each Participant (other than a Retired Participant, Deceased Participant or Disabled Participant) who is not in active service as an Outside Director and is not actively employed by a Participating Company.

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

  • Inactive Employee means an employee who is not actively at work due to approved leave of absence, short-term disability leave or military leave.

  • 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.

  • Active Participant means, with respect to any day or date, a Participant who is in Service on such day or date; provided, that a Participant shall cease to be an Active Participant (i) immediately upon a determination by the Committee that the Participant has ceased to be an Employee or Independent Contractor, or (ii) at the end of the Plan Year that the Committee determines the Participant no longer meets the eligibility requirements of the Plan.

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

  • Deferred member means a person who elected to receive deferred vested retirement

  • Excluded Employee means an employee as defined in section 3527, subd. (b) of the Government Code (Ralph C. Dills Act) except those excluded employees who are designated managerial pursuant to section 18801.1 of the Government Code.

  • Inactive or "inactivation" means action by the Division to place a license on inactive status in accordance with Sections 58-1-305 and R156-1-305.

  • Inactive Account means a trader’s Account which had Client-Initiated activity and subsequently it remained inactive for a period of 90 days.

  • 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.

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

  • Active military member means any person with full-time duty status in the armed forces of the United States, including members of the National Guard and Reserve.

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

  • Honorary Life Member means a Member who has been elected as such by the Board;

  • Participating Employer means any trade or business (whether or not incorporated) which adopts this Plan with the consent of the Company identified in the Adoption Agreement.

  • Term Employee means an employee hired for a specific term of employment. The term of employment may be based on a specific period of time or the completion of a specific job or until the occurrence of a specified event.

  • Independent Member of the board means a member of the board who has no business, family or other relationship that raises a conflict of interests regarding the CCP concerned or its controlling shareholders, its management or its clearing members, and who has had no such relationship during the five years preceding his membership of the board;

  • Retired member means any former member receiving a retirement allowance or any former member who has filed the necessary documents for retirement benefits and is no longer contributing to the retirement system;

  • Designated Employee means an employee who has been designated by the school to receive complaints of hazing, harassment and bullying pursuant to subdivision 16 V.S.A. 570a(a)(7). The designated employees for each school building are identified in Appendix A of this policy.

  • Designated member means the spouse, child, grandchild, parent, brother, or sister of a deceased individual who owned an interest in a wholesaler, who is entitled to inherit the deceased individual's ownership interest in the wholesaler under the terms of the deceased individual's will, or who has otherwise been designated in writing by the deceased individual to succeed the deceased individual in the wholesaler's business, or is entitled to inherit such ownership interest under the laws of intestate succession of this state. With respect to an incapacitated individual owning an ownership interest in a wholesaler, the term means the person appointed by a court as the conservator of such individual's property. The term also includes the appointed and qualified personal representative and the testamentary trustee of a deceased individual owning an ownership interest in a wholesaler.

  • Participating employee means an employee whose election to participate in a Plan has been approved by the employer.

  • Full Member means any person who is in one of the categories of membership referred to in Rule 10.3.

  • Life Member means an Individual appointed as a Life Member of the Club under clause 5.2.

  • Managing Employee means a general manager, business manager, administrator, director, or other individual who exercises operational or managerial control over, or who directly or indirectly conducts the day-to-day operation of an institution, organization, agency or business entity;