BPY GP definition
Examples of BPY GP in a sentence
BPY GP hereby agrees that it will cause BPY to permit any beneficial owner of Class A Stock to attend a meeting of holders of BPY Units, if any such meetings are held.
To the extent practicable and permitted by applicable law, the Company hereby agrees that the Company Board shall set the record date and payment date for dividends with respect to shares of Class A Stock on identical dates to the record date and payment date set by BPY GP for distributions with respect to BPY Units.
In addition, each of BPY GP and the Company agree to expand the size of their respective boards of directors as promptly as practicable following the written request of BPI, and BPI will have the right to nominate the Independent director(s) to fill the directorship(s) created by such expansion.
BPY GP and BPY shall be entitled to require customary evidence of beneficial ownership from any holder of Class A Stock desiring to attend any meeting of holders of BPY Units, including evidence of ownership from the broker, bank or other nominee that holds such beneficial owner’s shares of Class A Stock of record.
For the avoidance of doubt, nothing in this Section 2.3 shall require BPY or BPY GP to provide notice of meetings of holders of BPY Units to the holders of Class A Stock in addition to any public notice provided to holders of BPY Units, and no beneficial owner of Class A Stock, solely as a result of being the holder of Class A Stock, shall have the right to vote or participate in the meetings of holders of BPY Units except as an observer.
Notwithstanding any other provision of this Agreement, each of BPY GP and the Company will have the right to expand its respective board of directors to add additional non-overlapping Independent members if it determines, in its sole discretion, that the addition of non-overlapping Independent board members is necessary to address or otherwise resolve a conflict of interest arising from its relationship with the other entity.
BPI agrees that subject to Section 2.1(e), unless (i) the BPY GP Board determines in good faith that it is not in the best interests of the BPY Parties or the Company or (ii) any member of the BPY GP Board is not willing, eligible or available to serve on the Company Board, the BPI Designees will be the same individuals serving on the BPY GP Board.