BECLP definition
Examples of BECLP in a sentence
Nothing in this Agreement shall prevent or limit the Executive’s participation in any other plan, program, policy or practice provided by any BreitBurn Entity (other than policies relating to severance payments or obligations on termination of employment for any reason) or by BEH or BECLP and for which the Executive may qualify, nor shall anything herein limit or otherwise affect such rights as the Executive may have under any contract or agreement with any BreitBurn Entity or with BEH or BECLP.
Effective as of the first (1st) day of each fiscal year of the Partnership (currently the calendar year) after the date of the Agreement and during the Employment Period (the "Grant Date"), BECLP GP shall cause the Partnership to grant a Phantom Option to the Executive with respect to one Phantom Unit, as defined below.
The Boards of Directors of BECLP GP, the MLP GP and Manageco shall use their best efforts to resolve any ambiguities or conflicts as to their respective obligations to the Executive under this Agreement and the cost of the Executive’s compensation (other than the Phantom Options) and benefits shall be shared by them on the basis of his estimated time devoted to the business of each or on such other basis as the Employers may mutually agree.
The cost of the Executive’s compensation and benefits shall be paid by BMC with the other Employer entities reimbursing BMC for their portion of such costs that are allocable to them on the basis of the Executive’s estimated time devoted to their respective businesses or on such other basis as the Employer entities may mutually agree, provided, that (A) costs associated with the RPUs and CPUs shall be borne by BBGP, and (B) costs associated with the BECLP Phantom Units shall be borne by PROGP.
The Boards of Directors of BECLP GP, the MLP GP and Manageco shall use their best efforts to resolve any ambiguities or conflicts as to their respective obligations to the Executive under this Agreement and the cost of the Executive's compensation (other than the Phantom Options) and benefits shall be shared by them on the basis of his estimated time devoted to the business of each or on such other basis as the Employers may mutually agree.
The Selling Parties shall have caused their affiliates to enter into an amendment of each of the Administrative Services Agreement with BECLP, the Operations and Proceeds Agreement and the Surface Operating Agreement in the forms attached hereto as Exhibits 6.6(a), (b) and (c).
Effective as of the first (1st) day of each fiscal year of the Partnership (currently the calendar year) after the date of the Agreement and during the Employment Period (the “Grant Date”), BECLP GP shall cause the Partnership to grant a Phantom Option to the Executive with respect to one Phantom Unit, as defined below.
The Selling Parties shall have, and have caused their affiliates to, enter into an acknowledgement of termination of the Omnibus Agreement with BECLP, BreitBurn GP and the Partnership in the form attached hereto as Exhibit 6.6 (d).
The provisions of this Section 5.7 supersede any conflicting provisions in that certain Adoption Agreement by and between BECLP and BreitBurn Management.