BP Canada GP Units definition

BP Canada GP Units means, collectively, the Class 2 GP Units, Class 3 GP Units, Class 4 GP Units, Class 5 GP Units and Class 6 GP Units of BP Canada LP.
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Examples of BP Canada GP Units in a sentence

  • No Compensation of General Partner BPI is not entitled to any fee for the performance of its duties as general partner of BP Canada LP, and will only receive funds from BP Canada LP as distributions on its BP Canada GP Units or as reimbursement for out-of-pocket costs incurred in the performance of its duties as general partner of BP Canada LP.

  • The BP Canada Exchange Agreement contemplates that, upon any exchange of Class 2 GP Units, Class 3 GP Units, Class 4 GP Units, Class 5 GP Units or Class B Units, BPI will cause its Class B Relative Percentage Interest, Class 2 Relative Percentage Interest, Class 3 Relative Percentage Interest, Class 4 Relative Percentage Interest and Class 5 Relative Percentage Interest (to the extent the applicable BP Canada GP Units have previously been exchanged), respectively, to remain within 0.1% of each other.

  • If at any time any of the Relative Percentage Interests varies from any of the other Relative Percentage Interests by 2% or more, BPI will be required to cause an exchange of all applicable BP Canada GP Units and Class B Units within 90 days of such time to cause all of the Relative Percentage Interests to be within 0.1% of less of each other.

  • Adjustments to Royalty Pool The BP Canada Limited Partnership Agreement provides for adjustments to the distribution and exchange entitlements of the BP Canada GP Units based upon permanently closed Boston Pizza Restaurants and any Additional Restaurants, to reflect the additional Distribution Income payable by BP Canada LP to Holdings LP as a result of adding Net New Restaurants to the Royalty Pool on each Adjustment Date.

  • The BP Canada Exchange Agreement will contemplate that, upon any exchange of Class 2 GP Units, Class 3 GP Units, Class 4 GP Units, Class 5 GP Units or Class B Units, BPI will cause its Class B Relative Percentage Interest, Class 2 Relative Percentage Interest, Class 3 Relative Percentage Interest, Class 4 Relative Percentage Interest and Class 5 Relative Percentage Interest (to the extent the applicable BP Canada GP Units have previously been exchanged), respectively, to remain within 0.1% of each other.

  • The Fund, BP Canada LP and BPI will enter into an exchange agreement (the “ BP Canada Exchange Agreement”), pursuant to which the Fund will agree to issue Units or pay a combination of cash and Units to BPI in exchange for the cancellation of BP Canada GP Units held by BPI subject to and in accordance with the terms thereof and the terms of the BP Canada LP Agreement, with the Class 2 GP Units initially exchangeable for 752,387 Units (enabling BPI to maintain its 13.0% retained interest in the Fund).

  • In order to meet this test, BPI must hold at least that number of Class B Units and BP Canada GP Units which entitle it to maintain a 10% retained interest in the Fund (measured on the basis of its rights to receive distributions on the Class B Units and BP Canada GP Units).

  • Adjustments to Royalty Pool The BP Canada Limited Partnership Agreement provides for adjustments to the distribution and exchange entitlements of the BP Canada GP Units based upon Closed Restaurants and any Additional Restaurants, to reflect the additional Distribution Income payable by BP Canada LP to Holdings LP as a result of adding Additional Restaurants to, and removing Closed Restaurants from, the Royalty Pool on each Adjustment Date.

  • If at any time any of the Relative Percentage Interests varies from any of the other Relative Percentage Interests by a value greater than or equal to 2%, BPI will be required to cause an exchange of all applicable BP Canada GP Units and Class B Units within 90 days of such time to cause all of the Relative Percentage Interests to be within values less than 0.1% of each other.

  • Pursuant to the BP Canada LP Agreement, the BP Canada GP Units (other than Class 6 GP Units) each have the right to be exchanged by the holder for either Units or a combination of cash and Units.

Related to BP Canada GP Units

  • Class B LP Units means, collectively, the Class B limited partnership units of the Partnership, and “Class B LP Unit” means any one of them.

  • LP Units means the non-voting limited partnership units in the capital of BEP, other than the Preferred Units, including any LP Units issued pursuant to the Redemption-Exchange Mechanism.

  • General Partner Units has the meaning assigned to such term in the Partnership Agreement.

  • Class A LP Units means the Class A limited partnership units of the Partnership.

  • LLC Units has the meaning set forth in the LLC Agreement.

  • Class A Units means the Units of partnership interest in the Partnership designated as the “Class A Units” herein and having the rights pertaining thereto as are set forth in this Agreement.

  • OP Units means units of limited partnership interest in the Operating Partnership.

  • Class B Units means the Class B Units of the Company.

  • Partnership Units or “Units” has the meaning provided in the Partnership Agreement.

  • Class A Common Units means the Company's Class A Common Units.

  • Class B Common Units has the meaning set forth in Section 1(a) hereof.

  • Co-op Shares Shares issued by private non-profit housing corporations.

  • IDRs means the rights to the incremental ability, resulting from the addition of Merchant Transmission Facilities, to inject energy and capacity at a point on the Transmission System, such that the injection satisfies the deliverability requirements of a Capacity Resource. Incremental Deliverability Rights may be obtained by a generator or a Generation Interconnection Customer, pursuant to an IDR Transfer Agreement, to satisfy, in part, the deliverability requirements necessary to obtain Capacity Interconnection Rights.

  • Common Units is defined in the Partnership Agreement.

  • Derivative Partnership Interests means any options, rights, warrants, appreciation rights, tracking, profit and phantom interests and other derivative securities relating to, convertible into or exchangeable for Partnership Interests.

  • GP Unit means a Partnership Unit which is designated as a GP Unit of the Partnership.

  • Initial Common Units means the Common Units sold in the Initial Offering.

  • General Partner Unit means a fractional part of the General Partner Interest having the rights and obligations specified with respect to the General Partner Interest. A General Partner Unit is not a Unit.

  • Company Units has the meaning set forth in the Recitals.

  • Partnership Percentage means the percentage share of each Partner in the Net Income or Net Loss of the Partnership. The Partners’ initial Partnership Percentages shall be proportionate to the Partners’ initial Capital Contributions to the Partnership. Thereafter, subject to Section 1.68(g), such Partnership Percentages shall be adjusted only to reflect a disproportionate Capital Contribution by one or more Partners or a disproportionate distribution to one or more Partners, with disproportion being determined in accordance with Sections 4.2(a) and 4.5(b), except as set forth in Section 1.68(f).

  • Coop Shares Shares issued by a Cooperative Corporation.

  • General Partnership Interest means a Partnership Interest held by the General Partner that is a general partnership interest.

  • Membership Units means membership interests in the Company.

  • Initial Units means, with respect to any Initial Limited Partner, the aggregate number of Class A Units owned by such Initial Limited Partner as of the date of this Agreement.

  • VMTP Shares has the meaning set forth in the preamble to this Agreement.

  • Class B Interests As set forth in the Trust Agreement.