BRP Equity definition
Examples of BRP Equity in a sentence
All Guaranteed Obligations are expressly pari passu with all BRP Equity Preferred Share Guarantee Obligations for purposes of all BRP Equity Preferred Share Guarantee Indentures.
The Guaranteed Obligations of each Guarantor shall rank senior to all obligations of such Guarantor in respect of its own equity and in respect of equity (including preferred equity) that has been issued by the Corporation, any other Guarantor or BRP Equity (including pursuant to any guarantee by such Guarantor of the existing equity obligations of any such Person), but are hereby subordinated in right of payment to all present and future Guarantor Senior Indebtedness.
Notwithstanding anything herein contained to the contrary, the obligations of the Guarantor hereunder rank on a pro rata and pari passu basis with the BRP Equity Preferred Share Guarantee Obligations (collectively, the BRP Equity Preferred Share Guarantee Obligations and the Class A Preferred LP Unit Obligations are the “Guaranteed Obligations”).
All Class A Preferred LP Unit Obligations are expressly pari passu with all BRP Equity Preferred Share Guarantee Obligations for purposes of all BRP Equity Preferred Share Guarantee Indentures.
Based on the information available to them as of the date hereof, the Special Committee of the Fund and the Special Committee of BRP Equity has recommended that the Trustees and the board of directors of BRP Equity, respectively approve this Agreement, the Ancillary Agreements and the completion of the transactions contemplated hereby and thereby.
To evidence such rights of indemnification or exculpation, on or prior to the Effective Date, BREP shall enter into an agreement with each Trustee and BREP shall cause BRP Equity to enter into an agreement with each director of BRP Equity, and in each case the scope of such rights to indemnification or exculpation is to be substantially the same as the existing rights to indemnification or exculpation currently held by such Trustee or director of BRP Equity, respectively.
Prior to entering into this Agreement, the Trustees and the board of directors of BRP Equity each formed a special committee of trustees and directors, respectively, each of whom is independent of BRPI (the “Special Committees of the Fund” and the “Special Committee of BRP Equity” respectively).
BRPI shall take all reasonable steps to ensure that such information does not include any Misrepresentation concerning BREP, BRPI and the BRPI Entities and enables the Fund and BRP Equity to ensure that the Circular complies with applicable Laws, including, without limitation, the requirement to include prospectus form disclosure required under NI 51-102F5.
If Preferred Shareholder Approval is obtained, the BRP Equity Preferred Shares shall have received a provisional rating of “Pfd-3 (high)” or higher by DBRS Limited and a preliminary rating of “P-3 (high)” or higher by Standard & Poor’s Ratings Services.
If Preferred Shareholder Approval is obtained, the TSX shall have confirmed the continued listing of the BRP Equity Preferred Shares subject only to customary listing conditions.