Examples of Local partnership in a sentence
Borrower has advised Administrative Agent and Lenders that the City has been awarded grant money in the amount of ONE MILLION DOLLARS ($1,000,000.00) (the “Grant Money”) from the State of California under the State of California’s Proposition 1B State Local Partnership Competitive Grant Program which Grant is for the “Eucalyptus Street Improvements Project”.
The relevant Local Partnership shall, subject to the availability of profits for the applicable Fiscal Year, advance an amount to that Participant on account of an entitlement to Quarterly Distribution Equivalent Profit Allocation which the Participant would have received as set out above, subject always to the Participant remaining a partner in the relevant Local Partnership on the Distribution Date.
The amount of a Partnership Award that is considered notionally invested in the Designated Fund for the purposes of calculating the right to the Quarterly Distribution Equivalent Profit Allocations shall be the full portion of the Partnership Award that has not yet been allocated by the Local Partnership, even if it is not vested on the Distribution Date.
A Partnership Award comprises the grant of certain rights by a Local Partnership to a particular partner in that Local Partnership, to be allocated certain amounts (denominated in British pounds sterling, unless otherwise determined by the Plan Administrator) from the profits of that Local Partnership in a Fiscal Year, in each case, as set out in the applicable Award Agreement.
Unless otherwise provided in an Award Agreement or in Section 6.01 above, upon a Participant’s termination of employment or service with the Oaktree Group, or, for a Participant holding a Partnership Award, such Participant’s termination as a partner in the Local Partnership, for any reason, any unvested portion of the Award will be immediately and automatically forfeited.