Majority Limited Partners definition

Majority Limited Partners means, at any time and with respect to a matter, Limited Partners entitled to vote on such matter holding at such time more than 50% of all of the Carried Interest Points of all Limited Partners entitled to vote on such matter (and present for purposes of a quorum, if applicable) at such time.

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Majority Limited Partners. Majority Limited Partners" means Limited Partners with Capital Accounts in the aggregate in excess of fifty percent (50%) of all Capital Accounts of the Limited Partners."

Majority Limited Partners means, at any given time, Limited Partners (other than Penske and its Affiliates) who then hold a majority of limited partner interests in the Partnership (exclusive of any limited partner interest in the Partnership then held by Penske or its Affiliates).

Examples of Majority Limited Partners in a sentence

If the General Partner is not available to serve as liquidator or if the Partnership shall be dissolved upon dissolution of any of the Funds in accordance with the terms of the applicable Fund Partnership Agreement, the Limited Partners may, by approval of the Majority Limited Partners, appoint one or more liquidators to act as the liquidator in carrying out such liquidation.
In the event the General Partner shall determine and the Majority Limited Partners approve that it is prudent to modify the manner in which the Capital Accounts, or any debits or credits thereto, are computed in order to comply with such Regulation, the Partnership may make such modifications.
Upon the dissolution of the Partnership and the failure to continue the Partnership as provided in Section 10.1 hereof, the General Partner or, if there is no General Partner, a person approved by the Majority Limited Partners, shall act as liquidator to wind up the Partnership.
The written approval of all of the Partners shall be required with respect to any amendment of this Agreement that would have either a disproportionate or a material adverse effect on the rights or obligations of any Partner; all other amendments shall require the approval of the General Partner and Majority Limited Partners.
Equity Administrative Agent may resign at any time by giving at least fifteen (15) days written notice thereof to each Limited Partner, and Equity Administrative Agent may be removed at any time with or without cause by the General Partner upon the direction of the Majority Limited Partners.
Upon any resignation or removal of Equity Administrative Agent, the General Partner upon the direction of the Majority Limited Partners shall appoint a successor Equity Administrative Agent.
The General Partner may not withdraw as General Partner of the Partnership unless approved by the Majority Limited Partners, which approval shall not be unreasonably withheld or delayed, and such withdrawal does not create a Default under the Credit Agreement.
In the event the General Partner shall determine and the Majority Limited Partners and the GE Representative Partner approve that it is prudent to modify the manner in which the Capital Accounts, or any debits or credits thereto, are computed in order to comply with such Regulation, the Partnership may make such modifications (provided that no such modification shall have a material adverse effect on the economic position of any Partner).
If the General Partner is not available to serve as liquidator or if the Partnership shall be dissolved upon dissolution of any of the Funds in accordance with the terms of the applicable Partnership Agreement, the Limited Partners may by approval of the Majority Limited Partners appoint one or more liquidators to act as the liquidator in carrying out such liquidation.
Upon the dissolution of the Partnership and the failure to continue the Partnership as provided in Section 11.1 hereof, the General Partner or, if there is no General Partner, a person approved by the Majority Limited Partners and the GE Representative Partner, shall act as liquidator to wind up the Partnership.

More Definitions of Majority Limited Partners

Majority Limited Partners means, at any given time, Limited Partners (other than PTLC and its Affiliates, which for the preclusion of doubt includes as of the Effective Time PAG and LJ VP and will continue to include PAG and LJ VP as long as each is an Affiliate of PTLC) who then hold a majority of limited partner interests in the Partnership (exclusive of any limited partner interest in the Partnership then held by PTLC and its Affiliates).

Majority Limited Partners means the Limited Partners holding, in the aggregate, more than 50% of the Partnership’s Percentage Interests.

Majority Limited Partners means, at any given time, Limited Partners (other than Penske and its Affiliates, which for the preclusion of doubt includes as of the Effective Time PAG and will continue to include PAG as long as it is an Affiliate of Penske) who then hold a majority of limited partner interests in the Partnership (exclusive of any limited partner interest in the Partnership then held by Penske and its Affiliates).